Critics round on ‘ineffectual’ repossession scheme

However, consumer groups and charities including Shelter have been speaking before a Treasury select committee looking at how mortgage lenders handle repossession cases. They have called the government schemes ineffective and accused the Financial Services Authority of being too slow in penalising lenders who are guilty of bad practice, and of failing to name and shame culprits. They said that lenders were also failing to disclose enough information on how they manage arrears cases. Kay Boycott, a Shelter spokesperson said that as many as 120,000 people could lose their homes by 2011 in a ‘second wave’ of repossessions.