Bond Outlook [by bridport & cie, October 10th 2007]
Recently in our Weekly we alluded to the UK showing many of the same basic defects as the USA in terms of inflated house prices and sub-prime mortgages. There has been relatively little mention of UK sub-prime from mainstream commentators (exceptions: “Money Week” and “Market Oracle”), but this week the hard-hitting BBC TV programme “Panorama” brought the issue to the broader attention of both the public and politicians. |
Panorama showed how high-pressure salesmen have sold mortgages at high interest rates (9+ %) to people that even a layman could see were totally unable to afford them. |
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