One in five homeowners could fall into negative equity as the recession bites, according to the FSA, reports The Daily Mail .
The regulator said house prices could fall by 30% from their 2007 peak, leaving 2.5 million people with homes that value less than they owe on their loans. A figure that represents more than 21% of the country's mortgage holders. The warning came in the regulator's annual Financial Risk Outlook. It said there is a serious risk of 'deep and prolonged recession', with property prices continuing to fall in 2010 and beyond. UBS has admitted a £11.3bn loss for 2008, announcing it would axe around a further 2,000 jobs at its investment bank, according to The Guardian. The bank lost a record 1...
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