The aim of the group is to develop a set of standard definitions for terms such as ‘heavy’ and ‘light’ and provide verified statistics from an unbiased source on the size of the sector.
The group will provide a forum for lenders in the non-conforming sector to raise issues and is the first time such a group for the adverse sector has been formed.
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The CML aims to have a draft of definitions towards the end of 2007.
Sue Anderson, head of external affairs for the CML, said: “There’s not a whole lot of reliable and comparable information on this part of the market. This will be a standing group, as the adverse sector looks set to stay as an important part of the market.”
Ian Giles, director of marketing for Kensington, said: “I believe the CML wants to be able to respond on behalf of and be a voice for all those in the adverse sector. The market has wanted something like this for ages. We’ve got to have more visibility and credibility.”
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