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Bradford & Bingley are DOOMED !
TTMCMschine
Posts: 684 Forumite
Get ready for the fireworks on the stock market this morning. The B&B will be revealing their profit warning (ie how little profit their actually going to make), the Chairman has resigned, & now their having to resort to selling 20% of the business to an American private venture firm for 50P per share - the rights issue - which now won't happen - was to have been at 82p.
50P - thats bad!
Watch for queues outside B&B branches, plus other banks, housebuilders, etc dropping off the proverbial cliff today.
Scary, scary stuff for the UK at the mo. If securitised credit card debt goes the same way (which it will - if people default on mortgages you can be sure they'll default on credit cards too), then we're up the creek without a paddle.
50P - thats bad!
Watch for queues outside B&B branches, plus other banks, housebuilders, etc dropping off the proverbial cliff today.
Scary, scary stuff for the UK at the mo. If securitised credit card debt goes the same way (which it will - if people default on mortgages you can be sure they'll default on credit cards too), then we're up the creek without a paddle.
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Comments
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Isn't Bradford and Bingley the largest provider of LL mortgages?0
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Things look normal here in Bingley - I can see the head office from my living room ...Mortgage started on 22.5.09 : £129,600Overpayments to date: £3000June grocery challenge: 400/6000
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Ironic its an Aztec like building. Some people may be getting thrown off it later by angry shareholders.0
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What do private equity firms do?
Sell off the good bits, sack staff?0 -
Click LINK and scroll down past B&B share prices and graphs etc....there is a forum there for people to discuss the shares. The feeling over there seems to be that the price will be a bit up and down today, ending around 80 - 100p.
Their belief seems to be that this is a fantastic buying oppotunity
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Isn't Bradford and Bingley the largest provider of LL mortgages?
So I believe. That's going to be an interesting one in they do a NR and try to get rid of mortgages by not offering any good remortgage deals.RENTING? Have you checked to see that your landlord has permission from their mortgage lender to rent the property? If not, you could be thrown out with very little notice.
Read the sticky on the House Buying, Renting & Selling board.0 -
I think it's meant to look like the five locks.Mortgage started on 22.5.09 : £129,600Overpayments to date: £3000June grocery challenge: 400/6000
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B&B's website is very temperamental this morning. Alot of people must be trying to get their money out pronto. Is this the start of another run on a bank?Krusty & Phil Madoff, 1990 - 2007:
"Buy now because house prices only ever go UP, UP, UP."0 -
I've noticed this story is being reported very sensitively and responsibly by all aspects of the media, with many pundits affirming "but this isn't another Northern Rock".ad44downey wrote: »B&B's website is very temperamental this morning. Alot of people must be trying to get their money out pronto. Is this the start of another run on a bank?
However, if I had savings in B&B, I know where I'd be heading this lunchtime...0
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