22-04-2008
Mortgage lenders to discuss financial woes
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
Some of the UK's largest mortgage lenders are to meet with chancellor Alistair Darling and housing minister Caroline Flint to discuss their current financial situations.
According to the BBC, mortgage experts will meet with the two government ministers to see if they can find ways to prevent homeowners and those in financial trouble from having their houses and properties repossessed.
The meeting follows a number of events which have squeezed finances in the mortgage sector and, as a result, put a number of consumers at risk of losing their homes.
Yesterday (April 21st), the Bank of England agreed on a deal worth £50 billion with mortgage lenders - in which they will exchange risky mortgage debts with the Bank for short-term government bonds.
The aim of the deal is to ease cash flow worries in the mortgage sector.
In response to the move, the Council of Mortgage Lenders welcomed the Bank's decision to help both mortgage lenders and homeowners.