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BSA conference: FSA underestimates impact of the MMR

The Mortgage Market Review will have a much bigger impact than the Financial Services Authority currently expects, says Peter Williams, director at the University of Cambridge Centre for Housing and Planning Research.

Speaking at the Building Societies Association conference in Manchester today Williams, who is also executive chairman of the Intermediary Mortgage Lenders Association, says the cost-benefit analysis may not tell the whole picture.

He says: “One concern of the MMR is that the cost-benefit analysis seriously understates its impact. I suspect the MMR will bite tighter and deeper than the FSA currently expects.

“The cost-benefit analysis doesn’t take into account different household groups for example. The impact could be significant and the FSA will have to watch the MMR very closely as will other regulatory authorities.”


BSA elects new chairman

David Webster. chief executive of the Hanley Economic Building Society has been elected as chairman of the Building Societies Association.

RBS suffers 3% fall in share of gross lending

The Royal Bank of Scotland last week revealed that its share of gross lending fell year-on-year from 14% in Q1 2011 to 11% in Q1 2012. In its interim management statement for Q1 2012, RBS says it lent £4bn until March 31 this year. It also reports 25% of its mortgages were for first-time buyers, […]

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