Cable Slams "Ruthless" Northern Rock

2.37.10pm GMT Wed 27th Aug 2008

• [Aug 27] LAURA Stavro-Beauchamp writes: Vince Cable, shadow chancellor for the Liberal Democrats, has called Northern Rock particularly ruthless when it comes to repossessions.

This follows research from Standard & Poor's that reveals one in 13 repossessions stem from NR's securitisation vehicle Granite. Cable says: "NR has been particularly ruthless with regard to repossessions and aggressive with arrears in general." Cable says his constituents have faced issues with NR and other lenders and that while they have not violated the Council of Mortgage Lenders' code of conduct regarding repossessions, they are not making use of the alternatives as fully as possible. [www.mortgagestrategy.co.uk]