Packagers have dismissed Michael Bolton’s attack on the packager market as a “joke” and say he is talking rubbish.Speaking exclusively to Mortgage Strategy last week, Bolton said that the packager market was the “clear loser of mortgage regulation” and remains “as grey today as before Mortgage Day”. But John Mawdsley, joint director of The Mortgage Partnership, says: “I thought it was a joke. Bolton’s talking rubbish and doesn’t understand what packagers do. The packager’s role isn’t grey at all. Packagers play a fantastically valuable role in market and whatever Bolton says, that is not going to change.” An anonymous source also refuted Bolton’s allegation that lenders and networks have only recently starting checking the accounts of packagers they use. The source says: “As a packager, we’ve been providing financial due diligence for three years, going right back to before Mortgage Day – and that includes all the major networks we deal with.” In response to the accusations that he has misunderstood packagers, Bolton says: “Clearly there is a role for packagers in the mortgage market for those brokers who don’t write much mortgage business and therefore don’t know what they’re doing.” • See Analysis
Bristol & West Mortgages has refreshed its look to reflect the improvements which have been made to its products and services.The new look retains some elements of the previous brand but has beenrefreshed, updated and made more contemporary. The style also introduces a slightly amended logo.The intermediary lender has undergone significant change over the past […]
Many packagers have adapted well to the regulated world and are prospering by adding value for lenders and brokers, say our experts
The Council of Mortgage Lenderssays the most effective policies for providing affordable home-ownership will be those that offer the flexibility for young home buyers to take on only levels of mortgage debt that are prudent given their incomes and other financial commitments. Research from the CML shows higher levels of student debt is likely to […]
The Association of Independent Financial Advisers has welcomed the Financial Services Authority’s promise not to judge financial firms retrospectively. At the Personal Investment Marketing conference, Stephen Bland, director of small firms at the FSA, told delegates it will not take action against firms for mis-selling after the event, provided they meet its requirements under its […]
By Kunal Desai, Neptune India Fund
As global investors continue to scour emerging markets through the lens of reform potential, India shines bright. Indeed, we think it can sparkle even brighter. We anticipate India’s self-imposed 10-year ‘policy holiday’ to turn into one of the most pro-growth and pro-investment policy calendars seen in Asia in years. The Indian electorate has engineered a historic verdict. We now have the strongest Indian government since 1984, with the pro-market Bharatiya Janata Party (BJP) achieving an absolute majority for the first time in the party’s history.
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