John Windeler, the American banker who oversaw the demutualisation of Alliance & Leicester, is planning to launch the first business specialising in offering insurance against negative equity to home owners.
Windeler is seeking approval from the the Financial Services Authority, to launch Negative Equity Protection Limited.
Windeler has been developing the business since leaving A&L in 2005 and is understood to have secured financial backing from an unnamed group of private investors.
The investors believe that with the housing market in the middle of one of its worst-ever crises, there will be significant demand from home owners for protection against further falls in the value of their properties.
Sunday Telegraph
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