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- 28 Oct 2005
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No they are not film stars of the forties, they are the USA's biggest mortgage lenders responsible for half the mortgages in the USA - and they are about to do a Northern Rock type collapse. If they go under then that will start a complete collapse of the banking system worldwide. Will their government bail them out? With a trillion dollars at stake who knows? Most worrying is that they are not caught up in the sub-prime fiasco, these are ordinary mortgages.
Back home it looks likes Bradford and Bingley could soon collapse to be followed by Allience and Leicester.
Will the government prop them up as they did with Nth Rock? How can they? How can they not?
Back home it looks likes Bradford and Bingley could soon collapse to be followed by Allience and Leicester.
Will the government prop them up as they did with Nth Rock? How can they? How can they not?