Tuesday, Nov 20, 2007
Pass the parcel - hey, it's Christmas
Bloomberg: Bradford & Bingley Sells $8.7 Billion Loan Portfolios
Bradford & Bingley Plc, the U.K.'s biggest lender to landlords, sold 4.2 billion pounds ($8.7 billion) of home and commercial property loans to improve cash flow as credit costs increase.
Posted by alan @ 07:07 PM (598 views) Add Comment
7 Comments
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1. denzil said...
One to watch me thinks!!
2. Orwell said...
The Telegraph article is quite interesting:
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/11/20/nbank920.xml
"In total £15.4 billion was deposited. Bradford & Bingley, the country's biggest buy-to-let lender, quashed market rumours that it was running low on cash but said that it was addressing any problems by selling off £4.2 billion worth of loans to help it free up cash."
Will it be Para-gone or B&B that goes first - some odds please?
3. planning4acrash said...
At this rate all banks will be nationalised by Christmas :p
4. Geoffreeves said...
I am not a so called expert but I always wondered how this house of cards (the system) stood up.I now know it is a very precarious structure indeed.It seems to me it topples every so often and is rebuilt in the same old shaky fashion but just in a different shape.
5. inbreda said...
I hope it wasn't NR buying B&Bs dodgey debts.
As the later posted article points out - this thing isn't messy yet, and won't get messy until mortgage defaults increase massively and feed through to the banks.
Not long now. Not long now.
6. the northerner living in oz said...
It seems to me that bradford & bingley managed off load there dodgy loans to to another bank
It is the banks that have not been able to sell there dodgy loans that wil be the ones to fail.
7. Realist said...
These loans aren't the dodgy ones - the social housing loan book is pretty much rock solid lending. Housing associations tend to be fairly well protected during property downturns. They've kept the dodgy stuff ie the BTL book.