Crashman Begins Posted March 10, 2008 Share Posted March 10, 2008 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. Quote Link to comment Share on other sites More sharing options...
Its time to buy Posted March 10, 2008 Share Posted March 10, 2008 nice! Except they said they didnt have much subprime mortgage business on the books anyway Quote Link to comment Share on other sites More sharing options...
Guest Bart of Darkness Posted March 10, 2008 Share Posted March 10, 2008 will stop selling subprime mortgages in Britain I thought there was no subprime in the UK? Quote Link to comment Share on other sites More sharing options...
thecrashingisles Posted March 10, 2008 Share Posted March 10, 2008 http://bloomberg.com/apps/news?pid=2060110...co&refer=ukThe 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: Quote Link to comment Share on other sites More sharing options...
Its time to buy Posted March 10, 2008 Share Posted March 10, 2008 No houseprice crash in the UK. Quote Link to comment Share on other sites More sharing options...
R K Posted March 10, 2008 Share Posted March 10, 2008 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. Quote Link to comment Share on other sites More sharing options...
Leonard Hatred Posted March 10, 2008 Share Posted March 10, 2008 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! Quote Link to comment Share on other sites More sharing options...
Minos Posted March 10, 2008 Share Posted March 10, 2008 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! You mean we had a choice ? Quote Link to comment Share on other sites More sharing options...
ParticleMan Posted March 10, 2008 Share Posted March 10, 2008 Has anyone else noticed that SPML is an anagram of PMSL? Quote Link to comment Share on other sites More sharing options...
Slumpmonkey Returns Posted March 10, 2008 Share Posted March 10, 2008 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 Quote Link to comment Share on other sites More sharing options...
yellerkat Posted March 10, 2008 Share Posted March 10, 2008 Has anyone else noticed that SPML is an anagram of PMSL? Quote Link to comment Share on other sites More sharing options...
Crashman Begins Posted March 10, 2008 Author Share Posted March 10, 2008 The storm prediction was right. Great crash 2 has arrived with full force Quote Link to comment Share on other sites More sharing options...
jp1 Posted March 10, 2008 Share Posted March 10, 2008 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 Quote Link to comment Share on other sites More sharing options...
yameesh Posted March 10, 2008 Share Posted March 10, 2008 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 Quote Link to comment Share on other sites More sharing options...
lets get it right Posted March 10, 2008 Share Posted March 10, 2008 I thought there was no subprime in the UK? There isn't. Please do not ask awkward questions. Quote Link to comment Share on other sites More sharing options...
lets get it right Posted March 10, 2008 Share Posted March 10, 2008 They don't, unfortunately the media in this country mainly consists of boomers thirty something journos who are up to their eye balls in BTL Quote Link to comment Share on other sites More sharing options...
Realistbear Posted March 10, 2008 Share Posted March 10, 2008 http://bloomberg.com/apps/news?pid=2060110...co&refer=uk Poppycock. There is NO subprime in the UK. Demand continues to outstrip supply blah blah..... Quote Link to comment Share on other sites More sharing options...
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