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.
Northern Rock makes huge loss
Story link: Northern Rock makes huge loss
Northern Rock became a Nationalised bank last year after getting them selves into major financial difficulty.
While the end of 2008 and the start have 2009 have been steady for Northern Rock, they are still in the deep end, after reporting a £1.4bn loss in write offs in 2008.
Nationalised bank Northern Rock has confirmed that it made a loss of £1.4bn in 2008 following hefty write-offs on its mortgage loans.
Last year, the bank repossessed about 4,000 of its borrowers’ homes, amounting to 10% of all repossessions.