Local UK Councils

   
  Under Government-backed plans to restart the housing market, local councils would sell £2 billion worth of mortgages to tens of thousands of people hit hardest by the credit crisis. A taxpayers Alliance spokesman said " If councils start giving out risky loans underwritten by taxpayers, council tax could soar to totally unaffordable levels"

We all know that the housing market is in turmoil, many banking institutions both here and in the US have experienced serious financial difficulties, and they are the experts. Local government bureaucracy has absolutely no experience in the mortgage business, they are pretty lousy at running anything, without incurring financial loss.  this is another half-baked scheme that will end in tears.