Tuesday, March 3, 2009

More spin on same press release

Northern Rock repossessions soar

"... the overall rise during 2008 is due to Northern Rock being left with riskier customers as the bank drove higher-quality borrowers elsewhere to pay off its huge Bank of England loans. The plans to shrink the business saw its overall residential mortgage book fall 27% to £66.7 billion, but arrears jumped sharply. A total of 17,264 of its borrowers are three months or more in arrears - nearly five times as many as a year earlier. The bank's infamous Together mortgage - which lent up to 125% of the value of a home before being pulled in February 2008 - now accounts for 29% of its mortgage book, up from 24% a year ago." A prize to the first person who chants the mantra "Crowded island, pent up demand, long term investment, immigration pressures, soft landing, buy on the dips".

Posted by mark wadsworth @ 12:38 PM (550 views)
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