UK Mortgage Players Face 'Funding Logjam'

Some mortgage market participants have been experiencing a "funding shortfall" due to the "continued closure of the securitization market," according to Michael Coogan, director-general of the Council of Mortgage Lenders, London."The situation is not as bleak as some of the more dramatic commentary would suggest," he said. "Even so, we would like the government and the Bank of England to consider how best to unblock the funding logjam that some U.K. lenders are experiencing, so that they can continue to fully meet consumer demand." The CML can be found online at http://www.cml.org.uk.