Whilst over in debt-ridden America mortgage providers Freddie Mac and Fannie Mae have fallen under the umberella of the US "government", the UK seems little different as we too have a housing market crisis, although ours is blamed on the global credit crisis - thus banks and building societies are unwilling or unable to borrow funds from "global money markets" in order to lend to prospective homeowners.
Yesterday, the chief executive of the Nationwide Building Society, Graham Beale, told in an exclusive interview with the BBC's Robert Peston how he expects property values to fall 25% from their peak in around July last year.
This will lead to 2.5 million homeowners experiencing negative equity - when your debt is more than your house value - as Mr Beale told Mr. Peston:
"I think that next year we will see a similar pattern to this year...we will see further falls in house prices. And I think before we really get to the new world, whatever that is, I think we will be into 2010."
We can perhaps anticipate more of the "whatever that is - new world" that he speaks of , as we read of how how this whole caboodle may unwind:
He says that the US Treasury's colossal scheme to shore up the two great providers of housing finance, Fannie Mae and Freddie Mac, should help to restore confidence in financial markets.
But, he adds, it won't swiftly revitalise the UK housing market - even though Britain's prospects are inextricably linked to prospects for the US residential property market, because of its importance for the funding of the global financial system.
That said, the UK government is under pressure from banks and building societies to help them raise money so that they can lend a little more to us in the form of mortgages.The two options being considered at the Treasury are to provide a taxpayer guarantee for mortgages packaged up as bonds for sale to investors, or to extend an existing Bank of England liquidity scheme so that it could help banks to refinance new mortgages.
Now the Treasury , or Her Majesty's Treasury more correctly, is "the UK's government department responsible for developing and executing the British government's public finance policy and economic policy" whilst the Bank of England, formed by a Scotsman, is a state owned institution and the central bank of the United Kingdom; Her Majesty the Queen of course being the the Head of State.
Either way, from wikipedia, New World Order (conspiracy):
This conspiracy theory claims that a small group of international elites controls and manipulates governments, industry and media organizations worldwide. The primary tool they use to dominate nations is the system of central banking. They are said to have funded and in some cases caused most of the major wars of the last 200 years, primarily through carrying out false flag attacks to manipulate populations into supporting them, and they have a grip on the world economy, deliberately causing inflation and depressions at will. Operatives working for the New World Order are said to be placed in high positions in government and industry. The people behind the New World Order are thought to be international bankers, in particular the owners of the private banks in the Federal Reserve System, Bank of England and other central banks..
£1,000 gold Prince William coin
Watch them in action.