It is estimated that reckless lending led to around 17,000 needless repossessions, which may not surprise consumers currently experiencing loan charges. Homelessness charity Shelter has found that an estimated 17,000 people would not have lost their homes if proposed cuts to reckless lending had been put in place. Campbell Robb, chief executive of Shelter said: "This research shows just how much the mortgage market has failed to protect people. "Reckless lending over the last few years, which saw some lenders giving out loans of more than 100 per cent of the value of the property and up to seven times people's salaries, helped to fuel the rise in arrears and repossessions." Mr Robb added that despite this, the banking industry is still refusing to support the Financial Services Authorities proposals to make sure reckless lending is not allowed to happen again. Shelter was first established in Britain in 1966. It works to help people in housing need by providing advice and practical assistance, while also fighting for better investment into housing. Jennifer HainesJennifer's speciality knowledge is credit card changes and balance transfers.
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