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| Northern Rock Boss Quits Amid FSA Probe http://www.x404.co.uk/forum/viewtopic.php?f=19&t=7890 |
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| Author: | pcernie [ Wed Apr 21, 2010 9:36 pm ] | |||||||||
| Post subject: | Northern Rock Boss Quits Amid FSA Probe | |||||||||
http://news.sky.com/skynews/Home/Busine ... 2084?f=rss
Or 'We told him he was a fcuking liability!' 
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| Author: | Amnesia10 [ Wed Apr 21, 2010 11:13 pm ] |
| Post subject: | Re: Northern Rock Boss Quits Amid FSA Probe |
Or to concentrate on his defence. To be honest though there were problems throughout the mortgage industry from loans being approved when they were poor credit risks. Over confident valuations and then mis-selling of mortgages in the rare case. All contributed to problems here. Though Northern Rocks biggest mistake was to rely on cheap wholesale funding, which when times were good, gave the mortgage lender access to cheap funds, and helped it grow very fast. The problem was when the credit crunch hit it meant that they were insolvent, with a complete inability to carry on. They clearly never considered what could go wrong. |
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