Calling for a quick and effective resolution of the Northern Rock debacle, CML chairman Jon Pain, spoke of how he believes a Bank of England review is necessary to make sure that an easing of liquidity in the wholesale markets is adequately supported.
He also said that a key factor going forward is the ability of those in the industry to remain focused on the needs of the borrowers, no matter what may come their way, saying: " It is important in the current storm that we retain a sense of perspective on the underlying strengths of our mortgage market."
Amongst the negatives, Pain also addressed the positives; highlighting that gross lending has grown by a quarter during the last two years, whilst statutory regulation has become successfully imbedded within the markets. However he said that the lasting impact of the pervasive market volatility will be felt for a long time to come.
Michael Coogan, CML director general, added that sensitivity is needed when it comes to those borrowers who fall into arrears. He continued: "We will carry on representing the industry's interests as effectively as possible, particularly in a heightened media, political and regulatory environment where the risk of over-reaction is real.
"We will continue to highlight the valuable role the mortgage industry has fulfilled in the UK economy, the strength flowing from the diversity and breadth of size of lenders, and the benefits for consumers that lenders will continue to deliver in the future."
