Yesterday I was looking at a document written by a former lead analyst in that very market—someone who used to work for PIMCO. He very clearly sets out that the proposed change would have a transformational effect on tens of thousands of mortgage prisoners who will not be helped by any other measure that could be put in place. He says quite clearly:
“Introducing an SVR cap on closed, non-lending books would not disrupt the residential mortgage-backed security market”.
That is a direct contradiction of my hon. Friend’s position.