Quote:
Originally Posted by Horizon
....and the new mortgages were sold to people who couldn't afford them in the first place, so the bottom dropped out from both ends of the mortgage, so to speak. The house buyer couldn't afford the mortgage, so never should've have got it in the first place. And at the other end, an American pension fund manager is buying into a fund without realising its actually and ultimately a repackaged mortgage from Britain. Total mess.
But anyway, back to Scotland before this becomes a banking bashing thread, not that there's anything wrong with bashing bankers.  |
But how much was Northern Rock responsible for that. If was problems with mortgages issued by others in other countries, that mainly caused their problems.