12 March 2008
Housing Finance Review: analysis and proposals
On 11th July 2007, the Chancellor announced that HM Treasury would lead a review on housing finance as set out in the Government's Housing Green Paper (Communities and Local Government website)
The Housing Finance Review will build on the recommendations of the Miles Review, taking account of subsequent developments in the mortgage markets.
The Housing Finance Review published alongside the Budget on 12 March 2008 contains analysis and proposals aimed at improving the mortgage-backed securities market as a stable source of mortgage finance and also encouraging the availability of affordable and flexible mortgage products which help borrowers manage better the risks associated with housing finance.
Housing Finance Review: analysis and proposals is available in Adobe Acrobat Portable Document Format (PDF). If you do not have Adobe Acrobat installed on your computer you can download the software free of charge from the Adobe website. For alternative ways to read PDF documents and further information on website accessibility visit the HM Treasury accessibility page.
Media links
Terms of reference
As set out in the Housing Green Paper, the Review's Terms of Reference will include an assessment of:
- the supply of and demand for financial instruments to allow the risks of mortgage prepayments to be hedged efficiently. This will include an up to date assessment of whether the DMO could use 'swaptions' to manage better the Government's debt portfolio;
- the residential asset backed securities market, and assessing whether there are remaining obstacles or inefficiencies preventing further improvement in liquidity allowing securitisation to become a greater source of housing finance; and
- the recent financial innovations aimed at re-packaging housing and funding related risks which tend to be aimed at consumers on higher incomes, and assessing whether there may be important obstacles that prevent these opportunities from becoming more widely available.
Related links
- 11/07/07 Pn76 Mortgages
- Miles Review of the UK Mortgage Market
- Homes for the future: more affordable, more sustainable - Housing Green Paper (Communities and Local Government website)
- 2007 Pre-Budget Report and Comprehensive Spending Review: Chapter 6
Contact
To submit comments and views or for further information about the Review, please email or write to the following address:
Housing Finance Review
Macroeconomic Analysis Team
3/S1 HM Treasury
1 Horse Guards Road
London SW1A 2HQ
Email: HFRresponses@hm-treasury.x.gsi.gov.uk
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