The banks and financial institutions that were all involved in this had many warnings and I wonder why they never contacted the correct people to warn them?
Perphaps they did, maybe thier pleas fell on deaf ears?
In South Africa the minister of finance brought in a credit act in june 2006. This act made strict laws to disallow reckless money lending.
Strangley enough, South Africa seems to be less effected by the financial crisis at the moment and I am sure its due to the credit act.
I have even read that now other countrys are reading the credit act of South Africa so they can implement thier own.
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