Impending Market Implosion?

[big_kev]

I'm trying to keep quite calm about all this situation :unsure:

 

Hopefully calm whilst waiting in the queue outside your local branch... :wacko:

[big_kev]

The latest about Northern Rock

 

Northern Rock Story

 

 

 

 

 

 

 

may not be entirely true :unsure:

[seatkid]

:unsure: ...cheered me up.....................a bit....

[jkspoff]

We have our mortgage with Northern Rock as well as a personal loan, I just wonder what will happen to existing borrowers, if anything, maybe they will try and increase their interest rate, but if we move mortgage company etc then I bet the other banks will follow, as Northern Rock has 1 in 5 mortages in the UK.

 

If it comes to the worst with Northern Rock, thay will call the administrators in and freeze their assets.

 

Their assets being any savers money they have and also any property that Northern Rock own ( or more accurately hold the deeds for ).

 

As your property is mortgaged with them, they could sell it to raise the cash ! :o

 

Unlikely it would come to this though it is possible.

 

Well fortunately, we started the process of moving our mortage to The Halifax last month, so we are safe at least from any future losses that NR might have.

[big_kev]

well whoopee fecking do..to hell with all.

 

Calm down Maz....don't let the young whippersnapper get you down.

 

Youve probably got knickers older than him.... :o

[mumof4]

well whoopee fecking do..to hell with all.

 

Calm down Maz....don't let the young whippersnapper get you down.

 

Youve probably got knickers older than him.... :o

 

 

Bugger..you quoted me....I have deleted my post and appologise for it.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By the way...who says i wear em. :o

[big_kev]

Bugger..you quoted me....I have deleted my post and appologise for it.

 

Yeh but I did modify it slightly......

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By the way...who says i wear em. :o

 

Please provide photographic evidence to the contrary then....... :o

[Bigjeeze]

Calm down Maz....don't let the young whippersnapper get you down.

 

Youve probably got knickers older than him.... :o

 

 

Bugger..you quoted me....I have deleted my post and appologise for it.

 

 

By the way...who says i wear em. :o

 

 

Well if you don't then I dread to think what it is you're getting in a twist!!! :o

[big_kev]

"IT'S A THONG !"

[Bigjeeze]

"IT'S A THONG !"

 

 

Is that a thin thong?

[seatkid]

No its a woman thing.

 

 

Is that a thin thong?

You hum it, i'll thin it..... :o

[mumof4]

Please provide photographic evidence to the contrary then....... :o

 

 

ok...

 

naked_lady.bmp

[seatkid]

Ye gads!

 

So that's what they look like!!!

[gregers]

YEAH BUT ILL BET YOU THEY DONT ALL SMELL AS SWEET AS THAT. :o :o :o

[big_kev]

Apparently you are ok with Northern Rock......maybe

 

http://news.bbc.co.uk/1/hi/business/6994746.stm

[mumof4]

But what will happen if its customers keep withdrawing/moving their money from them to other banks?..it wont be able to sustain itself as if you click on one of the other links to do with northern , some are withdrawing as much as 100k.

[big_kev]

I think Northern Rock is dying.........

 

I cannot see it recovering from the total lack of customer confidence.

 

Just hope that no-one here has any money invested in Northern Rock shares.....if you have sell them now....be worth tuppence tomorrow.

[seatkid]

Thanks for that vote of confidence BK! (can we ban him on grounds of cruelty to me?) :lol:

But what will happen if its customers keep withdrawing/moving their money from them to other banks?.

After much reading and research, my conclusions are this:-

 

They won't go bust, NR is illiquid, not insolvent. It hasn't started drawing down the BOE loan yet which is estimated to be up to

[big_kev]

:lol: I hope I'm right as I'm leaving a substantial amount on deposit even after withdrawing (hopefully!) the rest. Basically NR is a good company, that have helped a lot of people, including charities and provided employment in much need areas in the NE. I wouldnt put them in the same general catagory as a lot of other banks (i.e. scumbags)

 

1:...Get all your money out of there.......NOW..!

 

2:...The reason for high unemployment in the NE is they are too idle ( and too well paid on the dole ) to get of their backsides and look for work.

