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

Times and Telegraph 150 Years Behind | LibDem Voice
Piers Morgan Offered Job as Trainee Reporter | Grimsby Telegraph
Does Boris Belong in Zombie Parliament? | Rafael Behr
What’s Wrong With Political Journalism | ConHome
Labour’s Co-Op Spin | Indy
Inside an Islamist Takeover Plot School | Newsnight
Ed Heads to Scotland | Sun
Assad’s New Chemical Weapon Attacks | National Review
Jason Groves New Mail Deputy Pol Ed | MediaGuido
Cocaine Conservatives | Standard
Jezza Browne Responds to LibDem Haters | LibDem Voice


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Via @courtnewsuk, asked in court about Rebekah Brooks’ letter referring to waiting for 6 years, Andy Coulson says he had a “different interpretation” of their relationship.



Nick Clegg says:

Do you want lies with that?


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