HMG building their property portfolio

[Cyberman]

Just announced on radio that Northern Rock are seizing 11 houses a week. This is double that of any other Bank.

[expat]

Just announced on radio that Northern Rock are seizing 11 houses a week. This is double that of any other Bank.

Hmm, who will pay for accommodation for all those homeless people? Oh, I see.

[TheBigYinJames]

Just announced on radio that Northern Rock are seizing 11 houses a week from sasguru

[ratewhore]

Does that make them council houses?

[ThomasSoerensen]

Just announced on radio that Northern Rock are seizing 11 houses a week. This is double that of any other Bank.

good thing they had no subprime exposure

[Cyberman]

good thing they had no subprime exposure

This is nothing to do with subprime, but is HMG policy. They are reducing the Northern Rock mortgage book by keeping Rock mortgage interest rates higher than other banks.
This policy is forcing people into debt as they are unable to remortgage due to the current unwillingness of banks to lend. As soon as a couple of payments are missed HMG move in and increase their council house portfolio.

[TykeMerc]

I don't agree that there was no exposure to UK "sub prime lending".

I'd hardly term 125% self certified mortgages at the height of a huge property market bubble as prime lending with well balanced risk.

The way banks make a profit is to charge interest and NR is working to repay billions from their profits, why would they cut rates while they still have huge liabilities?

[BrilloPad]

Just announced on radio that Northern Rock are seizing 11 houses a week. This is double that of any other Bank.

Try to keep up at the back - it was in the Telegraph 2 days ago.

Their repossession ratio is alot higher than others - but no real suprise there.