Despite reports that no relief for the mortgage market is on the horizon, the end of the credit crunch could be in sight, at least according to the Bank of England.
The deputy governor of the Bank of England, John Gieve, spoke out as the latest Financial Stability Report was released by the bank. Gieve said that the market correction that has occurred in recent months was ‘unavoidable’ following the low pricing of credit risk..
However, Gieve spelled out that the credit crunch could end soon, with pricing of mortgage loans now higher than warranted by the circumstances. Gieve was reported as commenting: "The most likely path ahead is that confidence and risk appetite will return gradually in the coming months."
The liquidity measures of the Bank of England, although not yet certainly affected, could ease the pressure on the mortgage market, bringing back loans and lowering the cost.
Credit crunch - an end in sight for the mortgage market
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Credit crunch - an end in sight for the mortgage market
Fri, 02 May 2008
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