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Sancho Panza

Nationwide In Battle Over Alleged Swaps Mis-Selling

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'Nationwide has become the first building society to be drawn into the scandal over the mis-selling of interest rate hedging products to small businesses after a property developer launched a legal action against Britain’s largest mutual. Urban Lime, a London-based property developer and investor, is claiming Nationwide failed to disclose the possible extent of break costs on a £9.8m loan it took out with the lender in 2007 that ended up being worth more than half the cost again of its debt.'

Edited by Sancho Panza

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How much small commercial lending does / did Nationwide do, could this actually be fairly minor for them?

Besides NW is a bit more profitable now with all the recent BTL and FLS type lending on so they should still remain profitable.

This might also explain why they delayed the roll-out of more small business banking for a while i.e. make sure no screw ups before they rapidly expand that area?

The main point for me is it shows yet again they aren't really that different to the high street banks.

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BUT - no-one expected rates to fall so precipitously and stay there - is this the root of the problem.

first time I have heard of a property speculator/developer being described as a 'victim'. a loan of £8m in 2007 - not an SME then. :huh:

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