Monday, Jan 12, 2009
Brown discussed Crosby report with bank chiefs
MyFinances.co.uk: Bank bosses met PM over mortgage guarantees
The meeting at the prime minister's Buckinghamshire country residence Chequers is thought to have looked at bringing government guarantees for new mortgage lending into force.
The proposals were first put forward in a report commissioned by the government by Sir James Crosby, the former chief executive of HBOS.
A response from the government to the Crosby report was expected last year – but the Treasury has turned to see if measures cross the EU state aid rules.
Under the plans the government would guarantee the new issuance of residential mortgage backed securities.
It is the collapse of the market for these securities that has reduced the funds available for lenders.
In 2007 around £650 billion in lending was funded through the securisation markets.
The Royal Institution of Charter
13 Comments
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1. crunchy said...
Brown, the man of 'prudence' is trying to force !00% of UK to be gamblers, when on a lossing streak.
Correction, that's over a 100%. I am not including unborn babies here.
The futures bright. The futures Brown.
2. tyrellcorporation said...
...yep, the colour of excrement!
3. crunchy said...
2. tyrellcorporation
The Excrement Experiment. If we win we can collect a whole load and dump it at number 10 at the next election for a lesser pile.
4. 51ck-6-51x said...
Let's start a literal 'smear campaign'... sorry, nasty image.
5. crunchy said...
One has to ask the question -
What will it benefit Brown to ruin the country to win the next election and face an impossible task in doing so?
That is perplexing. Go figure
6. Cnaeus Pompey said...
what did any of us think a former chief executives of HBOS would propose?
it's so predictable it's almost funny.
7. crunchy said...
From adversity comes change and a willingness to comply. CLUE.
8. luckyjim said...
Is it joining the Euro?
9. tyrellcorporation said...
Brown has a massively floored character (as Alastair Campbell succinctly put it). Brown won't be looking past the next general election at the moment, he'll simply be hell-bent in pumping another bubble between now and the GE. After that he'll have his mandate (if he wins) and my guess is he'll then simply repeat the policies of past Labour governments which will be to inflate away the monstrous government debt - by the way this can work to a point but ultimately destroys the currency and then you have to get on the blower to the IMF.
10. crunchy said...
8. tyrellcorporation
What about Americas policies? Brown has no influence there. A lap dog like Tony, yet they are doing the same.
The tail does not wag the dog.
11. Umisenyamasen said...
What did any of us think a former chief executive of HBOS would propose?
it's so predictable it's funny
I'm sure this simile has been used on this site before – but it's like the farmer asking the fox the best way to securely ring fence his chickens.
12. crunchy said...
Paulson the dog walker at Chequers?
13. phdinbubbles said...
"Brown has a massively floored character (as Alastair Campbell succinctly put it)."
Fine words coming from Bliar's bipolar, ex-alcoholic, former porn-writing, lying b*stard, bullying henchman. I suppose in Campbell's defence he does actually admit to being mentally ill himself, which is something I can respect him for - shame about everything else.