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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.


Time to cold turkey on the truth

Christmas is the season of gastronomic excess – a time for over-indulgence. And such is the influence of the global society on our eating habits that the leftovers of the Christmas turkey have evolved from casserole to curry.

It is time to unleash hell against banks

With chancellor Alistair Darling throwing his toys out of the pram over the intransigence of UK banks, the only question is why should anyone be surprised?

Saffron teams up with Phoebus software

Saffron has implemented Phoebus Software for the origination and servicing of mortgage equity release loans. Jon Hall, finance director of Saffron, says: “For us, choosing Phoebus Software was a straightforward decision. It is a widely respected package which fits closely with our business requirements. The flexibility of the Phoebus Software and team were key drivers […]

In peston we trust

As if we needed further confirmation that the economy is going down the toilet, things have taken a turn for the worse. BBC business editor Robert Peston has been voted more trustworthy on the economy than Prime Minister Gordon Brown or Opposition leader David Cameron.


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