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Well we all must have heard about, or at the very least felt the credit crunch and as we have recently seen, housing prices have dropped, peaked, dropped, much like Northern Rocks shares! Markets fail for numerous reasons but this one is linked perfectly to information failure. Information failure in the sense that in America, banks were loaning out to people who they knew could not pay the mortgages. If the customers were told the risks of their mortgages, for example, the fact that repayments can vary or they may not be able to afford them at a later date, I doubt they would have taken them. The biggest failure relates to the mortgage brokers submitting false applications to lenders! The Financial Services Authority (FSA) said on the 21st of February that “it had banned a further two mortgage brokers” and this fraud seems to have been a growing trend. Mr. Stewart said there was a bubble in the market for new urban flats, which looked “in line for a full-scale crash” and I have to agree.
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