Thursday, February 21, 2008

Granite

In case you've missed it ( and clearly Darling hoped you would) this Jersey registered company owns more than half Northern Wreck's mortgages. Not only that, it has the best of them and hence is fully secured - unlike the personal loans and 125% mortgages which are held onshore, and are the bits that have been nationalised. They are also the easiest bits to flog off.
As a result, Sadler will almost certainly do this, reducing the outstanding to BofE etc etc, but reducing the overall quality and risk rating of the remainder.
As I've said many a time before this Government - and Brown and Darling in particular - have no understanding of markets, money,economics or even business in general.
It just goes to show how powerful spin and repetition of unfounded lies are in conning the public.

1 comment:

Winchester whisperer said...

It's unbelievable - and we're left with National Sand, run by non-doms. By the way, do you think they'll apply for temporary worker benefits?