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