Tuesday, March 4, 2008

Rules are made to be broken so the Northern Rock is ‘Special’

Chancellor Alistair Darling condemned over plan to exclude Northern Rock from Budget

Another dodgy fiddle to add to the catalogue of fiddled items on New Liebors governmental books.

Posted by enuii @ 10:56 PM (888 views)
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8 thoughts on “Rules are made to be broken so the Northern Rock is ‘Special’

  • whiteknight says:

    This all bodes very well for the new mortgage ratings standard mentioned a few posts below (and under its original FT title) and included again here:

    http://www.ft.com/cms/s/0/cfb0b2ca-ea2f-11dc-b3c9-0000779fd2ac.html

    Note how the rules are never bent nor changed ever.

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  • What Darling also forgets is all the other skeletons jungling in the Cupboard of the Blair/Brown Miracle Economy. The kitemark wheeze as pointed out by whiteknight will have little impact on the housing market or mortgage-backed securities if the economy nosedives during 2008.

    The housing Goose is well and truly overcooked.

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  • tyrellcorporation says:

    It’s like that £100,000,000,000 is just an mild inconvenience. IMHO NR will be nationalised for years and as most of the workers at NR belong to Unite (The Labour party’s biggest union paymaster), there is huge scope for further corruption and market distortion. State subsidised rates on NR products and a gold-plated taxpayer-backed assurances will mean NR doesn’t suffer in any way as normal market players do. What an effing mess!

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  • waitingfor hpc says:

    I can not see how this will work in practice.

    Why will the banks trust this new standard, just because the govt says it is OK. And firstly what rules is it going to set as it is quite obvious that most mortages frozen in the system are not good ones? Will it reqire new product valuations, and by who? What about self cert salary declerations? This does seem a very blatent admition by Crash Gordon that he is in BIG trouble, and that the market needs help. BUt any help is now far far too late!

    All the banks know it and more importantly so do any potential buyers. This may help new mortages lent on traditional LTV levels, but hell they will sell on their own like they did for years before this madness began.

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  • waitingfor hpc says:

    woops – wrong article my apologies for my lack of concentration this morning!

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  • Not to mention the fact that L&G as well as the other shareholders are planning to take legal action against the government. The chances of Labour surviving this are worse than the prospects for house prices. They really have fugged it this time.

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