Thursday, April 23, 2009

Have a look at the picture in the article

Borrowers 'flock' to Northern Rock

Does the picture look familiar? Well according to our esteemed and trusted state media, this shows people queuing up to take out Northern Rock mortgages, not as some might recognize, people withdrawing all of their savings from the failed institution. In other news, customers more than 3 months in arrears on Northern Rock's loan books have risen 26% and over a third of its customers are in nequity. Oh dear.

Posted by paul @ 01:50 PM (1535 views)
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14 thoughts on “Have a look at the picture in the article

  • Supports my theory that I stated a while back. Northern Rock, “THE BAD BANK.”

    There debt book is rising and they are still lending therefore increasing their long term losing position. A CLASSIC.

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  • Pravda. Sickening stuff.

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  • Public housing by another name. 25 years ago people paid rent to their Councils, now they pay Northern Rock.

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  • 2. will

    You are getting closer buddy! Think on.

    I do not dare utter where this all could go.

    Conspiracy indeed.

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  • happy mondays says:

    Is that Alistair Darling at the front ?
    A solid reliable banking system ! Yee Ha !

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  • From the article:”The National Audit Office… calculated that half of Northern Rock’s mortgage loans would be in negative equity if house prices fell by 10% this year”.

    As predicted on this site months before NR went down!

    Anyway, back to the present. How is Darling going to sell all that £700bn of debt? Surely the investors will be asking for a higher interest rates before handing over their cash? If Darling increases IRs, so will the banks, and there will be a lot more people in Nequity by Christmas!

    If rates stay low, then investors may choose to invest elsewhere, and its off to the IMF for NuLabour!

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  • They’ve changed the caption underneath the picture!

    Good job someone’s around to pick them up on these little details.

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  • alan : Various people have postulated this funding requirement yours truly included:

    “48. techieman said…

    Sorry just to explain my feeling on traditional gilts (i meant being the “sale of the century” for those youngsters on here) is because i think that the funding requirements will be so big as to ensure that gilts need to yeild a proper rate. Thats regardless of the hyper-inflation argument or otherwise.

    Buying index linked gilts now is IMO being in front of a curve that may not exist. I may of course be well off there and thats the point its all very speculative even on what to speculate on.Thursday, January 8, 2009 05:43PM”

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  • How can we be such a nation of hypocrits? Just a few short weeks ago several papers reported:

    Quote: Yet now we discover that even after the Government had taken control, the failed lender handed over £1.8billion to home buyers borrowing up to 125 per cent of the value of their property.

    What was effectively taxpayers’ cash was being given to buyers who were going straight into negative equity.

    But what is truly terrifying – and the reason we need an independent public inquiry – is that these mistakes may have been repeated across all the other billion pound bail-outs.

    The reason mortgages worth more than the value of the properties continued to be sold was because the Treasury had accepted a business plan (from the bank) in March last year which estimated that house prices would fall by 5pc in 2008 and remain unchanged for the next three years.

    To accept such a plan beggars belief. A recession was looming, house values were already in freefall, and seemingly every economist and his dog were painting an increasingly gloomy picture. Not to mention that conservatism should have been the watchword on any forecast given the shenanigans of the previous year.

    The announcement that mortgage lending slumped to its lowest monthly level for eight years in February, on the other hand, falls into the latter category. That was on no surprise.
    end quote

    Do a search for Guardian “Northern Rock Still Lending Madly” to see what the Rock is still up to. Yet we are supposed to be pleased to hear that Mortgage lending is up 70% at the Rock even in the face of the frightening figures exposed during the budget. Honestly , what hope have we got?

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  • mark wadsworth says:

    @ Paul, brilliant title. What was the caption first and what is it now?

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  • Brown Broadcast Corporation

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  • I think it read “Northern Rock has seen a 70% increase in loan applications”.

    I’m waiting for Revisionista to pick it up, but i know that the BBC has changed the way it publishes changes and revisions, which breaks a lot of Newsniffer/Watch Your Mouth/Revisionista functionality unfortuntely ;(

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  • 1 in 3 of it’s mortgage customers were in negative equity at the end of last year and that looks set to rise to 1 in 2 this year. If it was a horse, they would shoot it.

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  • Sorry to correct you hubbers, because of Crash’s Marxist leanings the correct title is Brown’s Broadcasting Commissariat.

    B*st*rd (Brown)

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