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nerble

Northern Rock Still Offering 6x Salary & 125% Mortgages

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Suprise for NR, nobody wants to buy an established UK bank with a large porttfolio because you built it out of sub prime.

People talk about sheeple, but who was it that has dropped NR by over 50% in value, not small investors but the big guys PRIOR to the bank run.

NR nobody likes you, want's to buy you, trusts you, please die.

Edited by maxwell

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Suprise for NR, nobody wants to buy an established UK bank with a large porttfolio because you built it out of sub prime.

People talk about sheeple, but who was it that has dropped NR by over 50% in value, not small investors but the big guys PRIOR to the bank run.

NR nobody likes you, want's to buy you, trusts you, please die.

No, the BoE quite like them...they plan to make a killing off the packaged mortgages before the market wakes up and sees how profitable it all is :P

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Its either bravado ie when you apply you are told you dont qualify, or they and the other banks are trying to delay the inevitable -- they dont want defaulters and keys being handed back. Which looks more and more like the inevitable outcome. Indicators are getting worse and contagion may well be on the cards.

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No, the BoE quite like them...they plan to make a killing off the packaged mortgages before the market wakes up and sees how profitable it all is :P

Hello?, is that the BOE, yes I'd like to borrow '8 Billion? (questions wife)' yes 8 billion pounds. "Josh, dad's found your ******ing scooter".

http://www.bloomberg.com/apps/news?pid=206...mp;refer=europe

England-based bank has declined 72 percent since news of the rescue prompted investors

Northern Rock borrowed a further 5 billion pounds from the central bank, raising its indebtedness to the bank to close to 8 billion pounds, the Financial Times reported today, citing no one

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Email your MP. I wouldn't usually suggest this, but with election fever then they will be very sensitive to this type of thing.

NR has already been read the riot act on dividends, a few emails could get them going.

To Labour MPs - mention Farepak and occucpational pensions.

To Tory MPs - talk about young homeowners and taxpayers money.

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Suprise for NR, nobody wants to buy an established UK bank with a large porttfolio because you built it out of sub prime.

People talk about sheeple, but who was it that has dropped NR by over 50% in value, not small investors but the big guys PRIOR to the bank run.

NR nobody likes you, want's to buy you, trusts you, please die.

http://news.bbc.co.uk/2/hi/programmes/file_on_4/7018252.stm

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I am slightly bemused by what is going on at NR.

Papers suggesting they have now borrowed £8bn from BoE. (10 x their market capitalisation!).

Deferred dividend payment to shareholders.

We never found out how many postal savers cashed in their chips.

Can't believe everyone who took their £2bn+ out has put it all back in again.

Can't believe their mortgage business has not been severely impacted by all of this.

Still no offer from a buyer (although clearly at least one hedge fund is checking them out for a break-up - JC FLowers).

What appears to be happening is that management have decided to simply carry on as usual for as long as possible until someone tells them they can't or an offer is made. They keep taking their salaries and will hope to get a payoff. If they were good value for £800m then someone would have bought them for cash by now. The minute they stop trading they lose their depositors £25bn so I guess they can't afford to lose that cash.

What puzzles me the most is why the FSA are allowing them to continue selling their riskiest products into a market that almost every expert is saying is about to turn down. i.e. The Treasury want to protect the depositors £25bn but care not one hoot about the risk to borrowers.

My conclusion is that Stalin is sh*tting himself that someone will buy them to shut down and break 'em up, laying off 6,000 geordies just as he wants to call an election, and actually wants them to carry on trading and selling their expensive products to vulnerable young people and BTLers so will keep them funded until another bank promises to secure those jobs.

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My conclusion is that Stalin is sh*tting himself that someone will buy them to shut down and break 'em up, laying off 6,000 geordies just as he wants to call an election, and actually wants them to carry on trading and selling their expensive products to vulnerable young people and BTLers so will keep them funded until another bank promises to secure those jobs.

So NR could become the Rover of this election?

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Guest vicmac64

Well actually I think its time the Serious Fraud Team were brought in to investigate Northern Rock

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So NR could become the Rover of this election?

Northern Rock and Rover are very similar beasts. Both attracted a government bailout to avoid political embarrassment. Rover was scuttled by its management; a fraud by any other name.

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.....the quality of their lending has not been an issue so far......whether good or bad ...stop moaning...!... ..typical of this regime..... and hey.....and now that it's a nationalised industry ......Gordo might wish to buy a castle in Scotland ...these ratios just might help ....don't knock it... you..!.... over there in the corner..!.....'there are Castles galore in the County of Fife' .......sing on Margo & Philomena for 'County Tyrone'....... :lol::lol::lol::P

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I think the NR thing is blown out of proportion. They are not having a problem collecting their subprime loans they are just not managing to refinance them. If it was the other way around I would take it more seriously.

And I don't think they are lending 6 x salary. If you type your salary into their mortgage calculator it gives less than 4 x as the max amount you may be able to borrow.

Edited by nohpc

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I think the NR thing is blown out of proportion. They are not having a problem collecting their subprime loans they are just not managing to refinance them. If it was the other way around I would take it more seriously.

Is there something you know that Scottish Widows, Legal & General and Fidelity etc do not?

You could advise them in a very calm impartial voice from your fence, to not blow everything out of proportion by dumping shares onto the market as fast as they can. Perhaps in the same impartial voice you could tell the hedge funds to who are trading to stop shorting NR every day.

Edited by maxwell

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Is there something you know that Scottish Widows, Legal & General and Fidelity etc do not?

You could advise them in a very calm impartial voice from your fence, to not blow everything out of proportion by dumping shares onto the market as fast as they can.

The big companies panic as much as sheeple do. Just look at the DOW dropping 500 points then overshooting again within a month. Northern rock will be alright. They now have government backing which is another reason why they will never go bust. If the shares are still cheap in 2 months time when I get back to the UK I might have a little gamble.

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Is there something you know that Scottish Widows, Legal & General and Fidelity etc do not?

You could advise them in a very calm impartial voice from your fence, to not blow everything out of proportion by dumping shares onto the market as fast as they can.

...again the quality of book is not in question .....nobody is saying it's good ...we just don't know....what we do know is they cannot finance their total book without resorting to the BofE.... :ph34r::ph34r::ph34r:

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The big companies panic as much as sheeple do. Just look at the DOW dropping 500 points then overshooting again within a month. Northern rock will be alright. They now have government backing which is another reason why they will never go bust. If the shares are still cheap in 2 months time when I get back to the UK I might have a little gamble.

They don't, they won't, you're way too late and being outside the UK doesn't stop you dealing.

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...yeah ...but..how much public money did TB and GB put in weeks before 'goodbye Samantha'..... :ph34r::ph34r::ph34r:

C*ckface TB and c*ckface GB wasted taxpayer money knowing the company was screwed. The management group just skimmed the tills and threw the company to the dogs.

Just another example of the filthly machinations of the Labour government.

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