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Vince Cable gets his priorities wrong

At the Council of Mortgage Lenders’ annual conference yesterday Vince Cable said: “The industry should now be exploring new products to restore faith in mortgage lending.”

Such a comment demonstrates a remarkable failure to understand the problem in today’s mortgage market.

What is needed to restore faith in mortgage lending is more funds for lenders to lend.

The products are a secondary consideration when there is inadequate funding to satisfy any borrowers who need an LTV of more than 75%.

What Cable should be doing is using his position to try to persuade the chancellor to pull his finger out and put into action quickly the Crosby Report proposals to guarantee the issue of prime new mortgage backed securities instead of filing the report away until next year’s Budget.

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