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grey shark

Northern Rock’s Mortgage Arrears Soar .......

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“Declines in U.K. house prices over the past two years and generally rising arrears and losses have seen the perceived credit quality of U.K. mortgages deteriorate,†London-based S&P analysts including Sean Hannigan wrote in the report. Recent rises in house prices and a slowdown in the rate at which delinquencies are increasing aren’t “sustainable,†they wrote.

http://www.bloomberg.com/apps/news?pid=206...id=arU99wtmvO.s

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Bumpy

Does noone care about a 12-fold increase in arrears, doubling of repossession rates, and doubling of average loss per property repossessed to £26k, in our very own bank?

No, we prefer our Schad more personalised - not this sort of broad brushstrokes blue skies Schad.

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Does noone care about a 12-fold increase in arrears, doubling of repossession rates, and doubling of average loss per property repossessed to £26k, in our temporarily publically owned bank?

There, fixed it for you. I trust that they will now price new lending appropriately, that is 4.7% over base and profit. I think that easily allows them to price a 10 year fix at just slightly over 10%.

BTW, many thanks to gs for the post. There might not have been much discussion, but this is proper bear food.

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Bumpy

Does noone care about a 12-fold increase in arrears, doubling of repossession rates, and doubling of average loss per property repossessed to £26k, in our very own bank?

Clearly not.

An arrears recovery is not interesting.

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Bumpy

Does noone care about a 12-fold increase in arrears, doubling of repossession rates, and doubling of average loss per property repossessed to £26k, in our very own bank?

Not really :P

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Is it Schad if it's happening to us? This is our bank!

what did you expect...it was broke when it was rescued, it remains broke and will get more broke.. it was obvious from the off, but Applegit managed to get the push and full pay...job done.

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Crikey - sometimes I think I must be their only profitable mortgage customer. Paid off an extra 20% of my NR mortgage past couple of years. Gutted I'm stuck with them fixed at 5.7% until 2012, with a massive 20k ERC. All the more galling with such good offers around at the moment.

Still, should count myself lucky to have been able to overpay I guess.

Edited by Marcos Scriven

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