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Chancellor to intervene in attempt to end mortgage drought
Alistair Darling is set to intervene to help banks and building societies secure more finance to grant new mortgage loans. The probable move comes after the virtual drying-up at the end of lasy year of the mortgage-backed securities market, which had become a crucial source of mortgage lending.
The Chancellor is expected to order an extension of the Bank of England's emergency £50 billion special liquidity scheme introduced earlier this year to help to ease huge funding strains on banks caused by the credit crisis.
