March 5, 2009
Sub prime problems!
Story link: Sub prime problems!
Many sub prime lenders are struggling at the moment, as they are being forced to tighten their belts and be increase the stability of their businesses, making sure the number of defaults thanks to the house price crash is kept to an absolute minimum.
UK sub-prime lender Cattles says there has been a failure of internal accounting controls at the firm and it is suspending three senior managers.
It said that it had uncovered problems in the ways it accounts for bad loans.