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'AMI welcomes credit crunch praise'

Friday 14th November 2008

The Association of Mortgage Intermediaries (AMI) has welcomed praise from the Financial Services Authority's Lesley Titcomb.

Referring to a speech at the Mortgage Business Expo, Titcomb singled out the AMI for its innovative paper The Credit Crunch One Year On, which had helped mortgage intermediaries adapt to the current downturn in the British economy.

Andrew Strange, director of policy at AMI, commented: "We are delighted to hear Lesley praise AMI's work on the credit crunch."

Mr Stange added that the AMI was wary of increased regulation in the sector stating that the underwriting of any mortgage is the job of the lender and not the intermediary.

"There also needs to be a degree of consumer responsibility in terms of establishing the affordability of mortgages," he said.

Ms Titcomb told the audience at the 2008 Expo that the sale rise in sale and rent back schemes amount intermediaries was a cause for concern, reports the Financial Times.

© Copyright 2007

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