Northern Rock: curiouser and curiouser | Editorial | Comment is free | The Guardian
What a pity he didn't get to buy it back in 2008.
Virgin buyiing Northern Rock
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Virgin buyiing Northern Rock
gmc;1376033 wrote: Northern Rock: curiouser and curiouser | Editorial | Comment is free | The Guardian
What a pity he didn't get to buy it back in 2008.
Personally, I think he's sold out at the wrong time and rather reminiscent of Brown's Ill timing of our gold reserves. I think Osbourne should have held out until there were positive signs of growth.
What a pity he didn't get to buy it back in 2008.
Personally, I think he's sold out at the wrong time and rather reminiscent of Brown's Ill timing of our gold reserves. I think Osbourne should have held out until there were positive signs of growth.
At the going down of the sun and in the morning, we will remember them. R.L. Binyon
Virgin buyiing Northern Rock
I'd agree with you there, hence my post. There's plenty of demand for mortgages but the market won't start moving until they allow 100% for first time buyers again. 100% was never a prblem it was gordon brown allowing 125% that was - 3/4 rs of Northern rocks book were 125% LTV. It was insanity, if house prices are inflated you don't make it easier for people to pay inflated prices them you let the market force the prices down. They don;t seem to understand how hard it is on an average salary to save up £5-10,000 for a deposit. how many people do you know have that kind of money to give their kids. Now there's many getting stuck in a poverty trap - paying more in rent than a mortgage would cost but unable to save enough for a deposit, meanwhile fuel prices keep rising.
Darling should have let Northern rock go to the wall, no one would have lost their house as a result so long as they kept up their payments depositors were protected as well. They let the RBS directors walk off with fat pensions when they did not have to now osbourne is looking like a complete plank as well.
In the olden days people gathered round priests as they cut open chickens to predict the future and people believed them now we have economists with spreadsheets and we still listen to them despite the utter balls up their policies have resulted in. None of this need have happened.
Darling should have let Northern rock go to the wall, no one would have lost their house as a result so long as they kept up their payments depositors were protected as well. They let the RBS directors walk off with fat pensions when they did not have to now osbourne is looking like a complete plank as well.
In the olden days people gathered round priests as they cut open chickens to predict the future and people believed them now we have economists with spreadsheets and we still listen to them despite the utter balls up their policies have resulted in. None of this need have happened.
Virgin buyiing Northern Rock
We have a 125% Northern Rock mortgage. We have never missed a payment. But I am heartily glad that my mortgage belongs with a different arm and not the one going to virgin! WORST company in the world to deal with!
~Quoth the Raven, Nevermore!~
Virgin buyiing Northern Rock
Raven;1376077 wrote: We have a 125% Northern Rock mortgage. We have never missed a payment. But I am heartily glad that my mortgage belongs with a different arm and not the one going to virgin! WORST company in the world to deal with!
The bit being sold is the profitable bit. What brought northern rock down was the mortgages like yours where the loan to value was so high, if people start defaulting the bank has to carry the loss if one of you losses your job or for any reason you can't pay the mortgage you lose everything the bank is stuck with a property it can't sell except at a loss - assuming it can find a buyer at all. Anyone with half a brain could work out why it was a bad idea to lend money on that basis this could all have been avoided. The building societies - the the ones that didn't become banks are having the last laugh now.
The bit being sold is the profitable bit. What brought northern rock down was the mortgages like yours where the loan to value was so high, if people start defaulting the bank has to carry the loss if one of you losses your job or for any reason you can't pay the mortgage you lose everything the bank is stuck with a property it can't sell except at a loss - assuming it can find a buyer at all. Anyone with half a brain could work out why it was a bad idea to lend money on that basis this could all have been avoided. The building societies - the the ones that didn't become banks are having the last laugh now.