Alistair Darling outlined a raft of initiatives this afternoon in his Pre-Budget Report aimed at resolving problems within the mortgage market.
He welcomed today's long-awaited publication of the Crosby Review, and sounded support for its main recommendation of the introduction of Government backing for new mortgage securities, for a temporary period. Darling admitted that to go ahead with such a plan, the Government would need to "obtain State Aid approval from the European Commission and resolve some technical and practical considerations", something he pledged to work towards. The Chancellor also announced the implementation of a Lending Panel - bringing together the Government, lenders, trade bodies, consumer groups, regulato...
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