New Concerns For Lenders

Jan 18 at 5:05pm by admin

Phil Catchpole is an associate at national law firm Shoosmiths, advising on consumer credit, mortgages and financial service regulation gives writes about the Consumer Credit Act 2006

In summary he writes about the major concerns for mortgage lenders which arise from the reforms created by the Consumer Credit Act 2006. The major concern being:

Unfair relationships - a borrower is able to challenge a credit agreement on the grounds that the relationship between the borrower and the lender is unfair. The new test will have a retrospective effect and will apply to any existing agreement. If unfair relationship/s have been found in securitisations (RMBS), those loans may need to be removed from the pools of assets or substituted by originators.

Check out the full article here…

http://www.mfgonline.co.uk

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