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Secret societies?
Byline: Joe McGrath
Building societies like to promote their mutual status as a benefit, but many have been forced into mergers in recent months. Joe McGrath asks how strong they really are and considers where the next casualty may come from.
Two years ago, while the international banking community witnessed a complete shutdown in the mortgage backed securities market, a number of mutual organisations thought they had spotted an opportunity.
The freeze in global liquidity meant that some of the biggest UK non-mutual lenders were going to have to withdraw from their respective markets, leaving huge swathes of customers without financing options ...
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Source: HighBeam Research, Secret societies?