OECD calls for tougher mortgage rules

The body's announcement follows its new guidelines designed to avoid a repeat of the sub-prime mortgage crisis and ensuing credit crunch that sent the world economy into recession. André Laboul, head of the financial affairs division of the OECD, said: "Even in the absence of the crisis, developments in financial markets, demographics, economic and policy changes all point to the importance of financial education and enhanced financial consumer protection. "Surveys of financial literacy continue to show that consumers in virtually every country lack adequate financial backgrounds or u...