CML news & views

We have just published the latest statistics in our own long-running series, and re-affirmed our view that possessions will total around 45,000 this year. Possessions are currently at levels we saw in 1998, and nowhere near the peak of 1991. Today, we look at the different sources of data – our own, the Financial Services Authority's and the Ministry of Justice's – and examine what the figures show.

We accept that the Financial Services Authority was right to undertake its recent thematic work, and that lenders must have policies in place to ensure that they are treating their customers fairly. But the regulator must also treat firms fairly, making sure that it publishes its findings as clearly and unambiguously as possible. The thematic work found that mainstream lenders were, in fact, largely complying with the FSA's requirements.

There has been a lot of speculation about the extent of negative equity, but there is no reliable data on this. Larger deposits for borrowers are providing more protection from the possibility of negative equity. And being in negative equity is only a problem for borrowers who have to crystallise the loss because of a change in their personal circumstances.

Three new firms have joined the CML as associates, taking the total to 91. There are also 158 full members.