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Northern Rock makes hefty losses

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posted on Aug, 4 2009 @ 05:52 AM

Losses at nationalised bank Northern Rock have grown by 24% amid mounting losses on its mortgage loans.
Losses at the bank totalled £724,2m in the first six months of 2009, compared with £585.4m in the first half of 2008.
The Newcastle-based lender said that 3.92% of its mortgage loans were more than three months in arrears, well above the national average of 2.39%.
But i suppose it's ok because after all it's only tax payers money.
I think these loses are only going to get worse they should have let it fail it's becoming a money pit.


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