So Gordon Brown has decided to use Northern Rock to further government policy and no longer operate at arm's length.
The timescale for this is very Gordon Brown sloooooow - £14bn by 2011.
Maximum Loan to value will be a soviet style imposed 90% even though commercial lenders have decided that 90% LTV is too risky with house prices falling by over 1% a month.
It will be interesting to see if they restrict any of their other criteria, such as multiples of income. With a quick look at their calculator, it is still possible to borrow over 4 times joint income.