Well it looks like misery has some company. Not only is the U.S. government trying to figure out how to bailout its lenders, the U.K. is contemplating the same problem:
The Treasury may be planning to raise the limit on public borrowing in an effort to give it "room for manoeuvre" for a potential rescue operation for the banking system, a leading expert has suggested.
Alistair Darling’s review of the borrowing rules he inherited from Gordon Brown may have been influenced by plans under consideration for a rescue of struggling mortgage banks, according to Peter Spencer, economic adviser to the Ernst & Young Item Club.
It comes amid growing disquiet about the funding position of Britain’s biggest mortgage lenders, with banking groups urging the Treasury or Bank of England to extend its mortgage support scheme to cover home loans issued since the start of the year.
At least Pauson knows who to call if he needs someone to commiserate with.
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