Saturday, August 9, 2008
The banks are only interested in saving themselves. People who borrowed too heavily or who lose their job are thrown out onto the streets.
Figures from the Council of Mortgage Lenders show that not only has the number of repossessions in the first half of the year risen by 50pc compared with last year, but the speed with which lenders are seizing properties is at the highest level since comparable records began in 1982. The rise in this "intolerance threshold" indicates the pressure felt by banks to shore up their balance sheets in the face of the sharpest housing slump since the early 1990s.