Tuesday, June 17, 2008
What a difference a few months makes!
The credit crunch tightened its grip on families last night as two big mortgage lenders raised their rates or withdrew deals, the price of oil hit another record and figures showed that new housebuilding projects are about to fall to their lowest level since the Second World War. There are growing fears about funding shortages. High street banks, which have been battered by the credit crunch, are asking shareholders for extra cash to plug the gaps caused by losses they suffered as a result of the American sub-prime crisis.