Lenders' leniency masks mortgage arrears | Business | The Guardian
An unexpected side-effect of the banking crisis has been a move by major lenders to show forbearance to their customers by tweaking repayment terms on loans to help them through difficult times.
According to the Financial Services Authority this leniency towards customers has helped to mask the "distress" homeowners are facing in keeping up with their mortgage payments.
An analysis by the FSA contained in the Bank of England's Financial Stability Report, shows the proportion of customers in arrears would be as high as levels last seen in the mid-1990s if it had not been for decisions by lenders to help customers reduce or reschedule their payments.
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