Tuesday, April 15, 2008

Banks warn British PM of mortgage market logjam

Go to Financial Times original
The credit crisis is so severe that dozens of smaller lenders could be forced to stop offering new mortgages unless the government intervenes, leading bankers told Gordon Brown on Tuesday.

The stark warning, issued at a Downing Street summit between the heads of big banks and the prime minister, came as Mr Brown indicated he was willing to intervene in the markets, provided the banks would respond by offering loans to first-time buyers and others struggling to find mortgage offers.


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