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Fact sheet on the role of the financial institutions
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| Submitted: Tue Jun 20 2006
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Fact sheet on the role of the financial institutions Building societies The first building societies were formed about 200 years ago when some people got together to co-operate with each other in building their own houses. Members regularly contributed to the society and built the houses together. Each completed house was allocated by lottery to a member. They carried on until each member had his own house. The society, the house-building co-operative, was then dissolved. After a while building societies began to borrow money from investors to build houses more quickly and this was the start of permanent building societies, now simply called building societies. Then about 100 years ago, most UK building societies stopped building houses and concentrated on providing capital for building houses, on providing mortgages. Many people are tied for life to paying rent to, and so working for, profit-seeking landlords who are able to increase rents largely...
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