Wednesday, September 30, 2009
Something you won’t be hearing about at the Labour Party Conference
In this depressing report the IMF predicts "bad loans to be particularly heavy this year in commercial real estate and buy-to-let mortgages" and goes on to assert that "the financial sector was only halfway through the writedown process, with American banks further advanced than those in Europe. US banks have recognised 60% of anticipated losses against 40% for banks in Britain and the euro area." So how many of these predicted losses relate to mortgages?