Wednesday, October 15, 2008
Govt will own 75% of the repossession *market% and 52% of the mortgage market
The nationalised mortgage lender Northern Rock has stated that no legal action will be taken against the former directors who were at the centre of the group's collapse last year. A review conducted by lawyers and accountants into the previous regime, headed up by chief executive Adam Applegarth, has announced there are "insufficient grounds to to proceed with any legal action for negligence"... Northern Rock stated it is "well ahead" of its Government loan repayment target; having paid back more than half the £26 billion owed to leave £11.4 billion outstanding as at September 30. Northern Rock's nationalisation in February led to 1,500 job losses as it scaled back activity to pay back the Government.