Similar to it’s well known namesake, the MMR is designed to immunise against the possible ill-effects of another boom-time credit party, protecting us all against the ravages of excess and poor lending practices that brought the UK economy to its knees.
What the FSA was hoping, was that this could be achieved with as little side-effects as possible, especially given the state of the housing market in general at present.
This morning my 4 am alarm call pervaded my fitful slumbers to remind me that something was happening today that could potentially be rather important. As I travelled to the BBC for the second time in a week, this time for BBC Radio 5 Live’s Wake Up To Money, I reflected on the subject in hand – today’s meeting between Grant Shapps, Housing Minister and Hector Sants, Chief Executive of the FSA.
The discussion was of course the much publicised Mortgage Market Review, (MMR) which in many people’s eyes threatens to derail any hope of recovery in the housing market and has certainly at least got Mr Shapps all fired up and even the Prime Minister himself concerned about the economic effects of the proposed regulation.
Here at Coreco Towers we have been enjoying the exploits of our “semi-official” world cup team. Never mind dismal England, what about the pride of New Zealand? Chosen before the competition in part because of our unhealthy obsession with the brilliant Flight of the Conchords and part because our corporate colours match, yesterdays heroics just shows what smaller teams / companies can achieve against the so called “big boys”.
I have just spent this morning looking at the much anticipated new FSA proposals for the mortgage industry, which weighing in at 118 pages is a healthy size, (actually my scan reading powers were put to the test to be honest!)
Whilst the majority of the proposals in themselves are not unexpected, the key will be in their implementation to ensure they benefit not only the industry, but ultimately the consumer.
We all know that there has been a need for a while now to drive out the darker elements and re-professionalise the mortgage industry, especially at a time when more and more people need advice.
It seems to me that we are entering a crucial phase in our personal and economical development after the seemingly cataclysmic events of the past couple of years. It is time for us all to mature and move on, to accept the harsh lessons learnt, to let bygones be bygones if you like.
The blame game that has been going on for a while has now seen everyone from the government, the bankers, credit agencies, regulators, mortgage brokers, estate agents, the press, the general public, the Americans, the French!, or just men in general bearing the brunt for the credit crunch and ensuing recession.
Andrew Montlake, Communications Director at Coreco and ‘Mortgage Personality of the Year 2008’, gives his views — honest and no holds barred — on the latest developments within the mortgage and property markets.A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances. A typical fee is £495.
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured upon it.
Coreco Group Limited is an appointed representative of the following companies which are authorised and regulated by the Financial Services Authority for advising on and arranging the following: Mortgage Advice Bureau Limited for mortgages, Mortgage Advice Bureau (Derby) Limited for insurance.
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