Thursday, November 20, 2008

Stony Broke Fresh Rumblings From Northern Rock

Stony Broke Fresh Rumblings From Northern Rock

A serious trauma for the UK mortgage market

Posted by crocked @ 08:56 AM (875 views)
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4 thoughts on “Stony Broke Fresh Rumblings From Northern Rock

  • Excellent informative post crocked !

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  • Letsgetreadytotumble says:

    Would somebody be kind enough to translate this into English please.
    What are the consequences of this and do I have to wear my tin hat sooner or later?

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  • planning4acrash says:

    Basically, and this is the problem with COMEX gold, all these securities, etc are fractional, so, too many people demanding delivery of cash or physical goods = default. If Granite defauls, as it will, its bankrupt, so, N’Crock & govt gets nothing, ever.

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  • mark wadsworth says:

    Good find!

    @ P4AC, this is not the end of the world as we know it. So, NR can’t repay its creditors in full and they lose 10p or 20p in the £1. So what? Instead they get 80p or 90p in the £1 and move on with their lives. Unless our gummint is guaranteeing all this as well (who knows?).

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