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Article: MP calls for repossession actions to be regulated.
- Article from:
- Mortgage Strategy
- Article date:
- May 15, 2006
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A Labour MP has criticised the "questionable and arbitrary behaviour" of lenders and is calling on parliament to regulate repossessions.
George Mudie, MP for Leeds East, presented a 10 Minute Rule Bill on the subject to the House of Commons on May 10.
He is calling for a bill to protect people hit by circumstances beyond their control that make it difficult for them to meet their mortgage repayments.
He says: "Many lenders do not show the necessary patience and goodwill toward borrowers and court action for repossession is sought prematurely."
Mudie also slams the Council of Mortgage Lenders as complacent for ignoring "the ...