Posted: Wed Dec 19, 2007 9:11 am
I was shocked to see Northern Rock being bailed out by the BOE yet again. What I fail to understand is; if there is such a problem with NR selling its book and they are still short of liquid funding, why on earth are they still lending, and supplying sub prime mortgage products?
They have just released an update to their product range and are still supplying very similar products to those which were supplied prior to the credit crunch. These are the type of products, which according to the rest of the mortgage lending industry both here and in the US are part of the underlying cause of the credit crunch.
I would have thought they would have; halted sales of all their mortgage products, and consolidated their existing business until they were able to sell their book or raise private funding.
Am I missing something?
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They have just released an update to their product range and are still supplying very similar products to those which were supplied prior to the credit crunch. These are the type of products, which according to the rest of the mortgage lending industry both here and in the US are part of the underlying cause of the credit crunch.
I would have thought they would have; halted sales of all their mortgage products, and consolidated their existing business until they were able to sell their book or raise private funding.
Am I missing something?
FREE ADVICE IS THE BEST ADVICE
LEYBRIDGE LIMITED
Whole of Market Mortgage Broker & Mortgage packager
Specialising in adverse credit.
Directly Authorised Firm FSA No:313790
CeMAP 1,2 & 3 qualified
F.P.C 1,2 & 3 qualified
Financial Planning Certificate
Certificate in Regulated Customer Care
Certificate in Regulated General Insurance
Associate of the Charted Insurance Institute
see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf