Tuesday, Aug 04, 2009
Trapped on the rock
BBC News: Are Northern Rock customers stuck?
Bearish article on mortgage and house trapped Northern Rock borrowers and the flight of savers funds from the government owned former building society.
Posted by enuii @ 05:07 PM (516 views) Add Comment
4 Comments
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1. paul said...
The proportion of customers in negative equity - when the value of a home is less than the amount owed on a mortgage - has risen from 33% at the end of 2008 to 39% now.
The article fails to point out that its this kind of recklessness that got The Crock into the situation it faces.
They keep talking of house prices 'recovering' too.
Let's say it in big letters so that the BBC understands - HOUSE PRICES ARE NOT GOING TO 'RECOVER' - THAT WAS A BUBBLE, THIS IS THE BUST.
2. icarus said...
Stuck between the Rock and a hard place.
3. jack c said...
The sad thing is that on tonight's local ITV Tyne Tees news bulletin they had one or two "experts" (with reporters like nodding dogs) advocating that the Rock with Gov backing should be helping first time buyers by making more mortgages available - huge disappointment that the Rock will miss it's £5bn lending target.
I really wish people would wake up to the fact that what got NR into a mess in the first instance wont get them out of it
4. icarus said...
@3 - or, as Einstein put it "We can't solve problems by using the kind of thinking we used when we created them".