Everybody is painfully aware of the reasons for the global Credit Crunch of 2008. American banks were lending mortgage money to people who couldn't repay, on the false premise that their house "secured" the loan. The technical name for this widely-shared delusion is "sub-prime lending" and it was partly made possible by over-optimistic Credit Reports.
One of the main credit agencies, Standard and Poor's has at last been hit with a fine of $77million (£50million) for their part in the matter, ...
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