 

3:...NE are a bank and are therefore Scumbags......albeit skint Scumbags at the moment.

 

 

 

 

4:..."(can we ban him on grounds of cruelty to me?)"... :lol:

[jkspoff]

What about mortgage holders?

 

Contrary to some comment, they have the least to worry about.

 

If a mortgage lender goes bust, no one will come round trying to repossess borrowers' homes to get the money back.

 

In reality all that would happen is that the administrator would send borrowers a letter, telling them to keep on paying their monthly repayments.

 

In the meantime the mortgage, along with all the others, would, in all probability, be sold off to another mortgage company who borrowers would then pay for the remaining life of their loan.

 

Alternatively another bank might buy up the insolvent bank - lock, stock and barrel.

 

But people with applications for loans or mortgage applications in the pipeline might find they fell through.

 

The mortgage business is, in normal times, both steady and profitable, and there would be no shortage of buyers for the Northern Rock's loan book.

[seatkid]

B) Don't worry, If I lose my savings :lol: , then I'm coming round :lol: to claim your house JK!

 

After all, in a manner of speaking you used my money to buy it! :lol:

 

;) ;) ;) ;) ;)

[jkspoff]

Good point, I'll put the kettle on ! :lol:

[big_kev]

I hope Northern Rock goes belly up and they lock up the criminals ( Chief execs ) responsible.

 

They changed their status from a Building Society to a bank purely so they could make more profit and pass all the risk onto their customers.

 

They are nothing but a back street ( ok High St ) money lender.

 

All they do is loan you money at for example 6% and take a loan out for the same amount with a "proper bank" at for example 5%...20% profit for doing f_all and also forcing up the rates we all have to pay for our mortgages.

 

If they got rid of all these scumbag middlemen then we could get our mortgages direct from the "proper banks" at the lower rate.

[seatkid]

They won't go belly up, they'll just get absorbed by someone else at a bargain price.

 

Risk at a bank is with the shareholders not the customers, a building society is somewhat riskier as their members are also their customers. Don't fool yourself into thinking a building society is any safer than a bank. They operate pretty much the same way on a commercial basis.

 

The real criminals are in the City of London, on Wall st. etc. - the investment banks. And the fools that allow them to get away with it are government financial ministers and "advisors". IMO History will show that Greenspan, Brown and co. were the people who initiated the rot and guided us blindly into this whole mess.

Yes banks are in it for profit, but none of us work for nothing. The real problem is the West's ideology and western governments obsession with never ending increasing "economic performance" at any price. There's only so far you can go to increase profitability and productivity (e.g just sack everyone but one person - just like I've done- its the ultimate model! :lol: ) and wealth just becomes more and more concentrated to fewer and fewer individuals.

 

The 1930's just before the great depression was marked by a feverish period of obscene excess and decadence by the social "elite". Are we seeing something similar today? The difference financially today, however, is existence of a "lender of last resort" - a central bank. They were set up to perform this vital function after the great depression to avoid a repeat of the 30's when a global liquidity crisis led rapidly to widespread insolvency.

 

If you want an easy target to blame, choose BBC, ITV, CH4 and 5 with the "I want to be a property developer" and "how to get rich quick in BTL" program shit they've been pumping out over the last 3 or 4 years. :lol:

 

p.s. I wouldn't take a loan out with a "proper bank" (aka investment banks).....they will probably want to keep your wife and kids as collateral and are likely to call in the loan without any notice whatsoever. But I believe they accept internal organs as part payments if you are caught short...... B) :lol:

Edited September 15, 2007 by seatkid

[mumof4]

they will probably want to keep your wife and kids as collateral and are likely to call in the loan without any notice whatsoever.

 

SSShhhh!!!...don't tell them that!!..there will be an influx of applications if they did take the kids!...

 

Where can i get an application form?? :lol: :lol:

 

 

 

From what i am led to believe..this downslide started in the states and its having a knock on affect over here because the banks here invest over there, and the good old citizens of the US OF A have a lot more bad debt than we do, they are defaulting..hence the slide.