In an explosive speech, director general Michael Coogan said that the 11.7 million with a mortgage are being forced to cope with a 'dysfunctional' market.
In a reference to the struggle of millions of homeowners to get a loan, he said: 'We have, in effect, returned to mortgage rationing.'
He also said the Government's £37 billion banking bailout was not enough to stop the crisis.
He accused the Government, the Bank of England the Financial Services Authority of making 'piecemeal, self-interested decisions'.
The Mail, somehow, does not go on to report the shout of laughter, followed by shocked silence, followed by murderous howls of frustrated rage with which the audience greeted this masterpiece of two-faced chutzpah, nor on the great fortune with which Mr Coogan escaped from the baying mob with his life.