Wednesday, October 15, 2008

Govt will own 75% of the repossession *market% and 52% of the mortgage market

Govt. repossess 4201 properties through Northern Rock whilst former directors escape legal action

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.

Posted by converted lurker @ 01:03 PM (403 views)
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One thought on “Govt will own 75% of the repossession *market% and 52% of the mortgage market

  • They may have paid back £26 billion but that would have been recouped from the more credit worthy clients, the remaining balance will be a lot more difficult to collect.

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