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Bradford & Bingley Agm

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When B&B demutualised we were given a few shares. A couple of days ago we received the 2007 B&B annual review. It emphasises their core btl business and they are proud to be "Buy-to-let Lender of the Decade".

The review shows B&B have written-off 179% of last year's profits. This is made up of

- from a holding of £265m in CDO's and SIV's, an impairment of £94.4m (36% of holding)

- a further £49.7m "fair value movements" on CDO's (36% of CDO holding)

- £23.5m loss on hedges on fixed rate mortgages

- £58m loss on disposal of £4.0bn mortgages

I guess B&B are very small players, but are other mortgage lenders suffering similar percentage losses on billions rather than millions of holdings ?

Anyway, it occurs to me that anything which holds back the btl lender of the decade would adversely affect btl mortgage availablity and speed HPC. Unfortunately I am unable to attend their AGM in Bradford on 22nd April, but if anybody would like to attend they may have my (wife's) proxy.

If any other shareholders are willing to join in the AGM could be swamped with HPCers. According to the notice of meeting we could divide our shareholding into 250 proxies (one for each share). We intend to vote against all directors' appointments.

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