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Councils would like to offer mortgages

Thu, 21 Aug 2008

UK councils are looking for the ability to offer competitive mortgage loans in a bid to rescue the housing market. Councils, recent reports indicate, could take a considerable share of mortgage business in a secure, affordable way. This, council leaders argue, could prevent a collapse in the mortgage market and restore stability.

In a joint letter to the government, council leaders reportedly commented: "The public purse should not just be used to mop up the problems caused by banking difficulties. The Government should recognise that councils are well placed to take a judicious share of mortgage business - an opportunity that could yield a surplus for the council tax payer. In 1980, 600,000 mortgages with homeowners were held by local authorities. Since then, the banking industry has almost universally taken on this role. Today we need a more balanced approach, involving both private and public sectors offering mortgage finance ."

The letter says that the government should permit councils to offer targeted mortgage loans to members of the public.
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