Group aimed at improving mortgage market

Posted: 10 Apr 2008 11:13:39 GMT

A new group has been launched by the government in a bid to improve the function of mortgage finance markets.

A new group has been launched by the government in a bid to improve the function of mortgage finance markets.

The chancellor of the exchequer Alistair Darling launched the working group in response to recent mortgage market turmoil.

It will include lenders, investors and organisation such as the Bank of England.

The working group will consider options for improving the mortgage-backed securities market.

Mr Darling is hopeful that the group will have a positive impact on the markets.

"The recent and ongoing disruption in global financial markets has raised complex issues about the functioning of the mortgage-backed securities markets," he said.

"I am delighted to announce that Sir James [Crosby] will chair the industry working group that will consider market-led initiatives to improve these markets.

"This work will be an important contribution to stabilising the cost and supply of UK mortgages," added the chancellor.

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