These secondary banks, like the larger institutions, had been lending heavily, based on the then recently rising housing prices in the late 1960s and early 1970s, seen as the last hurrah of the British Post-War boom.
These secondary banks, like the larger institutions, had been lending based on the then recently rising housing prices in the late 1960s and early 1970s, and borrowing heavily to hold the loan assets. The rise in housing prices was seen as the last hurrah of the British Post-War boom.