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CML warns of mortgage shortages, report
08-02-2010 12:42
’)
Britain's banks and building societies have warned that they will have to cut mortgage lending and raise rates if they would have to repay the £300bn they have received in taxpayer support since 2008.
The Council of Mortgage Lenders has set out its case for continuing government support for the Special Liquidity Scheme and the Credit Guarantee Scheme, the Financial Times reports.
Both schemes are due to be paid by 2012 and 2014 respectively.
Bob Thomas, of the CML, said that recent rises in house prices and improved mortgage lending has obscured the seriousness of banks' underlying liquidity needs, according to the paper.
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