Crosby Review : No silver bullet to shorten the housing correction

The key message from Sir James Crosby’s interim report on the state of UK mortgage finance is that the current squeeze on mortgage credit will be protracted. While he does not rule out the possibility that the Government, regulators and lenders themselves can take steps to ameliorate the extent of the problems, the fact that the report contains no firm policy recommendations is surely indicative of just how intractable he believes the problems facing the mortgage lending industry to be.