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Northern Rock mortgages in doubt
Wed, 27 Aug 2008
According to information from Standard and Poor’s, reported on yesterday, the quality of Northern Rock’s mortgage loan book could be in doubt. The news accompanies reports by the Government that indicates the taxpayer could fit a £1.28 billion bill for the nationalisation of the troubled mortgage lender .

The securitisation vehicle used by Northern Rock, Granite, has seen the level of mortgage problems and repossessions climb considerably in recent months. S&P even went so far as to claim: "The figure implies that Granite accounts for one in every 13 properties repossessed in the UK over this period."

The level of problem mortgages, when a homeowner is three of more months behind on mortgage repayments, has also climbed. The news has cast a shadow of doubt over the mortgage portfolio held by Northern Rock. Some one fifth of Northern Rock borrowers are predicted to be in negative equity by the end of next year, if house prices continue to fall.

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