Saturday, August 15, 2009
Failure
Bradford & Bingley suffers £160m loss
Bad debts at Bradford & Bingley, the state-owned buy-to-let mortgage lender, more than quadrupled to £328m in the first six months of the year, driving it to a £160m loss. The losses illustrate for the first time the scale of the problems at the bank. Last year, B&B posted a £134m profit despite reporting £507m of bad debts for the full 12 months due to gains made from the £612m sale of its £20bn deposit book and 197 branches to Abbey. B&B's remaining £40.3bn mortgage book is now being wound down.
Posted by quiet guy @ 12:30 PM (835 views)
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Daniel says:
This is the Bank who actually had the stupidity and audacity to print on the literature of their main product, the BTL Mortgage that house prices would never fall. Of course they have been bailed out with our money, and now the same people work for the Abbey.
No accountability. Only the little people should suffer. Welcome to Labours England.