Credit Crisis: Do You Understand It?
The CREDIT CRUNCH started in America with mortgages sold to those who could not afford them. These were low start mortgages which are virtually banned in United Kingdom. They were mis-sold in large numbers to people with both good and bad credit rating. People were persuaded to go well beyond their means to cope with the payment schedules. Mortgage costs went up after the initial period. As a consequence, most of the buyers could not afford the increased rate & defaulted in large numbers
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: 28/11/08 22:53
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