| 27.10.2008 - Risky mortgage lending by mutuals drives consolidation |
| From FT: The recent spate of takeover deals among the UK's 59 building societies has been triggered by the unwise diversification of mutuals into riskier mortgage lending during the housing boom. Since the financial crisis began, the Financial Services Authority has been monitoring the health of the sector closely because it accounts for 20 per cent of residential mortgage loans and mutuals have about £230bn of retail savings..... Full Article: Source |