Monday, June 2, 2008

Panorama: Sub-Prime Suspect (Part 1)

Reckless mortgage selling and shoddy financial regulation isn’t just an American phenomenon it sees. Apparently, there’s been a significant amount of fraud in recent years by brokers arranging mortgages in Britain as well — for example by inflating actual income and sometimes even supplying fake documentation. As a result, many people are finding mortgage repayments difficult and an estimated 100,000 homeowners are at least three months in arrears.