Northern Rock is the first to fall

[solarbird]

Northern Rock is the first to fall. Or, since it's the UK, be nationalised. The private sale failed because there were no bidders at any price - something that's become a bit of a refrain lately.

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Comments

[quen-elf.livejournal.com]

As I understand it, Northern Rock didn't have any bad loans or other direct exposure to the crisis, incidentally - their business model required borrowing money on the markets to fund their mortgages (rather than traditional banks/building societies that fund mortgages largely from savings accounts). Nobody would lend money any more so they were screwed. They really 'fell' quite some time ago, being nationalised just took a while :)

[solarbird]

If their business model requires borrowing money on the market to fund their mortgages, they have direct exposure to the crisis.

[mistwolf.livejournal.com]