Tuesday, June 3, 2008
HBOS admits a quarter of its mortgage book is sub-prime
'Don't panic' plea from worried Scottish giants after B&B crisis
'HBOS said later that 26.8 per cent of its mortgage book was attributable to "specialist balances", mainly buy-to-let and self-certification mortgages.' Presumably they securitied the good loans and are left with the cr*ap ... why isn't this all over BBC News? Without doubt this is the next rights issue to fail.
Posted by montesquieu @ 07:01 PM (704 views)
3 thoughts on “HBOS admits a quarter of its mortgage book is sub-prime”
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yorkshireman says:
Nice post montesquieu.
“Don’t panic” say the banks. Don’t throw good money after bad, we say to the shareholders. What next ?
Yerhavingalaugh says:
Ok so what happens when the BTLs jump ship AND those with conventional loans start plunging into negative equity, start losing their jobs, pay increasingly for food and fuel rather than keep up with their mortgage repayments etc. etc.? “DONT PANIC Captain Manwaring!” Start looking for a new job Howard!
Jj Givens says:
the wolves are rounding on HBOS – market cap down to 12 BN GBP or so – it is now too small for its book and the valuations of its housing stock is only going one way….
i hope that there is a buyer in the wings because if HBOS fails then we are all up the swanny. HM Govt. will struggle to swallow this one – indeed it will make N Rock look like a wafer thin mint by comparison. Poor old Gordon…