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Post subject: More bad news for home owners.
 Posted: Sep 27, 2008 - 09:53 PM
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Member
Joined: Mar 25, 2003
Posts: 7573
Location: 221B Baker Street London
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Bradford & Bingley, Britain's biggest buy-to-let mortgage lender, will disappear from the high street under plans by the Government to either nationalise or carve up the bank.The Government is in urgent talks with several big high street banks in the hope of agreeing a last-ditch deal to sell the bank, which got into trouble after levels of bad debt jumped.
If that does not happen, there will be an announcement by Monday that the Government is taking the former building society into public ownership. Whatever the outcome, the Government has accepted it will have to take B&B's "toxic" mortgages - those where levels of non-payments are highest - onto its own books.
It would back the toxic mortgages into Northern Rock, which was nationalised in February. "The Government is going to create a 'toxic bank'", a banking source said.
B&B, formed in 1964 from the merger of Bradford Equitable and Bingley building societies, will also disappear from the high street as a brand.
Its 200-strong branch network may be broken up between different buyers, and some branches may close. It is also likely that B&B's workforce will see further cuts following the 370 redundancies announced last week.
http://www.telegraph.co.uk/finance/fina ... rship.html |
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