Treasury Committee launches inquiry
In particular, evidence is sought on:
- the number of homeowners in mortgage arrears, the number of homeowners who have had their properties repossessed, and forecasts for the trend in mortgage arrears and repossessions over the medium-term;
- changes in the treatment of homeowners in mortgage difficulties by lenders, including 2nd charge and specialist lenders;
- the package of measures outlined by the Financial Services Authority’s in its October 2009 Mortgage Market Review and subsequent January 2010 paper to improve arrears handling policies and practices by firms;
- the FSA’s regulatory approach in this area, including the effectiveness of its enforcement strategy;
- mortgage arrears charges levied by lenders on homeowners in arrears, including changes in practice by lenders in this area;
- the effectiveness of Government schemes to support homeowners in mortgage difficulties;
- the extent to which the current regulatory framework protects households in the private rented sector.
The deadline for submissions is 12 noon on Monday 1 March 2010. The Committee intends to hold oral evidence sessions later that month, but in the event that we are unable to hold these sessions, the evidence will be available for consideration by the Treasury Committee in the next Parliament.