The Treasury Select Committee (TSC) is about to look into why there is such a huge proportion of home reposssesions and also why first time buyers cannot get a foothold in the current market.
As discussed in one of my earlier blog posts, sale and lease back schemes will be examined.
In order to access the severity of the market banks, building societies have been asked to submit written accounts by 1st July, the committee will then respond by the beginning of August. There will be two months period before the Treasury has to give out its recommendations.
There is the distinct possibility that the Government will put £3 billion into Northern Rock to increase mortgage lending, with the intention of lending £14 billion in loans during the next two years. Northern Rock is now government owned.