Sunday, Oct 07, 2007
Hero to Zero in 6 months
Firstrung: Sub prime lender plans to make all staff redundant
these guys were really going places in Feb/March. Spending money on a move, new product range, taking on staff...could they really not see 'IT' coming?: Unity Homeloans has confirmed that it is making all its staff redundant in a move that effectively closes its business down. The lender, which is funded by Investec indirectly through Infinity Mortgages, has pulled away from the market in light of the recent 'credit crunch'. Its remaining mortgage business will be 'outsourced'...
Posted by converted lurker @ 06:24 PM (657 views) Add Comment
4 Comments
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1. inbreda said...
"The lender... has pulled away from the market "
Understatement of the year.
2. deepak said...
Do we have a Mortgage Lender Implode for the UK..
Add this to the list.
3. dohousescrashinthewoods said...
Slam-dunk. Crikey, I really think this is happening, what with all the other figures starting to peep out of the woodwork.
I also think it is happening quickly, because there are a lot of speculators in the market and they move fast (BTL). At this rate it could be dead before Christmas. I can see little Johnny not getting that MEW-funded iPod for Christmas (and the economy going into recession as a result because of our desperate reliance on consumer consumption).
Maybe Brown bottled it because the economy is going to sink even before his election-call could have been turned into a poll ;)
(incidentally, lest there be any doubt, the entire media had been confidentially requested to initiate election-control sequence and have been up all night working on it for weeks - small wonder there are some very cross bunnies out there. Can Gordon, even with his remarkable Stalinist disregard for others, survive this?)
4. inbreda said...
dhcitw
it reminds me of the millenium dome debacle where labour left the journalists locked outside in the rain for 3 hours. From there on they got no positive press coverage of the dome, and as a result it became yet another example of labour wasting billions of pounds of tax payers money.
I think he's done it again.