The Association of Mortgage Intermediaries has said that improvements in the mortgage sector should not focus on products and loan-to-value rates.
The mortgage industry should work together to improve the sector rather than "seek to lay blame at each other's door", according to the Association of Mortgage Intermediaries (AMI).
Many commentators have cited the high-risk mortgage market - and its subsequent collapse - for the credit crunch that has engulfed the global economy. Banks such as Northern Rock have found themselves nationalised after indulging in risky mortgage lending practices.
A report from the Institute for Public Policy Research suggested that loan-to-value ratios on mortgages should be limited, along with house price-to-income ratios. This suggestion was criticised by the National Association of Estate Agents and now the AMI has claimed that that it concentrates on the wrong areas.
"We do not believe that the focus of regulation and oversight should be on products and loan-to-value levels," said Robert Sinclair, AMI director. "Instead, we need to look more closely at the operation of the wholesale market and the business models of lenders."
However, Mr Sinclair did say that now is a "golden opportunity" to change the causes of the current downturn. He also called on the Financial Services Authority to introduce stricter regulations into the mortgage market.
