Cable in repossession crisis warning
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Liberal Democrat shadow chancellor Vince Cable is warning that a repossessions crisis may have been postponed rather than averted.
Cable is due to address the industry on responsible lending this Wednesday at a conference organised by the Council of Mortgage Lenders.
In a draft of his speech he warns that rising unemployment and increases in interest rates could push many struggling borrowers over the edge.
The speech reads: “A repossession crisis may have been postponed rather than averted. And outside the South-East where a slump has been largely avoided, there is a serious negative equity problem.”
