Did the news of the Northern Rock make it over to the US?
Essentially they are a mortgage lender who do some investment products too. They lend at the higher risk end of the high street. They do high loan to value deals and higher than average income multiple lending too.
Well if you haven't seen:
http://news.bbc.co.uk/1/hi/business/7010020.stm
http://news.bbc.co.uk/1/hi/business/7004710.stm
http://news.bbc.co.uk/1/hi/business/7007835.stm
http://news.bbc.co.uk/1/hi/business/7005557.stm
It has been an amazing few days of finance news. From pictures of people waiting for hours at NR branches to withdraw their savings, to pronouncments in Parliament and action from the Bank of England Governor.
Who said the market is always right eh?????????
Best wishes,
Stuart



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