Mortgage market review due today

29-Jul-2008

A report that will address the difficulties currently hampering the UK's mortgage market is to be published today.

Commissioned by the government in April, the report has been undertaken by former HBOS chief executive Sir James Crosby, Reuters reports.

"Crosby will publish his interim report analysing the functioning of the secondary mortgage market on Tuesday, with his final recommendations to the chancellor due in time for the Pre-Budget Report," a Treasury spokesman told the news provider.

However, the spokesperson refused to comment on reports that the government may support a scheme enabling banks to exchange recently acquired mortgage debt for government-backed securities.

The Bank of England launched a Special Liquidity Scheme in April which allows banks to swap hard-to-shift mortgage assets for government securities if they had acquired the debt by the end of last year.

Meanwhile, data released recently by the Council of Mortgage Lenders has revealed lending in the first quarter of the year was down 11 per cent year-on-year while the second was down by more than a fifth.

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