BANKS: THE PILLARS OF SOCIETAL FINANCIAL SECURITY

Byline: SHAMSUL GHANI Sub-prime mortgage is the key word in all discussions on the 2008 spectacular fall of the economic and financial systems based on the free market concept. The root cause of the financial collapse, sub-prime mortgage, seems to have labeled mortgage business with an indelible stigma. The late 80s' failure of SandL (Savings and Loans) business-that was run successfully for a number of years-reinforces the view that there is something basically wrong with the housing business. This, of course, is not a pragmatic view as no genuine business per se can be held responsible for the failures of those who run it and the system under which that business operates.