First Direct, the UK mortgage lender which has hitherto resisted much of the money market pain felt by its peers, is suspending its mortgage lending operations. But not on the back of botched securitisations or spiralling funding costs. Rather, because itâs getting too many applications, which for now, it has been unable to process. Were that only the case elsewhere. Separately, the FT asks this morning whether Britain is in for a US-style housing recession. The broad answer is No, even though thereâs every indication of a 20 per cent UK houseprice slump. http://ftalphaville.ft.com/blog/2008/04/02/11991/first-directs-mortgage-stampede/ Too many applications ? Funny explanation....