Mortgage News
Treasury Committee launches inquiry into arrears and possessions
The Treasury Committee will undertake an inquiry which will focus on homeowners who are struggling with arrears and who are at risk of repossession.
Evidence will be sought on the number of homeowners in arrears, the number of homeowners who have had their properties repossessed and forecasts for the medium-term trend in arrears and repossessions.
Changes in the treatment of homeowners in mortgage difficulties by lenders, including second charge and specialist lenders will be considered.
The FSA’s regulatory approach to arrears and the effectiveness of Government schemes to support homeowners in mortgage difficulties will be looked at.
Charges levied by lenders on homeowners in arrears will be looked at as will the extent to which the current regulatory framework protects households in the private rented sector.
The deadline for submissions is 1 March and the Treasury Committee plans to hold oral evidence sessions later that month.
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