Northern Rock is to return to the mortgage market, by offering loans of up to 90% of value.
The nationalised bank has been given Treasury approval for the £14BN mortgage scheme.
There is a degree of irony here, as Gordon Brown has decreed that 100% mortgages are to be legislated out of existence.
Indeed Northern Rock compounded the irony when it announced that, despite losses of £1.4BN in 2008, it would still be paying bonuses to senior executives, so that they don't leave.
I thought Brown didn't approve of such payments?