Saturday, November 24, 2007

Banks are in deep problems and house prices will tumble

More banks face being bowled over

"If you did not have a savings account at Northern Rock, you probably think you have escaped any damage from the credit crunch. Think again: the fall-out from the crisis has only just started. By the time it's finished, if the gloomiest predictions prove accurate, house prices could be sharply lower, repossessions much higher, borrowing more expensive and harder to get - and a number of our leading banks could have slashed their dividends and tapped their investors for extra capital" Oh, oh, oh...

Posted by confused76 @ 10:25 PM (840 views)
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3 thoughts on “Banks are in deep problems and house prices will tumble

  • tyrellcorporation says:

    ‘On the day Northern Rock called on the Bank of England for help, Abbey National and Halifax both increased their mortgage rates by 0.2 per cent, despite the fact that Bank base rates had not changed, and brokers say it is much harder now to get the more aggressively structured loans.’

    Wow, I didn’t hear about that one! lending rates have virtually detached from BoE base rates – COOL!

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  • “If you did not have a savings account at Northern Rock, you probably think you have escaped any damage from the credit crunch.”

    I do have a savings account with NR .
    What damage have I not escaped from ???
    6.31% interest and government sponsored .
    Nowt wrong with that .

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  • Nowt wrong with that while Labour are in. If the tories got in would they have to offer the same support?

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