ethics
- Created by: AliceMcNaughton
- Created on: 26-11-21 13:59
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- 2008 Financial crisis
- others?
- 4 days working week
- Atom bank
- limits on how much o work a day
- working from home
- employees trusted to work from home
- 4 days working week
- advisors bundling mortgages together
- Advertising that they were Cat A and B
- these were known as safe ones
- advisable to invest in/ take these on
- meaning the mortgagees were guaranteed to paid back
- Often the bundles contained cat C and D mortgages
- These are people who were granted mortgages through greedy banks
- the people granted mortgages often couldn't repay them
- known as the housing bubble
- often bundled and sold to banks to invest in
- this made major banks go bust
- Advertising that they were Cat A and B
- How the change came about
- Housing bubble
- house prices fell by 31.8%
- the financial market crashed
- Many workers lost their jobs in banks and financial institutions
- the most serious financial crisis since the great depression
- unemployment was still above 9%
- biggest recession
- big rise in national debt
- people lost savings, pensions, houses, jobs
- Housing bubble
- change that came about?
- mortgage advisors have to be vetted
- qualifications
- a lot more regulation in the industry
- 10 years later, not recovered
- mortgage advisors have to be vetted
- others?
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