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CML welcomes Treasury confirmation on lending commitment

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Monday, 13, Oct 2008 12:00

The CML welcomes the Treasury's confirmation and clarification that the nature of the commitment to restoring flows of lending to the market is in line with the CML's expectations - namely an aspiration to achieving a broad, deep mortgage market in general with a good spread of products enabling access to the mortgage market for all credit-worthy borrowers. The CML wholeheartedly supports this objective and looks forward to working towards the restoration of more positive market conditions.

CML director general Michael Coogan reiterated:

"Lenders have been working hard to continue to deliver a flow of competitive mortgages into the market, as well as to ensure that as many people as possible are able to keep their homes if they suffer temporary financial difficulties. These efforts will continue, and we look forward to working closely with Government to help deliver these objectives."

NOTES TO EDITORS

1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 98% of all residential mortgage lending in the UK. There are 11.74 million mortgages in the UK, with loans worth over £1.2 trillion

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