Nationalised bank Northern Rock announced losses of half year losses of £725 000 000. 22 000 of its mortgage customers are in arrears and 40% of their customers suffer form negative equity.
This is the consequence of Northern Rock's expnasion programme which involved lending to high risk groups of borrowers with 100%+ mortgages.
Not surprsingly Alistair Darling said he was in "no hurry" to try & find a buyer for the ailing bank.
Posted by Sean Wilson, APFS, Independent Financial Advisers (IFA), Swindon, Wiltshire.