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Thursday, November 20, 2008
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Asteve
Activist
Posts:930
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| 06/08/2008 10:06 PM |
 Alert
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ESF Securitisation Report June 2008
This is a little technical, but - in my opinion - the best illustration of the mortgage market's current situation.
Essentially, securitisation was the process by which much of the expansion in mortgage lending was financed. The report explains what has been happening in the markets for these securitised debts - and, I think you'll agree, having read the report, that the full force of the fallout from the credit crunch is yet to be felt in the UK.
I'd like to draw your attention to the disproportionate dependence on securitisation to finance UK debt (relative to the rest of Europe) and also the over investment in such debt by UK companies. This report also identifies the demographic breakdown of holders of existing mortgage debt - which I consider to be an eye-opener. There's also a rather pretty collection of graphs that should strike terror in the heart of every debtor... I recommend the graphs in sections 7.3 and 7.4. It would be great if some clued-up journalist had a copy of this report to hand the next time that Darling or Brown claim that "there is no subprime in Britain" - or that the problem in the mortgage markets originated in the United States... The facts strongly suggest otherwise.
Enjoy!
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