ozzieeagle

Looks like the American housing crisis has just jumped the pond.

That or Newcastle Utd, have bled them dry.

Hang on to your hat time maybe, maybe long queues at their branches tomorrow.

Sheff_Sparky

one of the Big 5 did this a couple of weeks ago, can't remember if it was HSBC or Barclays. Something isn't right, it's setting of alarm bells in my head for some reason.

Vash the Stampede

Taxpayers' hard earned cash squandered on failing UK bank.

Fantastic news!

Sheff_Sparky

thedons

Let it rain and when it does, she will pour!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

ozzieeagle

Been watching this situation, apparently there are queues out of the door of people withdrawing money in Croydon. However financial experts reckon its possibly a good time to buy shares in NR, as the price has dropped 20 pct, which means it's ripe for a possible take over.

GinaUK

We've got money with them in a 90 days notice account. Gave them notice and next Tuesday, 18 Sept, is the day we *should* get our money back.

It's a postal account; otherwise I'd be queueing outside their door as well.

I well remember a bank going bust in my home town in 1974. I was only a child but still remember it because EVERYONE was talking about it. That was in the days before there were safety measures in place to protect "Joe Public" and people committed suicide over losing their savings. Really not a joking matter.

Gina

Nu-Shooz

Northern Rock to me was an 'easy' bank. It was so simple to get a loan from them. They gave out 110% morgages to young people afew years back.

Maybe being too generous has smacked them back in the face.

estherg

Does anyone think this is going to make the British housing market any worse???. I need my cash to get over to OZ

HCJ

Almost certainly, yes, in my opinion. All the banks are going to be very picky about how much and to whom they lend. This is bound to put downward pressuure on house prices as people can only pay as much as the bank will lend them.

Wol

No, no: house prices can only go up and up. I've read it here so it must be true...

walla

It all relates to the sub prime market in the USA. Banks are shitting themselves and have stopped lending to each other. The Bank of England aren't too worried about the Rock, they've loaned them money and they see it as a temporary measure.

Vim Fuego

I blame the pens and protractors they give to new applicants, that must hurt the bottom line big time.

Swerv-o

How is this sub-prime market business likely to effect the market here in Aus then? I am on the verge of buying here, but am starting to wonder if it may be better to just keep the money in a nice high interest account and see what happens.

Any thoughts anybody?

S

Wol

Well, they *say* that the Australian mortgage market isn't as highly exposed as the US and UK ones, but I have to say that the attitude here to borrowing on property is at least as cavalier and probably more so. I have been astounded at the number of people who view property as a punt, a surefire gamble - aided and abetted by the tax regulations. IMO it's out of control but none of the political parties would be prepared to do what's necessary - even if they recognised the root problem in the first place.