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Monday, February 23, 2009

The Return of The Rock

Northern Rock is to return to the mortgage market, by offering loans of up to 90% of value.

The nationalised bank has been given Treasury approval for the £14BN mortgage scheme.

There is a degree of irony here, as Gordon Brown has decreed that 100% mortgages are to be legislated out of existence.

Indeed Northern Rock compounded the irony when it announced that, despite losses of £1.4BN in 2008, it would still be paying bonuses to senior executives, so that they don't leave.

I thought Brown didn't approve of such payments?

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