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HOUSING BILL SET FOR REWRITE TO AVERT LENDING CRISIS

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Ministers are considering rewriting the Housing Bill amid signs that the legislation has caused a crisis of confide...
Ministers are considering rewriting the Housing Bill amid signs that the legislation has caused a crisis of confidence among institutional investors in the £5bn housing association bond market, writes the Financial Times (p10).

The clauses causing concern would allow the Housing Corporation to appoint a manager to any association which has defaulted on loans, with the power to override the lender's powers to take possession of secured assets.

Labour says that the bill is crippling the ability of housing associations to raise finance on the private capital markets, and wants the offending sections removed, reports the FT.
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