Tuesday, July 21, 2009

Brace yourselves for massive writedowns…

Lloyds to Write Down $82 Billion by 2010, Chen Says (Update2)

July 21 (Bloomberg) -- Lloyds Banking Group Plc, Britain’s biggest mortgage lender, will post writedowns of 50 billion pounds ($82.2 billion) by the end of 2010 as rising unemployment causes bad debts to soar, said Sandy Chen, Panmure Gordon & Co. banking analyst.

Posted by hotfoot @ 05:49 PM (782 views)
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2 thoughts on “Brace yourselves for massive writedowns…

  • Ouch UK unemployment to peak at about 12% ? That’s gunna hurt

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  • Dispatches, this week, featured attempts Halifax to reclaim their debt from a dying man. They settled out of court after harassment. Channel 4 programmes are easily downloadable. The low value debt was secured on the house.

    This situation was followed by an insider in Marlin, one of the banking recovery agents. Really nasty people.

    One thing is an absolute certainty – there is a lot of pain still to come for those unlucky enough to default.

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