Friday, January 11, 2008

The credit crunch part 2347

You may recall I mentioned that I thought the crunch was beginning to recede a bit. There's more evidence of this today.
Firstly, Northern Wreck has sold a part of it's mortage book at a premium.
Second, Bank of America looks as if it going to get the bargain of the century by picking up Countrywide ( it's a bank in the States) for a song.
Thirdly, the BofE has said it will reduce the reserve fluctuation band shortly - they wouldn't do it unless they were reasonably sure it will stick.
And finally, Midshires has stared writing BTL mortgages again within the last week.
Now that really IS things getting back to normal.

2 comments:

Winchester whisperer said...

Do you think the Wreck deal is evidence that the Brown-Blair alliance still holds?

kinglear said...

ww- no.It's a nice piece of business for both sides. I always say - never mind the bits of paper, if it suits both sides it'll get done.