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Call in the funding specialists

Specialist funding experts, such as HBOS mortgages chief operating officer Phil Jenks, are needed to help the Government’s credit crunch working party, says Hamptons managing director Jonathan Cornell.

He believes that market experts such as Jenks understand funding much better than the working party’s recently appointed head James Crosby, a former HBOS chief executiveCornell said at the round table : “They need to be talking to people like Phil Jenks. He has been at the helm of a lot of the huge mortgage growth over the last decade or so. He understands funding better than James Crosby. It is what he has being doing day in day out.”

Cornell said the Government needs to make sure it appoints some “very wise men” for the working group.

He said: “They need to be talking to people who understand rather than relying on politicians, civil servants and bureaucrats. If we let this drift further it is going to cause a bigger deterioration in the housing market. The longer they leave this it just becomes a self-fulfilling prophecy.”

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