City of debt shows US housing woe

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RandyW replied

30 December 2007, 22:25
Believe it or not, we all have access to the BBC News website too, and are able to access these stories ourselves.
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AtW started a topic City of debt shows US housing woe

30 December 2007, 21:26
City of debt shows US housing woe

City of debt shows US housing woe
By Michael Robinson
BBC World Service

Construction worker building a home
The US has had an unprecedented building and house price boom

The city of Stockton in California is at the centre of the mortgage crisis now sweeping America.

Because, with house prices tumbling, more people in Stockton face the repossession of their homes than anywhere else in the US.

But Stockton is also a place where you can really get a feel for the staggering amounts of money banks loaned during the boom - with few or no questions asked.

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Good article continues here. It almost made me feel sorry I do not pay BBC license fee*.

Very interesting point in the article about how banks circumvented rules designed to prevent excessive lending - as I said those City boys that gamble people's pensions should be subject to some new harsh retrospective laws.

The only TV I have is in the garage - never turned on, so it's all legit.
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