“A proposal within the Green Paper on Quality and Choice aims to ensure that everyone has the opportunity and greater choice of a decent home….it emphasised the need to examine the potential for mortgage backed securitisation in the UK as part of developing a more efficient delivery mechanism for mortgage products”
“Fannie Mae (the US government backed lender) has a target to lend a trillion plus dollars to marginal home-buyers”.
Both of these quotes come from a research paper published in September 2003. So when the Chancellor is reported as summoning the bankers to number 11 for a ticking off they may well remind him that we have got into this mess because politicians on both sides of the pond wanted to artificially raise the level of home-ownership. They even relaxed regulation to let the Bankers rip and boy did they do that with a vengeance! Going forward you can expect policy makers to start changing their tune. Expect the rental sector to flourish as higher mortgage costs keep a lid on significant house price rises for a very long time indeed.
Compliance Officer for Legal Practice
Andrew oversees the Firm’s Quality Systems and is committed to making sure that our client’s receive the very best customer care and attention along with the best marketing and legal advice in the area.
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