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Have the banks really signed up to the new mortgage rescue plan?

Despite assurances by Gordon Brown in Parliament yesterday there is some confusion as to whether any of the U.K.'s top 12 banks have actually signed up to his mortgage rescue plan which was announced yesterday. A straw poll of the U.K.'s leading banks suggest that many were surprised he commented upon the signing procedure as nobody is aware of the fine print as yet. To suggest that the UK banks have signed a definitive agreement prior to seeing the small print is ridiculous and brings into question the government's claim.

There is still much debate as to how the mortgage rescue plan will actually work, who will be able to apply, how much it will cost and when it will actually come into play. There is a feeling among financial journalists that Gordon Brown was looking to grab the headlines yesterday and may well have jumped the gun with his comments. It has however given many mortgage holders in the UK confidence in the future which in itself is part of the recovery process.

The next few weeks will see firm details of the plan released to the public at which point the potential impact can then be considered.

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