The Mortgage Market
29 February 2008
The Chief Executive of the FSA, Mr Sants, said in a recent meeting about mortgages “I don’t think markets are ever going to return to where they were. The idea that at some point they will go back to normal, I think, is a misnomer”.
He went on to explain this comment by saying that in recent years banks have sold off trenches of their mortgage debt, to other companies within the financial sector obviously, reducing their risk. This has meant that they had been able to write more business as the risk is much reduced.
With little to no companies wishing to buy this debt now the banks must keep the risk on their own balance sheets and will therefore want to reduce this risk by tightening their lending policies which will make it harder for people to obtain credit.
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