Telegraph: Taxpayer to take on mortgage risks of first-time buyers

Taxpayers will underwrite mortgages totalling hundreds of millions of pounds under plans to “unblock” the housing market and revive the flagging economy.

Mmmmm - what a good idea. Let's see, it just needs a catchy phrase to promote it - how about a 'sub-prime mortgage'? Yes, that's good. And a private (of course) company to run the scheme - there's a lot of experts in this sort of field looking for work at the moment - pass me that US company phone book - yes, Fannie Mae. Excellent. Nothing could possibly go wrong.

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