Is there a problem with foreclosures in the UK? The problems I've heard here about are mostly with UK banks that had a lot of exposure to the US housing market, like Northern Rock, and with banks struggling to borrow money as lending dried up. The UK government decided to buy shares in banks that have a liquidity crisis, which I think is rather better than the US approach of buying up the dodgy assets that the banks are desperate to get rid of, since theoretically, the UK government could gain from it just as any investor would, while the US government is very unlikely to see it's money again. Of course, if the government does make a profit on it, taxpayers are unlikely to see a lowering of taxes, but we might get a new millennium dome or a pay raise for politicians.
