Mortgage Crisis Daily

People stood in line in England to withdraw their money from Northern Rock. News from Australia is not much better, where loan defaults rose by almost 30 per cent in the last financial year with failures to pay the bills on time up in every Australian state and territory, figures from the nation’s biggest credit check firm have revealed.

And economists say consumers who haven’t experienced a recession are upping their borrowing to levels more than double their income because they are confident the good economic times will continue. The Australian Law Reform Commission (ALRC) has recommended credit check companies be allowed to tell the banks more about consumer credit files in a bid to stop lenders giving people loans they can’t afford.

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This article, Economy Slows in Australia, Northern Rock Shakes U.K., is just one of our articles from our Mortgage Crisis Daily

The Subprime Mortgage Crisis Before, During, and After

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