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Buy to Let lender goes - and is hardly noticed as markets react to $700bn failure
by Alex Ogilvie (29 September 2008)
No white knight has appeared for troubled Buy To Let lender Bradford and Bingley so the Chancellor of the Exchequer has announced that under the Banking Special Provisions Act 2008, Bradford & Bingley's retail deposit business along with its branch network has been transferred to Abbey National plc - itself part of Santander. The remaining assets of the troubled bank consisting of it's mortgage book and personal loan book will be nationalised.
 
 
In any normal day this would have dominated the news - but with the failure of the USA to agree on a $700bn injection of liquidity to rescue USA banking bad debts it has played a poor second fiddle. It starkly highlights the trouble the financial markets are in when a bank can get nationalised and it is unable to grab the headlines.
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Personal Finance News Archive
Personal Finance Articles Archive
Credit Card Clampdown
Confidence Persists In The Equity Release Industry
What Would Make You Save Into A Pension?
Clearing Up The ISA Confusion For The Elderly
Are You Living On Your Overdraft?
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