The CML has stated that 45% of mortgage borrowers this year would have been blocked by MMR so why would the FSA want to even consider the implementation of MMR if this is the case?
This country needs mortgage lending. Without it not only the housing market but many other industries would come to a halt.
Many other sectors are affected by the supply and demand for housing which is driven by the availability of mortgage lending.
The FSA needs to wake up and listen to bodies like the CML and the Association of Mortgage Intermediaries otherwise this paper will result in a catastrophic reduction in lending that will drive us back into another credit crunch.
The saying – cutting off your nose to spite your face – comes to mind. Perhaps someone should remind the FSA it is funded by levies o financial firms.