A committee of MPs have said that mortgage lenders who pursue repossession too quickly should face sanctions for breaking the guidelines of the Financial Services Authority (FSA), who insist that seizing a home should be the last resort in cases of mortgage arrears.

The rise in the number of repossessions last year to 40,000 implies, say the MPs on the Commons communities and local government committee, that lenders aren’t taking this guideline to heart and are rushing into repossession proceedings before other options have been fully explored.

This entry was posted on Tuesday, February 24th, 2009 at 1:48 pm and is filed under Mortgage Debt and Repossession. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.