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Common sense will return when lenders take responsibility

Naturally I share in the delight of hearing housing minister Grant Shapps state that the Financial Services Authority’s Mortgage Market Review was a step too far (Mortgage Strategy November 29).

But common sense is unlikely to return to mortgage lending for a while regardless of government or regulatory initiatives.

Preventing a repeat of the past merely requires lenders to take responsibility for their decisions and if the assessment of affordability is subsequently found to be less than rigorous, then the lender should not be be able to repossess the property.

This alone would represent a robust method of self-regulation just as it used to be before regulation.

Duncan Jones

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