Mortgage backed securities <br> <br> As anticipated, the government launched its mortgage backed securities scheme as part of the Budget on April 22. The Treasury has not given a funding limit to the guarantee scheme and it is understood that its success will be monitored. Lenders will need to pass the FSA’s (Financial Services Authority) testing requirements to be eligible. “This is a very welcome step towards mortgage availability,”commented HBF’s director of economic affairs John Stewart. “We’re now just hoping it is enough.” In January, following a recommendation within the Crosby report on the mortgage market, the government agreed to provide full or partial guarantees to triple-A rated asset backed securities as a way of kick starting the mortgage market. <br> <br> NEXT KEY DATE: The government’smortgage backed securities scheme will initially be available until October 2009. <br> <br> Burden of regulation and the Budget <br> <br> A section of the Budget report which looks at preparing for a strong recovery from the downturn reads: “The government will identify, working with industry and other partners, the best regulatory and policy framework to support the government’s long term housing objectives.” John Stewart said that the point related to HBF’s work earlier …