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Article from: The Birmingham Post (England)
Article date: November 07, 2008
In a quiet moment of reflection in amongst all the recent carnage in financial markets, I considered what event, or series of events may have contributed to the extraordinary happenings in global finances.
At the heart of things, particularly in the UK and the United States is "home sweet home".
Our home is traditionally our largest personal asset and our mortgage is our largest financial liability. Sub-prime loans, or put another way, high risk credit was one of the major factors in destabilising the banking sector.
This can be traced back to Northern Rock who were ...
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