March 3, 2009
Nothern Rock feel the pinch
Story link: Nothern Rock feel the pinch
Northern Rock are definitely getting the brunt of the credit crunch, reporting huge losses of around £1.4bn for 2008 and now this.
So far the nationalised lender has seen 63% increase in repossessions, with that figure looking like it will inflate even more as the economy turns for the worse.
Repossessions by nationalised lender Northern Rock soared 63% last year, figures have revealed.
The firm held 3,620 repossessed homes at the end of 2008 compared with 2,215 a year earlier, the group’s annual report showed.