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Buy or insure, either way the taxpayer takes on the risk. Insuring them complicates the situation further, which doesn't help when a big part of the problem is overly-complicated financial instruments. Buy the toxic assets out of the system and you give the market the certainty it needs to get back to normality.

The taxpayer could even make a profit - they were not talking about buying them at full redemption value. Of course, that becomes less likely the longer they drag this out, damaging the economy further.

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Full or less value, these mortgages have zero value, and buying them w/o insurance is a mistake. Last time I checked, blokes from the U.K. don't pay taxes or vote here, so piss off.