Housebuilders are calling on the government to act immediately on the recommendations of the long awaited Crosby Report into the availability of mortgage finance and not delay until Spring. The report, which has been described as “potentially extremely significant”, recognises the severity of the mortgage situation in the UK and calls for the government to intervene to improve liquidity. Chancellor Alistair Darling acknowledged the findings of the review – carried out by Sir James Crosby – in his pre-budget report, but claimed that he could not act without approval from Europe. “I share Sir James’s concerns about the availability of mortgage finance,” said Darling. <br><br>“His principal recommendation is that the government support the mortgage market by providing guarantees for securities backed by new mortgages. To implement Sir James’s recommendation, the government would need to obtain State Aid approval from the European Commission and resolve some technical and practical considerations. But we will proceed to work up a detailed scheme based on his recommendations and seek State Aid approval to proceed. I will report back by the Budget. ” But the industry, while welcoming Crosby’s recognition of the depth of the crisis, is calling for more urgency. <br><br>“The government needs to …