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Northern Rock Pulls Out Of Subprime Mortgage Market In U.k.

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http://bloomberg.com/apps/news?pid=2060110...co&refer=uk

Northern Rock Pulls Out of Subprime Mortgage Market in U.K.

By Ben Livesey

March 10 (Bloomberg) -- Northern Rock Plc, nationalized by the U.K. government last month, will stop selling subprime mortgages in Britain.

The bank will stop selling the loans today, though applications submitted before will be processed, the Newcastle, England-based lender said in a statement today.

Northern Rock, bailed out by the Bank of England after it ran out of funds for new loans in September, began selling subprime and ``near prime'' home loans last year on behalf of Southern Pacific Mortgage Ltd., which was responsible for funding the loans and managing the repayments, it said.

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Guest Bart of Darkness
will stop selling subprime mortgages in Britain

I thought there was no subprime in the UK?

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http://bloomberg.com/apps/news?pid=2060110...co&refer=uk

The bank will stop selling the loans today, though applications submitted before will be processed, the Newcastle, England-based lender said in a statement today.

If the British press had any integrity they would tear the government to pieces over this. They claimed all along that there was no sub-prime and the mortgage 'book' was good. Now over six months into the crisis they announce they will stop selling sub-prime loans. :angry: :angry:

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So they were acting as a selling agent for Pacific? Do they have any relationship with Pacific beyond that? Presumably they were taking a % commission or flat fee per mortgage.

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Ha ha ha ha ha ha ha ha ha! Ahhhh ha ha ha ha ha ha ha ha ha ha!

There's your "strong mortgage book" that you were tricked into buying, taxpayers!

Ha ha ha ha ha ha ha ha ha!

:lol::lol::lol::lol::lol::lol::lol:

You mean we had a choice ?

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If the British press had any integrity they would tear the government to pieces over this. They claimed all along that there was no sub-prime and the mortgage 'book' was good. Now over six months into the crisis they announce they will stop selling sub-prime loans. :angry: :angry:

They don't, unfortunately the media in this country mainly consists of boomers who are up to their eye balls in BTL :(

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I wonder if an EA would take the government to the European Court Of Human Rights, as all this withdrawl of easy credit creates a two-tier credit market and is clearly discriminatory to those will no savings

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I wonder what writedown the government would have to make if it was forced to mark to market their mortgage book?

I would be laughing if I wasnt a UK taxpayer......

They should have let it go under IMO, obviously consequences would have been nasty but the likely billions of taxpayers money that will now go down the drain as a result of this bailout is truly appalling.

I mean they could have used the money to extend the "war on terror" into iran :P

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  • 296 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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