December 31, 2007
Mortgage crisis not over for UK yet
There are more warnings regarding how the US sub prime market collapse can still have an affect a long time after things appear to have settled down in the States and beginning to get back to normal along with government help of course.
The crisis seems to be in the way that the Governor of the Bank of England, Mervyn King and the Chancellor of the Exchequer Alistair Darling decide how and when to inform everyone about plans for the Northern Rock bank and other major financial events.
It seems that the Governor did not want the government to finance the Lloyds TSB takeover of failing bank, the Chancellor did, but Lloyds wanted £30 billion to help finance the bid and when this was not forthcoming the bid failed and Northern Rock applied for emergency funding and the problems began.
Source [BBC News]
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