King warns 'innocent' will lose homes - papers 11 June

In his gloomiest assessment to date of the prospects for British homeowners, Mr King said the recent financial "party" of cheap credit and excessive risk-taking has left a situation where "when the party ends, some innocent bystanders may lose their homes altogether." Mr King's gloomy comments are unlikely to be welcomed by ministers. The credit crisis, Mr King suggested, "is not yet over". He said: "We are passing through the most prolonged period of financial turmoil that most of us can remember. Whether, as the IMF has argued, it is the worst period of financial stress since the 1930s ...