Subprime Herders in Mongolia05 Nov 2009, by Culture in
Mongolia may seem like one of the most remote places on the planet, but it still couldn’t escape the reach of sub-prime lending. Even as the IMF declares the worst of the global recession is over, and the economy starts to rebound here at home, Mongolians are feeling the pain of depressed commodity prices. Many herders who turned to sub-prime loans are suffering increasing balloon interest payments similar to the adjustable rate mortgages that have made so much news here.
Beautiful photos illustrate this report from NPR. Inspiration for a sustainable Mongolian economy.