Wednesday, September 2, 2009
More from our ‘high quality loan book’
Northern Rock’s Mortgage Arrears Soar by 12x
Arrears on Northern Rock mortgages have increased by 12 times during the credit crisis. Long-term arrears on NR's mortgage-backed bonds have risen to 4.7%, from 0.4% in September 2007, S&P said. Northern Rock mortgages may have higher arrears than average because of their elevated loan-to-value ratios and the company’s policy of lending to poorer customers, S&P said. Northern Rock's repossession rates more than doubled from 0.4% to 0.9%, while the average loss on properties repossessed by the company rose to £26,058.
Posted by little professor @ 05:02 PM (911 views)
5 thoughts on “More from our ‘high quality loan book’”
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little professor says:
£55 billion of taxpayer money poured into the Crock so far. Money well spent, eh?
Mark Wadsworth says:
“the average loss on properties repossessed by the company rose to £26,058”
Now that is a big scary number. The others don’t faze me. As it happens HM Treasury appears to have seen sense and has realised how it can get rid of NR at minimal cost to the taxpayer (i.e. somewhere in the region of £3 billion – nowhere near £55 billion).
crunchy says:
“Northern Rock’s Mortgage Arrears Soar by 12x,” and the rest…..”£55 billion of taxpayer money poured into the Crock so far.”
Cough up and empty your pockets guys for the last whip around. I promise your house will not crash in value, but the money first suckers.
Crooks @ the Crock have your best interests at heart.
A bit like a farewell screw after a relationship has failed on all other levels!
James says:
I want a little red book where I can list the debt my young children will have to pay when they are old enough.
I will make a note in the front informing them that these tens upon tens of thousands of pounds of debt, have been passed to them by the Labour Government 1997-2010.
wanderinman says:
Tucked away in this Bloomberg report is:
Recent rises in house prices and a slowdown in the rate at which delinquencies are increasing aren’t “sustainable,†London-based S&P analysts including Sean Hannigan wrote.