I’ve been noticing for a while that events of significance for the UK are sometimes ignored in the UK press until after they’ve been widely covered in the US press and vice versa. It’s difficult to hide things from the public in an internet-enabled world. However, I believe most people are still largely in the dark about the state of the economy as no country I know of reports in any depth on it in the mainstream. Fractional reserve banking is still a complete mystery to many, discussion of it being almost completely absent. I’ve read nothing at all in the UK press, for example, about banks being sued for selling sub-prime finance under the banner of an entirely unjustified triple-A rating, yet I understand from the brief mentions it has in the American press it is indeed happening. I suspect this is a case of media content being dictated by its advertisers, as many of the larger more powerful banks wouldn’t like to see their adverts carried next to a story about their being sued for either incompetence, dishonesty or both. This renders the media irrelevant for news-gathering, a fact which seems to have escaped many. I use the web myself, favouring Twitter.
BB
The house would never default to the owner as the debt would aaylws have some value to someone. If you had a $50000 mortgage on the property and the bank collapsed then another institution would aaylws buy up that debt as there is aaylws someone in the world with money. So maybe the Bank of China would buy that debt from your bank for $10000, you would still then owe the Bank of China $50000 because they would have bought up the first legal charge to the property.