Tuesday, August 5, 2008

Yes, of course house prices are going to rise another 30%…..

Northern Rock makes a £585m loss

''...Northern Rock has announced bigger-than-expected losses of £585.4m for the first six months of the year. Much of the loss came from the charges it takes to cover losses from struggling mortgage borrowers...''

Posted by hpwatcher @ 08:03 AM (576 views)
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3 thoughts on “Yes, of course house prices are going to rise another 30%…..

  • These losses are FACT…not like the daft predictions of those lying housing bulls!

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  • So, the supposed “good news” is that they are paying back the outstanding debt to the taxpayer faster than anticipated. Bully for us (not), but that doesn’t change the fact that the losses are back-loaded – NR will pay back until it can’t any more, which IS a problem if it can’t pay back what it owes. I don’t understand what the 3bn its being given is for – surely we want net outflow from NR as it runs its mortgage book off. I sincerely hope this 3bn – which there is absolutely no reason to give – is a gross figure and is before a repayment of a greater amount back to the taxpayer, this would be the only circumstance under which it would be conscionable. The 585m it has lost is 585m it cannot pay back to the taxpayer, it really doesn’t matter that it will get to that point (of suspending repayment due to insolvency) more quickly due to “accelerated repayment”. As if we should be happy about that. We are livid!

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