George Osborne may have just triggered a Financial Crisis ‘greater than 2007’

‘A recent report issued to the Bank of England has revealed that the actions of George Osborne may be about to trigger a financial crisis greater than 2007, and once again, it will start in the housing market.

The Chancellor has been aware for some time, that there has been a bubble in the buy-to-let housing market, where people buy properties in order to rent them out. The problem with this market growing too fast, or too big, is that if interest rates on the mortgages go up, it can trigger a mass sell-off. This floods the market with houses, resulting in a sudden crash in prices. This generally triggers a domino effect, as lenders stop lending (slowing the market further), and then the negative equity trap happens where homeowners who may have remortgaged their properties based on the higher market value, or took on a higher mortgage planning to sell on at the higher market value, suddenly find themselves in serious financial distress.’

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