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Converted Lurker

Fitch Ratings (quietly) Condemn Northern Rock To Scrapheap

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“It’s slightly difficult to pick up its bags and continue. The market has let it know that it does not like its business model and it’s very difficult to change how it is funded overnight. A retail funded business is very difficult to achieve quickly and it remains to be seen what damage has been done to its underlying franchise. There’s not enough retail deposits to go around to fund all the financal institutions.”

http://www.mortgagestrategy.co.uk/cgi-bin/...;h=24&f=254

Edited by Converted Lurker

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“It’s slightly difficult to pick up its bags and continue. The market has let it know that it does not like its business model and it’s very difficult to change how it is funded overnight. A retail funded business is very difficult to achieve quickly and it remains to be seen what damage has been done to its underlying franchise. There’s not enough retail deposits to go around to fund all the financal institutions.”

http://www.mortgagestrategy.co.uk/cgi-bin/...;h=24&f=254

Only the sheeple didn't know that, and the circus kept going. Now that they're waking up, they'll panick like cats in a house on fire

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more trouble on the way then!

There was a thread the other day about going back to the 80s in terms of mortgage standards.

If markets aren't interested in giving money to banks to sell on then it will have to be on other sources, ones the banks will have to care about once again.

All adds up to 50%+ fall in prices as far as I can see.

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There was a thread the other day about going back to the 80s in terms of mortgage standards.

If markets aren't interested in giving money to banks to sell on then it will have to be on other sources, ones the banks will have to care about once again.

All adds up to 50%+ fall in prices as far as I can see.

I wish although we aint there yet. As I posted the other day, Abbey and NR still flinging out 125% LTV deals etc...

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I wish although we aint there yet. As I posted the other day, Abbey and NR still flinging out 125% LTV deals etc...

Advertising and reality can be different things. currently what is advertised and what is actually being given is in most cases a very different thing.

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When will Northern Rock dish out it's dividend? As, I would expect this is what's keeping the price high currently. It will be interesting when this share goes ex-dividendl; will anything be left to prop it up?

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I wish although we aint there yet. As I posted the other day, Abbey and NR still flinging out 125% LTV deals etc...

I'd like to see how that pans out when a few more Rightmove type figures come in. They will disappear pretty quickly once they all go into self protection mode.

There's serious potential for sterling to move quite sharply as well I think and that would just be one very big nail in the whole thing.

I know it's all been a bit quiet the last few days but I'm suddenly feeling more bearish than I have in a long time. Think I'll go and have some honey.

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When will Northern Rock dish out it's dividend? As, I would expect this is what's keeping the price high currently. It will be interesting when this share goes ex-dividendl; will anything be left to prop it up?

This is the reason it got another dead cat bounce (how many lives does a dead cat have?) on Monday for a few hours. Word quickly spread through Polly Fillar land over the weekend that if you bought you'd get a 'divi' hurrah!! :lol: Good word "divi" :rolleyes:

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Advertising and reality can be different things. currently what is advertised and what is actually being given is in most cases a very different thing.

Really? I saw a Britannia ad this morning. 5.65 for three years, no redemption fees after that, 500 quid arrangement fee.

LTV wasn't mentioned tho.

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Really? I saw a Britannia ad this morning. 5.65 for three years, no redemption fees after that, 500 quid arrangement fee.

LTV wasn't mentioned tho.

Is this just a tease to get you through the door though... then they tell you that your circumstances don't qualify for that deal, but there are some others that they can offer you?

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