November 20th, 2008

The Granite Hits the Fan

The FTs Alphaville blog draws our attention to bad news on the wires this morning, as the Dow closes below 8,000 and the FTSE trades below 4,000, we get the news that Granite Master Issue PLC, the trust that is 28% of the UK mortgage securitisation market, is reporting a “non-asset trigger event”. It is telling lenders that Northern Rock‘s collaterallisation, and hence credit worthiness, has declined significantly.Granite is the single biggest funder of the UK mortgage market. If it goes tits up, £38 billion of Northern Rock mortgage assets could be liquidated…


Seen Elsewhere

Does Europe Really Want Britain to Quit? | Nick Wood
Immigration Nation | Hopi Sen
Tories Choose Anti-Israel Candidate in Rochester | JC
Osborne’s Daycare Obsession is a Time Bomb | Kathy Gyngell
BBC Marr Pinko Trying to Ban the Queen | Speccie
Eric Hobsbawm: Companion of Dishonour | Standpoint
Guido Party Gossip | Iain Dale
Russell Brand Comes Out as 9/11 Truther | Guardian
Health Revolution is Underway | Fraser Nelson
UKIP Gets Professional | Red Box
Kelly Tolhurst Wins Rochester Open Primary | BBC


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Austrian Chancellor Werner Faymann on Cameron’s refusal to pay the £1.7 billion EU bill by December 1st:

“Well, then he’s gonna pay on December 2nd”



Mycroft says:

Have you read the last bit of Animal Farm?

You know where the animals are looking through the Farmhouse window?

My TV screen was that window at lunch-time today.

Be careful, the sudden self-congratulatory tone, the slightly pudgy outline of indulgence and you become exactly what you should despise.

The jolly face of the Quisling Cameron poses for your camera has mesmerised and deceived you, you who were once not so deceived.

You were no firebrand, you were a damp squib in my opinion, sorry.

You need a damned good kick up the ahse!


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