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

Javid: Let Tories Campaign For Out Vote | House
Ministry of Justice Loses Death Inquiry Data “In the Post” | TechnoGuido
Europe’s Crisis is Cameron’s Opportunity | Speccie
Sajid Javid is the Ultimate Thatcherite | Buzzfeed
Ed Argar Selected in Dorrell Seat | Leicester Mercury
88% of New Labour MPs Are Union Bods | Mark Wallace
Massively Popular Porn Site is Infecting Users | Techno Guido
Newspapers No Longer Willing to Toe Party Line | Roy Greenslade
Introducing the New CapX | CapX
Burnham’s Newsnight Debacle Dissected | Dan Hodges
How I Survived Dry January | Nigel Farage


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Dan Hodges on Labour unity

“We’ve heard a lot over the past few years about how Miliband has united Labour. But he has not united Labour. He has pacified Labour. He has placed it into a medically induced coma following the trauma of the party’s 2010 defeat.”


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