30 Dec

Crosby implementation 'the key to more lending in 2009'

Crosby implementation 'the key to more lending in 2009'

The implementation of the Crosby Report is vital if the mortgage market is to pick up in 2009, it has been stated.

A spokesperson for the Council of Mortgage Lenders (CML) said such a move should be undertaken "as soon as possible".

She commented: "The issue is shortage of funding and we are looking at trying to restore funding to the mortgage market."

The spokesperson added that lenders have been doing "all they can" to handle the situation within the varying constraints of their own financial circumstances.

Mortgage lending in the UK could fall from £258 billion this year to £145 billion in 2009, the CML recently predicted.

Commenting on that suggestion, director of the Association of Mortgage Intermediaries Robert Sinclair argued it was too pessimistic, although he also said that a recovery in the market depends on the Crosby Report being implemented.

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