Wednesday, Feb 13, 2008
Another one goes... Bradford & Bingley
CityWire: Higher than forecast write offs knock Bradford & Bingley for six
After Victoria Mortgages, Kensington, Northern Rubbish and Para-gone, it is the turn of kissing BB ByeBye
Posted by confused76 @ 10:07 AM (1994 views) Add Comment
11 Comments
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1. confused76 said...
http://www.moneymarketing.co.uk/cgi-bin/item.cgi?id=158502&d=340&h=341&f=342
In a statement to the market, the lender said: "There is no denying that today's market circumstances present the mortgage industry with a unique set of challenges and opportunities. We believe the fundamentals that drive our specialist markets remain strong, and expect the buy-to-let market to continue to grow at a faster rate than the mainstream mortgage market.”
MWAU UAHH AHU HA AA H HHAHAHAH HAHAHHAH AH AHAHHAHA AHHAH HAHahHH
2. Orwell said...
Don't be an idiot C76. It's hardly in trouble yet is it?
3. jack c said...
Also on BBC business section :- Lender Bradford & Bingley (B&B) has reported a sharp fall in profits after cutting the value of risky assets following the recent market turmoil. Pre-tax profit almost halved to £126m in 2007 from £246.7m the year before, after the bank wrote down assets including those tied to US mortgages.
B&B's shares tumbled in London on the news, sliding 12% to 214.5 pence.
Northern Rock shares also down 8% as nationalisation edges ever closer
4. confused76 said...
OK Orwell,
you know better! Sure.
BB goes bust by the end of the year
They sold their jewelry back in December, now left with a BTL loan book
5. confused76 said...
http://firstrung.co.uk/articles.asp?pageid=NEWS&articlekey=9035&cat=44-0-0
Bad debts up threefold, profit halved, mortgage arrears nearly double at buy to let specialist Bradford & Bingley
Maybe they will not go bust but their will shrink by half, changing their name to just Bradford (or Bingley)
and by the way, this is the beginning of the big BTL sell off!!
6. jack c said...
Confused 76 lets keep this in perspective the BB figures are poor but (IMO) they are not in immediate danger of going bust - the most likely outcome moving ahead as I see it it is a series of megers/acquisitions between UK Banks/Building Socities and Insurance companies.which will fend off any potential collapse Northern Rock Style.
B&B is currently the UK's largest BTL lender so it will be interesting to see how they handle this side of the business 2008/2009 onwards.
7. confused76 said...
OK, ok, ... the government / BoE will bail them out
a wave of mergers will follow Bradford & Leicester? Bradcester & Rock? Chelsington & Bingleister?
it is just one last piece of UK archeology, the Brick & Mortar societies gone
8. happyrenterz said...
Comment from Numis
Buy-to-Let (BTL) bubble: BTL has supported the UK property market, for the first
time allowing property to fund property purchases. In Q1 1999 there were 11,100
BTL mortgages against 119,300 first time buyers (FTB). By Q3 2007 BTL volumes
were up 750% with FTB numbers down 19%. For property prices to have tracked
income growth over the past 25 years house prices would need to fall by over 44%.
The OECD and IMF also believe that the UK property market is at least 40%
overvalued. B&B is the most exposed stock we cover to the property market. If BTL
is deemed to have been mis-sold (we can not see how it is appropriate to hold
1000% of your net worth in one asset class) B&B is bankrupt.
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