Doubts that UK government kitemark scheme will fly
'Gold standard' plan for bonds gets mixed reception, with industry watchers divided over whether it gives the market much-needed direction or fails to offer any real assurances
The UK government has rejected industry calls for an US-style government-backed lending agency to help revive the local securitisation market and instead has devised a plan of its own.
However, industry commentators have warned the proposals to introduce a 'gold standard' kitemark for mortgage-backed securities (MBS) and covered bonds could create more problems than they solve. An immediate concern is that the plans contradict industry assertions that problems in the UK residential mortgage
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