Crosby Mortgage Market Report

It is of course totally consistent with the high level of farce that now attaches to anything Cabinet Ministers of this woeful Government attempt BUT the appointment of the head of the failed HBOS, Sir James Crosby, (does a Sir before the name nowadays almost always indicate someone of questionable motives?,) to report on cures for the mortgage market by A****** Darling must rank amongst the more dubious of recent otherwise hilarious events. The Southern print media seems to have largely ignored or brushed aside this matter, more sense comes from Yorkshire, home to the original and once respected Halifax Building Society, by Hugo Radice, linked here. The article concludes as follows: Overall, the Crosby Report is a report written by and for the mortgage lenders. It offers some relief for aspiring homeowners and for housebuilders, but primarily it is designed to restore the status quo ante – that is, a housing market far too reliant on volatile money markets as a major source of funds, on unsustainable increases in house prices and on excessive levels of household debt. While there is much in the report's detailed analysis about possible safeguards against a future collapse in this model of housing finance, Crosby has failed to consider any real long-term alternative. Well Surprise - Surprise!!!