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CML Conference: FSA sees logic of regulating BTL
The Financial Services Authority has said for the first time that it "sees the logic" of regulating buy-to-let.
Speaking at the CML conference Sheila Nicoll, director of conduct policy at the FSA, said although Buy-to-let regulation was a "matter for government" to decide the FSA had considered its implications.
She said: "We certainly see the logic in having buy-to-let regulated alongside the residential mortgage market."
As it stands buy-to-let mortgages against residential properties will be caught by European regulation currently being debated in Brussels.
The Association of Mortgage Intermediaries said last month that buy-to-let regulation was already "a done deal" and all that remained was to thrash out how the practicalities.
The Intermediary Mortgage Lenders Association meanwhile said the debate was still in play.
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Rick Bee wrote:
The FSA want to regulate everything why can't they let the market regulate it self? Investors should be made aware of the risks I agree, but who needs the fsa?
03 November 2011 13:39:10 GMT
Recommend? (0)Rob Derry (Brunel Mortgages & Loans) wrote:
The amount of lending, the manner in which it was processed, the LTV, the property it was lent against and the status of the applicant were not the issues that led to the credit crunch. The credit crunch was caused by what whizzkids and sheep-like traders did to the mortgages after they were advanced. EU regulations to ensure credit rating agencies are impartial and independent have addressed this matter. Changes to liquidity levels of banks will stop over-lending so why the transation level of mortgages is such a massive regulatory focus is a mystery to me and many others I guess. There is nothing inherently wrong with lending to credit impaired individuals or to a high LTV or to the self-employed. What is dangerous is then slicing and dicing those mortgages and flogging them as AAA-rated bonds. Why the FSA feel the need to add piles of data to someone considering letting a house out is beyond me. Their concern should be how the lender is financing it and what investment banks are doing with the loans once they are completed. But I suppose that's a bit difficult to understand so it is easy to "see the logic" of telling someone letting a house out that it may be at risk if they fail to keep up repayments on the mortgage or any other loan secured on it.
04 November 2011 13:49:28 GMT
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