It seems that, despite the "tut tuts" of Gordon Brown and the government over "excess" and "risky" lending, the Treasury was happily allowing Northern Rock to continue to offer 125% mortgages after the Rock sought a state bailout.
After the bailout in September 2007, Northern Rock lent a further £800M. Unsurprisingly many of these mortgages have gone bad.
Maybe someone should tell the Treasury that they are meant to be safeguarding taxpayer interests?
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