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’B&B plans £300m rights issue
Bradford and Bingley, the mortgage lender, is poised to become the latest British bank to bolster its balance sheet by launching a £300m rights issue. The bank, which has been hit by the turmoil in the capital markets and concerns about declining UK house prices,
House prices slide – but B&B is chipper
More dismal news for UK homeowners. House prices fell 0.8 per cent in November, according to Nationwide – reining in the annual rate of growth to 6.9 per cent.
That drop is the first since February 2006 – and is the largest decline logged since the summer of 1995.
UK suffers at the thin end of the subprime wedge
When US banks first began the big repackage of subprime debt, they had a problem shifting it to American buyers. So they sold it abroad.
And it would seem, that among the suckers who bought it, the UK ranks quite highly – (thanks to Naked Capitalism and the Nattering Nabob for the chart.)
It’s not the overall figure here which is alarming.
Kensington sells £2bn of mortgages to B&B
Bradford & Bingley the specialist lender, agreed on Thursday to buy up to £2bn of residential mortgages over the next two years from Kensington Group, the sub-prime lender. B&B, which has a loan book of £36.1bn,