Nowt so foolish as Willy Hutton.
So how about opening up the market for residential, mortgage-backed securities to stimulate the property market
This is arguing for a revival of the collateralised debt obligation market. You know, the CDOs?
Hutton has form on this of course.
We are looking disaster in the face. A British version of Fannie Mae and Freddie Mac must be created now. Legislation to create a Gordon Mac should be introduced before the summer recess. It should be operating by the end of September.
This proposal was made on June 22 2008.
Freddie Mac and Fannie Mae went bust on September 7 2008.
I was wondering when we were going to get him proposing this again. Three and a half years seems terribly optimistic for us all forgetting about it, doesn\’t it?
By the way Will, how is Mrs. Hutton\’s buy to let empire faring?