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  1. The sale of the Bradford & Bingley mortgage book sitting in United Kingdom Asset Resolution was confirmed in the Budget. Source: Budget 2016 Policy Paper Bradford & Bingley's buy-to-let lender, Mortgage Express, accounts for most of the loan book. Source: UKAR B&B 2015 annual report There's some 'interesting' commentary in the trade press. Source: Basel proposals could ‘compromise’ Bradford and Bingley asset sale, Mortgage Strategy, 18 March 2016 There is an alternative perspective to the IMLA argument, which is that if you are going to shut down the BTL industry, you ought to get shot of your £18bn worth of crappy BTL loans at whatever price the market can bear. The NRAM book was sold in 2015 to Cerebus who are, to use the technical parlance, grown-ups well capable of arranging their own financing and taking a view about the interest they'll have to pay on financing any funding, even after BCBS risk-weights alter the capital costs attached to any lending by the banks to them. I always wonder who this weak as shit IMLA logic is aimed at. Anybody with any familiarity with even the most rudimentary elements of the situation surely just laughs at it, and anybody ignorant enough to be taken in by it wouldn't be interested. Hence we can paint a situation whereby come 2018 all the PovertyLater Mortgage Express mortgages are held by Cerebus. The Court of Appeal has upheld the West Brom decision and Cerebus can bump the mortgages to something aligned with market SVRs. BCBS risk-weight implementation is coming down the tracks and market SVRs have risen markedly above 2016 levels of about 5%, and of course, you've already lost most of the tax deductibility of your mortgage interest. Balance of probabilities, all of this will happen. Sell now, sell everything.
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