Banks must play their part on mortgages

YESTERDAY afternoon’s speech by the Financial Regulator Matthew Elderfield, and his earlier meeting with lenders where he warned about the imposition of further interest rate increases, leaves the banks in no doubt about what is expected of them in resolving the growing mortgage crisis.

They have been told to put the big stick away, to be patient and respectful of their customers’ difficulties. They have been told in the clearest terms that there are interests other than theirs at stake in this crisis.

Borrowers who are unable, or may become unable, to meet their obligations now know what is expected of them too.