Saturday, December 6, 2008
Crime of the century – selling cheap homes
Northern Rock has been accused of selling off job lots of repossessed homes at knockdown prices. The shocking findings of a Mail on Sunday investigation show Northern Rock was offering the homes at discounts of nearly 50 per cent because its overriding aim was to get its mortgage money back - not to get the best price for the previous owner. Today’s disclosures reinforce claims that some banks are willing to sell the homes at way below their market value because their only concern is to recover the value of the mortgage. They also raise fresh questions about the conduct of Northern Rock, which was rescued by the government after it collapsed in February.