No Mandate Brown has a master plan for reviving the housing market and turning round the market. You’ll like it, it’s a stroke of genius.
What he’s planning on doing is allowing high street banks and other mortgage lenders to sell their mortgages to the Bank of England who will pay them in guaranteed government bonds. The banks, having irresponsibly and unsustainably loaned money at up to 10 times the borrowers salary, will then have a guaranteed income from the taxpayer instead of billions of pounds of high risk debts. The liability will, instead, pass to the Bank of England where it is underwritten by the taxpayer.
This will make the liabilities the nationalisation of Northern Rock has left the taxpayer with look like small change.
The man’s a fucking lunatic.