Monday, September 24, 2007

Northern Rock still lending ‘recklessly’

What else would you expect when the BOE, FSA and the government come to the rescue as shown in Northern Bailout / Chancellor Guarantees All Northern Rock Bank Deposits to prevent a crisis ...... Hard to believe that the first posts on this topic Bank of England To Rescue Northern Rock / Stock Tanking / BOE A Paper Tiger ? & Northern Rock- Here’s What a Bank Run Looks Like are just 14 days old......

Was anderes soll amn aiuch erwarten wenn alles was in UK Rang und Namen hat(te) ;-) zur Rettung einer nicht rettungswürdigen weil extrem agressiven Bank eingreift (siehe Northern Bailout / Chancellor Guarantees All Northern Rock Bank Deposits )........ Kaum zu glauben das die ersten Posts Bank of England To Rescue Northern Rock / Stock Tanking / BOE A Paper Tiger ? & Northern Rock- Here’s What a Bank Run Looks Like erst knapp 14 Tage her sind.......

Northern Rock still lending ‘recklessly’ / Times
Northern Rock stands accused of “reckless” lending after it emerged this weekend that the beleaguered bank is still offering mortgages of six times salary to potential borrowers.

Despite provoking the worst banking crisis for decades, the bank last week offered a reporter posing as a first-time buyer a £180,000 mortgage even though he had a salary of only £30,000.

The loan was at least £30,000 more than other leading lenders were prepared to offer. Repayments for the loan would have accounted for more than 60% of the fictional buyer’s take-home salary.

>And once again i have to quote Jeff Matthews "I´m not making this up". This ad campaign is real! Make sure you click on the link to see all ads... Link to NR Ad campaign. Comedy gold even without Photoshop

>Und bei dem nächsten Link muß ich wohl ausdrücklich betonen das dieses eine reale Anzeigenkampagne von Northern Rock ist. Undedingt alle Motive der Werbung "bestaunen" Link to NR Ad campaign. Comedy gold even without Photoshop.

>And you also should read this Northern Rock- No Words Just Pictures via the UK House Price Crash Forum.

>Und es wäre eine Schande sich den nachfolgen Link Northern Rock- No Words Just Pictures vom UK House Price Crash Forum entgehen zu lassen. .

bigger / größer to read the fineprint / um das Kleingedruckte zu lesen!

Hat tip to DissipatedYouthIsValuable

The reporter, posing as another potential customer, was also offered a so-called “negative equity mortgage” worth 117% of the value of the property he claimed to be interested in buying. The mortgages offered by other banks to the same potential borrower were significantly lower.....

AddThis Feed Button

Labels: , , , , ,

5 Comments:

Blogger jmf said...


Northern Rock managers partied in Spain as customers feared the worst


Senior managers at Northern Rock went on a luxury corporate junket to Spain on the day tens of thousands of their customers formed huge queues to withdraw their money.

As the bank hovered close to collapse, a dozen of its key employees were checking into the five-star Villa Padierna Ritz Carlton hotel in Marbella.

The four-day trip, paid for by the bank, started on Friday, September 14, and was a reward for managers who had hit their mortgage sales targets earlier in the year. ....

5:38 AM  
Blogger Ben Bittrolff said...

All this is so crazy its almost unbelievable.

The bond market isn't being fooled by the rate cuts and bailouts. Long rates are actually climbing... and with them mortgage rates. I've got a few charts up illustrating the point.

It almost feels like its 1998 again and we're about to experience one final Fed inspired, speculative blowout.

TheFinancialNinja

8:25 AM  
Blogger jmf said...

Moin Ben

"It almost feels like its 1998 again and we're about to experience one final Fed inspired, speculative blowout."

AMEN!

Couldn´t have said it better

8:34 AM  
Blogger Edgar said...

Moin jmf, Maggots are disgusting, this is true.

8:57 AM  
Anonymous Pancho said...

Hola,

moechte nur hinzufuegen:

"Northern Rock's on the rocks"
...

10:01 AM  

Post a Comment

Links to this post:

Create a Link

<< Home