UPDATE :As of midnight last night Northern Rock has withdrawn from offering 125% mortgages.
HBOS has 20.4% of the market, with 520 reposessions in Feb = 25 repos per 1% of market
Northern Rock has 7.2% of the market, with 690 reposessions in Feb = 95 repos per 1% of the market.
In short, Northern Rock repossesses almost 4 houses to every one repossesed by HBOS, when market share is factored into the equation.
Hat-tip : HousePriceCrash.co.uk via LabRat
In a tombstone note to clients she boasts that
The Granite Master Issuer plc securitisation restructured the existing Granite RMBS master trust, with cashflows being changed from a “capitalist” to a “socialist” model to simplify the addition of new tranches of debt from a single issuing vehicle.
How prophetic of her…
Hat-tip : BOF2BS gets sent a well deserved T-shirt for this tip.
The feeling is that if the PM and/or leaders of the opposition let it be known that it was time to take the ermine he would have little choice other than to go. There is no constitutional mechanism for deposing him.
Jon Craig is tipping Sir George Young and Deputy Speaker Sir Alan Haselhurst. Rumour has it that John Bercow fancies himself in fancy dress as well. He seems a bit too young for the job…
Compare and contrast that with the Treasury statement of 18 December, 2007: HM Treasury today confirms that the guarantee arrangements for Northern Rock plc described in HM Treasury’s announcements dated 20 and 21 September 2007 and 9 October 2007 are being extended, at the request of Northern Rock plc, to the following unsubordinated wholesale obligations, whether now existing or arising in the future... all obligations of Northern Rock plc to make payments on the repurchase of mortgages under the documentation for the “Granite” securitisation programme.
That seems pretty clear. Looks like the lawyers are going to get rich out of this…
UPDATE : Something of a stewards inquiry in the comments as to the nature of the obligation – though no one has argued that there is no obligation – except Yvette when she said “it is not part of the taxpayer’s exposure”. Like Guido said, the lawyers could have some fees out of the argument.
UPDATE II : Northern Rock’s Annual Report 2006, Note 22, Page 86 states that the Granite group of companies “are regarded as legal subsidiaries under UK companies legislation”. Odd because they aren’t really structured that way.
“Through the Common Agricultural Policy (CAP), two fifths of the EU budget goes on subsidies and support to Europe’s farmers who represent 5% of Europe’s population, and produce less than 2% of Europe’s output. Most is not spent in the poorer parts of Europe where it is needed. Most goes to the biggest farming companies and landowners, not small farmers.”
Hilary Benn is now at DEFRA. His tune has changed as well, now the developing world’s small farm exporters are the competitive enemy and he is leading the British effort to ensure that there is no limit to the subsidies that the biggest landowners in Britain claim. The European Commission proposed to redistribute subsidy money away from farmers receiving more than €300,000 a year. DEFRA opposes even this sensible modest suggestion.
Hilary told the NFU conference this week that “We’re alive to some of your concerns about limiting higher levels of payments. We share them.“
Hilary’s father Tony, the second Viscount Stansgate, has now retired to the family seat, Stansgate Abbey Farm on the Essex coast. From this satellite picture it appears to be a working farm. Guido wonders if the family farm benefits from CAP subsidies?
Hat-tip : CAP Health Check
Brian Paddick, the ex-Scotland Yard Deputy Commissioner and LibDem candidate for Mayor puts it succinctly:
“Last week, Ken Livingstone suspended one of his closest aides, Lee Jasper, saying he wanted to enable the police to investigate the allegations of malpractice and corruption made against him.
We now learn from Scotland Yard that there is no such police investigation taking place. It begs the question why was Lee Jasper suspended in the first place?”
The GLA will now presumably be able to cross-examine Jasper. The police are still investigating six companies which have enjoyed the LDA’s generous patronage…
A full 24 hours please (remember Gordon is rumoured to be suffering from insomnia – those demons torment him). In the comments please, closes Friday morning. A book to the winner…
NUT’s Loony Defence of Status Quo | Jago Pearson
A Dozen Reasons to Be Cheerful | John McTernan
Political Bloggers Are Equal Opportunities Attackers | ConHome
Michael Gove Should Resign | Conservative Women
Sarah Wollaston’s Naming and Shaming of Bloggers | LibDemVoice
Fraser Nelson: Put Your Money on Ed Miliband to Win | Guardian
Guido Fawkes is Too Aggressive | The Times
Ditch Tobacco Plain Packaging | Grassroots Conservatives
What Farage, Boris and Rob Ford Have in Common | William Walter
Labour Spell New Adviser’s Name Wrong | ITV
Dave Stung by Jellyfish | Sun
Rod Liddle on the loony UN sexism special rapporteur:
“There is more sexism in Britain than in any other country in the world, according to a mad woman who has been sent here by the United Nations.
Rashida Manjoo is a part-time professor of law at Cape Town University in the totally non-sexist country of South Africa (otherwise known as Rape Capital Of The World).
Mrs Magoo has been wandering around with her notebook and is appalled by the sexist “boys’ club” culture here, apparently.
I don’t doubt we still have sexism in the UK. But is it worse than in, say, Saudi Arabia, d’you think, honey-lamb? Or about 175 other countries? Get a grip, you doolally old bat.”