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Lucian Cook, head of residential research at Savills UK, said: "The measures announced today are not nearly as draconian as they might have been had the FPC applied absolute loan to value or loan to income caps at an individual mortgage level".
The dataset contain real estate credit and price conditions (loan principal and spread, and the appraisal and market price) at the mortgage level, matched with borrower characteristics (such as income, labor status and contract) and the lender identity, over the last credit boom and bust.
We do need the back-end networks that process payments, we need organizations that are prepared to take on the risk of lending (social lending is unlikely to scale up to mortgage level), and we need mechanisms that give us access to trading systems and markets.
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"This supports the view that house owners are looking to take advantage of low mortgage interest rates to reduce their outstanding mortgage levels to improve their balance sheets".
But he said he was concerned about the scheme, and it was not in the public interest for house prices to become even more expensive or for mortgage levels to return to their 2007 peak.
If the current housing bubble bursts and prices fall below mortgage levels, will the Fed tell stunned homeowners that the surge in foreclosures is the price we have to pay to stimulate the economy?
PEOPLE have to demonstrate mortgage-level disclosure, and it's driving them crazy," said Douglas Wagner, the president of Benjamin James Associates, a Manhattan brokerage company that specializes in rentals.
Together, Lloyds and Abbey would have 29percentt of the country's checking accounts and 22.5percentt of its mortgages, levels of concentration that have drawn fire from consumer groups.
According to S'moretgage, the information will include "individual mortgage-level detail on loans recorded in New York City," including such data points as a loan's interest rate and the date when it began.
He believes that mortgage approval levels and lending levels will be capped for some years.
But most of the fraudulent actions at Countrywide took place at the bottom of the food chain, at the mortgage origination level.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com