MR.

Essay specific features

 

Issue:

Miscellaneous

 

Written by:

Richard N

 

Date added:

July 17, 2016

 

Level:

University

 

Grade:

A

 

No of pages / words:

5 / 1324

 

Was viewed:

6252 times

 

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Essay content:

The Bank of England can set interest rates. It all begun with the banks having a lot of cheap money and they were desperate to lend, so they tapped into the American sub prime market which provided finance for people with poor credit rating (known as ninjas-no income no job or assets), this was known as the collateral loan obligation, CLO...
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All these operations were kept off balance sheet but even publicly available figures are huge:- • HSBC - ?48BN • RBS - ?12BN • BARCLAYS - ?12BN • ALLIANCE & LEICESTER - ?756MN • LLOYDS TSB - ?594MN • HALIFAX – 430MN By 2005, $600bn worth of subprime mortgages had been issued in the US, at its peak this global market raised more than ?3trillion but the fact was that this credit bubble depended on people with bad credit histories not defaulting, the bankers chose to ignore this due the profits that were being made...
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