Build your home on Northern Rock

#2
I am on the wrong end of NR's balls up, my mortgage has just been increased by about 350 pounds a month - that's a lot of Aussie dollars! I've had to sell.
They have been less than helpful, in fact, couldn't give a toss.
What irks me more is that I still see they can afford to continue sponsoring a number of sports teams.
 
#3
That was always going to be a given, All the banks are in for a big hit due too the lax and frankly IMHO criminal way they have conducted the business of selling and reselling debt for the last decade.

It is going to get worse much worse, One Eye laid this egg and hoped it wouldn't hatch until he was out of the scene. cock eyed nuppty, he knew full well what the banking sector where up too.

The banks have deliberately over extended them selfs to make obscene profits, and now all want to cry foul. if anyone else where to do what the financial sector has been doing you would be in the choky by now.
 
#4
'if anyone else where to do what the financial sector has been doing you would be in the choky by now.'

What about the two charlatans that brought GEC-Marconi down (turned a £4 Billion cash pile into £2 Billion of debt in 4 years). One of them is running another company north of the border and the other one is on a very generous company pension. Not a word about any of them standing up to their responsibilities or being made to pay for it. A lot of good people lost jobs and pensions and all the shareholders lost their money.
 
#5
When the so-called govt. agreed to foot the bill, on our behalf, without approval or consent, a chap called Henry Cave Devine, who appears to work in the financial sector on both sides of the pond wrote a most instructive couple of blogs on MyTelegraph detailing exactly who was going to do very nicely thanks out of the whole shoddy scam and how. Well worth a read, but unfortunately I can't generate a linky at the mo. Go to MyT, people, search his name and then the blogs if you're interested.
Yes, whatever happened to the inspired capitalists who gave us the Kensington museums, galleries, libraries and the like? Today it's just "bend over and take it like a (choir)boy".
 
#6
Just for clarification. As a complete non-capitalist I'm having a little trouble understanding the in's and out's of this.
Northern Rock is now a Nationalised entity, right? They have taken 3 squillion or so quidses from the public purse with more to follow, yes?
My question for anyone that can put me straight...
Are they still repossessing properties over failed mortgage payments even now?
 
#7
if they really believed in abiding by the market then why didn't they let the bank fail?

Also, what happens if you owe a bank money (i.e. a mortgage) and then it fails?
 
#8
mnairb said:
'if anyone else where to do what the financial sector has been doing you would be in the choky by now.'

What about the two charlatans that brought GEC-Marconi down (turned a £4 Billion cash pile into £2 Billion of debt in 4 years). One of them is running another company north of the border and the other one is on a very generous company pension. Not a word about any of them standing up to their responsibilities or being made to pay for it. A lot of good people lost jobs and pensions and all the shareholders lost their money.
If we're talking about the guilty men in "Macaroni", does the name Lord Levene mean anything?? Obviously not to be confused with the upstanding CDP and government advisor, nay captain of industry!
 
#9
Of course, the fact that they paid a third of the Bank of England loan off means nothing.

However, defaulting home owners don't help. Especially when the government allowed Northern Rock to continue selling more than 100% mortgages after the bank had their 'little difficulty'.
 
#10
scrofula said:
Today it's just "bend over and take it like a (choir)boy".
At least a choirboy may get a sweetie for his trouble's we get a situation that is going to make the recession of the 70's quite frankly look like a day trip to margate as i have said before, i do so hope i am completely wrong, and will be glad to be called a stupid pessimist.

But i fear that we have neither the infrastructures or national gold reserves to get us out of this mess, thanks to One Eye.

Still as is being pointed out those responsible will be ok, and we wonder why the nation is in the poo.
 
#11
The Marconi numpties were not only incompetent but criminal in their actions. Weeks before they issued their financial report one of them put out a statement saying that Marconi had turned the corner and that business was improving. It is illegal to for a Company director to mislead the stock market in this way. Had we had a Financial watchdog like the Americans have, this individual would have gone to jail.
 
#12
Very good point Bensonby. Unfortunately it isn't as wonderful and scot-free as it might first look for the borrowers as it is for the unwashed genetillia who lend. Your debt is calculated as an "asset" and is sold off to some other worthless piece of sheit.
 
#13
...and as for Marconi, my dad worked for them and quit in 1979 because he could see it was going tits up even then. Dunno how many other talented engineers and designers we lost around that time.
 

ugly

LE
Moderator
#14
I am in an NR mortgage luckily with 2 and a bit years left on the fixed rate. I may end up selling before then if the right job offer comes in, I cant rent it out and live overseas!
 
#15
Go for that Ugly while time is left. Yes, that is what brought on the Wall St crash in some ways, but the fast ones are the happy ones.......always.
 
#16
Thunderer said:
Of course, the fact that they paid a third of the Bank of England loan off means nothing.

However, defaulting home owners don't help. Especially when the government allowed Northern Rock to continue selling more than 100% mortgages after the bank had their 'little difficulty'.
Its the other two thirds that we are concerned about not exactly small change. :roll:
 
#17
Do not forget that in addition to the small matter of increasing defaults on mortages, the Northern Rock pension scheme is under water and effectively holding out the begging bowl to HMG.
 
#18
do people think some degree of personal liability for the directors of big business is the answer?
 
#19
Mr_Deputy said:
Ozduke said:
I am on the wrong end of NR's balls up, my mortgage has just been increased by about 350 pounds a month - that's a lot of Aussie dollars! I've had to sell.
.
£350 a month!! bloody hell. Is that straight up rise in rate or did you have other considerations?
Bad timing really. Our package came to an end, we live overseas and they smashed us. Geordie twats!

Editied to ask - why can't I say t w a t s?
 
#20
bensonby said:
do people think some degree of personal liability for the directors of big business is the answer?
Would not be before time they want the rewards they should take the liability.

How many smaller business's go to the wall, even small limited companies with no help and with the big cheese taking the big hit, but it would seem that once you invest in smart lawyers, and accountants to allow clever avoidance of rules and tax's then the big bonus's can walk away scot free and in pocket every time.

And some wonder why i rant so :x
 

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