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Many mortgages at risk, FSA warns
More than one million mortgages are a "cause for concern" because of their riskier lending characteristics, the Financial Services Authority (FSA) has warned.
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Jeremy Warner's Outlook: FSA sounds warnings over credit crisis
Thanks very much, guys. The time to be told that things were looking grim was six months ago when the boom was still in full swing, not now that the horse has bolted and the downturn arrived. In the circumstances, neither the FSA's warning of more credit crunch pain to come, nor the IMF's dramatic downgrade of its growth forecast for the US to just 1.5 per cent, were terribly helpful. Still less so were vague proposals from Gordon Brown and a clutch of other European leaders last night for reforming the so-called global financial architecture. It all looks too much like fighting the last war.
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