Monday, March 30, 2009
A one per cent write down? It’s a start, I suppose.
Nationalised lender Bradford & Bingley said today that it was writing off more than £500 million in mortgage loans turned sour. B&B is taking the charge of £507.7 million to reflect estimated arrears at the end of 2008 and the impact of further house price falls ahead. The hit compares with a £22.5 million provision for the previous year. The firm said 4.6% of its £41 billion mortgage book was three months or more in arrears, or repossessed.