The Government is to introduce a gold-standard scheme for the mortgage securities market, in an effort to rebuild confidence.
Full details of the scheme are to be revealed in next week’s Budget announcement and a full launch is expected in the Autumn, following consultation with the banking industry. It is hoped the move will help re-open the securitization market, which effectively shut down during last year’s credit crunch and forced Northern Rock to borrow money from the Government. Ross Bowen, managing director of Connells Survey & Valuation, comments: “At last we're starting to see the Government trying to take some positive action in an attempt to rebuild confidence in the securitisation markets. “If tha...
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