HBOS has held its hands up for the first time that subsidiary The Mortgage Business should have paid more attention to the packager market prior to temporary closing its doors to new business last year.
Speaking at the Mortgage Summit in Jerez on June 21, Roger Morris, director at em-financial, accused TMB of not originally valuing packagers, a short sight which had a massive impact on clients.
He asks: Now TMB says it is the packagers friend. How do you justify that?
Charles Haresnape, managing director of mortgages at Bank of Scotland, admits: When things do go wrong we put our hands up,
Later in the conference, Bill Dudgeon, former managing director at TMB and currently managing director at DB Mortgages, admitted mistakes may have been made in the past, but put this down to HBOS changing its lending strategy, something he had no control over.