The Council of Mortgage Lenders has drawn up a blueprint to address the funding problems in the mortgage market. The idea, which has already been submitted to the Crosby review team and to the Treasury, is an innovative approach which helps the financial system to reduce the severity of the downturn in the housing market. The plan would involve the Bank of England offering a repo facility, using as collateral new UK residential mortgage backed securities or covered bonds which would first have to be sold to investors in a public issue.
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