Weak regulation to blame for credit crisis - OECD

The Organisation's latest report on the economic outlook for OECD countries reads: “There may be a need, for instance, for more encompassing supervision of US sub-prime mortgage markets, with greater attention to non-bank originators which have often evaded effective scrutiny. It also calls for greater education and disclosure to help prevent predatory lending practices. Finally the report suggests new, more aggressive credit rating agencies would help prevent a similar system arising in the future by increasing transparency. “Given the swathe of re-ratings in recent months, more pugnaci...