Thursday, November 5, 2009

Half a Million mortgage borrowers at Northern Rock are potentially trapped

Northern Rock 'bad bank’ will make thousands of home loan borrowers financial prisoners

Many thousands of Northern Rock mortgage borrowers will become financial “prisoners”, dumped into the rump of the lender’s so-called bad bank, it emerged yesterday. Giving evidence at the House of Commons Treasury Select Committee yesterday, Keith Morgan, head of wholly owned investments for UKFI, the body set up to manage government stakes in Britain’s state-controlled banks, said that the process to carve up Northern Rock before a private sale would leave about 85 per cent of mortgage borrowers trapped within a business that was being run down.

Posted by jack c @ 09:19 AM (994 views)
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8 thoughts on “Half a Million mortgage borrowers at Northern Rock are potentially trapped

  • 29. crunchy said…I have always wanted to punk HPC.

    OH THE SWEET GLORY!!
    OH THE GLORY!!

    ANARCHY~~~~~~~

    I am an anti-christ
    I am an anarchist
    Don’t know what I want but
    I know how to get it
    I wanna destroy the passer by cos I

    I wanna BE anarchy!
    No dogs body!

    Anarchy for the U.K it’s coming sometime and maybe
    I give a wrong time stop a traffic line
    your future dream is a shopping scheme

    cos I, I wanna BE anarchy!
    In the city

    How many ways to get what you want
    I use the best I use the rest
    I use the enemy
    I use anarchy cos I

    I wanna BE anarchy!
    THE ONLY WAY TO BE
    LIKE A LOSING HPC.

    Is this the M.P.L.A
    Or is this the U.D.A
    Or is this the H.P.C
    I thought it was the U.K or just
    another country
    another council tenancy

    I wanna be a hpc geek
    and I wanna be anarchy
    Know what I mean
    And I wanna be anarchist!
    Get PISSED DESTROY
    THE HPC. repeat…..ALTOGETHER LADS.
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
    Classic exclusve; Goldmen Sharks planned take down of Lemon Bros “&” Bearish Concerns, there competion nearly 3 years gone.

    Docs have been D,classyfried Big Al say so,

    GET TOO IT~BE4 TOP MEN SHUT DOWN HOLY NET.

    No feeling to hard and don’t forget me with your expressing and taking out of place. Bye, Bye, HPC, Hope you bigging up sums-time.

    “Too much fun,” but must move on to keep up with the big boyz _next week._

    BEWARE OF THE FLASHER HE’S ANOTHER HPC TRASHER. Oscar Wilderbeast.

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  • Last one : )

    The venerial of civilization is not too thick!

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  • mark wadsworth says:

    I’ve been recommending exactly this since a week or two after NR went *pop* (having actually printed off their accounts, looked at the numbers, brushed up on insolvency law etc, I don’t just make this up).

    1. Bank goes into administration, taken under control of govt.

    2. Govt (or DTI or BoE or whoever) ‘repays’ depositors and substitutes a govt loan, which, being a debt incurred in administration has priority.

    3. NR cranks up interest rates on mortgages slightly, so all the good borrowers refinance and go elsewhere.

    4. The money they pay in is used to repay the govt loan.

    5. We end up with a residual number of bad borrowers, financed by bondholders (who, not being covered by deposit guarantee scheme, are not bailed out by govt).

    6. This is then a closed fund. The branches and employees and computer systems etc can be sold off at this or any earlier stage. As and when bad borrowers repay or their houses are repo’d, bondholders get paid x pence in the £ in the same order as they were supposed to be paid. If they get everything back, then super, what’s left over would go to shareholders.

    Simples.

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  • Get the pyramid scheme going again so the greater fools can save the feckless………..Filth, Kirsty, it’s RAMPING TIME!

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  • 3. mark wadsworth

    That’s so much more better! ; )

    4. righttoleech

    Could do better! : ( ~~~~~~~~~~~~~~ Adios “”””Omega’s.””””””

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  • Crunchy, it must be very lonely where you are.

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  • contrails are not a conspiracy (formerly npnh) says:

    keep taking your meds crunchy.

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  • Crutchy
    – You give anarchists a bad name.

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