Mortgage working group launched

The government has launched a new scheme aimed at improving the function of mortgage finance markets.

Alistair Darling, chancellor of the exchequer, said that the mortgage working group will take on the expertise of lenders, investors and organisations such as the Bank of England and the Financial Services Authority.

The group is set to consider options to improve the mortgage-backed securities market.

Mr Darling said that the establishment of the working group was a response to current market turmoil.

"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 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.

Mortgage borrowers are expected to be boosted today (April 10th) when the Bank of England announces this month's base rate of interest.

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