Mark1978:

Daniel306:Northern Rock's problems don't stem directly from them lending money to people who are now defaulting on their loans.... Two different things here and I wish people would stop with the misinformation.

 

Quite so. In fact Northern Rock enjoys a lower than average rate of defaulting on their mortgages, which in itself makes it an attractive proposition for a potential takeover. The problems at NR stem from the money they've been borrowing in order to fund the mortgages, NOT from the home owners who are paying them.

I'm glad someone here is willing to look at the facts rather than just getting caught up in the hysteria.

Daniel306:Northern Rock's problems don't stem directly from them lending money to people who are now defaulting on their loans.... Two different things here and I wish people would stop with the misinformation.

Quite so. In fact Northern Rock enjoys a lower than average rate of defaulting on their mortgages, which in itself makes it an attractive proposition for a potential takeover. The problems at NR stem from the money they've been borrowing in order to fund the mortgages, NOT from the home owners who are paying them.

geoffkelly:

denial306

i cannot believe you have just said  "willy nilly"

 I can't believe you just said "I cannot believe"

I also would prefer it if you didn't make fun of my name either.

denial306

i cannot believe you have just said  "willy nilly"

geoffkelly:

tother:

I have joined partly due to the current situation as it pains me to see the company I work for smeared in the manner it has been in the press.

 Northern Rock is being utterly inundated with people attempting to move money, and in the branches some of those people are behaving extraordinarily badly, which is uncalled for. Online, the system can only support some much traffic and so many transactions. To suggest that the business is deliberately restricting access to accounts is absurd- given the degree of adverse coverage they are weathering, that kind of thing helps no one. I personally would be waiting for the furore to die down and calmly and sensibly moving my money when everything is back to normal, if I still felt the need to.

Northern Rock won't vanish overnight. If I thought it would I'd be looking for another job!

YOU WILL KNOW THEN HOW THE BANK HAS BEEN "LOOSE" WITH THE BORROWING OF 100% PLUS MORGAGES TO PEOPLE WHO HAVE SIGNED SELF CERTIFICATES THAT YOUR BOSSES NEVER CHECKED THE VALIDITY OF. NO SIMPATHY FOR THEM AT ALL....GREED .....OR WORSE  TIME WILL TELL

That's more down to brokers than anything. Brokers are the greedy ones who want to make the "sale" to a naive customer wanting their dream house and not understanding terms like self cert and the implications of that on them. You'll find a lot of brokers simply put people down as "self cert" if their income doesn't fit within the income criteria. You clearly know nothing of the mortgage industry and the processes involved if you think NR directors are just lending money out willy nilly to anyone. Directors and senior level managementaren't involved in the approval of mortgages directly at all. There are many legitimate reasons why a person has to take out a 100% or 125% LTV mortgage and rest assured it's not exactly easy to meet the criteria so don't think NR were just handing money out to anyone who asked. You're getting confused here. Northern Rock's problems don't stem directly from them lending money to people who are now defaulting on their loans.... Two different things here and I wish people would stop with the misinformation.

tother:

I have joined partly due to the current situation as it pains me to see the company I work for smeared in the manner it has been in the press.

 Northern Rock is being utterly inundated with people attempting to move money, and in the branches some of those people are behaving extraordinarily badly, which is uncalled for. Online, the system can only support some much traffic and so many transactions. To suggest that the business is deliberately restricting access to accounts is absurd- given the degree of adverse coverage they are weathering, that kind of thing helps no one. I personally would be waiting for the furore to die down and calmly and sensibly moving my money when everything is back to normal, if I still felt the need to.

Northern Rock won't vanish overnight. If I thought it would I'd be looking for another job!

YOU WILL KNOW THEN HOW THE BANK HAS BEEN "LOOSE" WITH THE BORROWING OF 100% PLUS MORGAGES TO PEOPLE WHO HAVE SIGNED SELF CERTIFICATES THAT YOUR BOSSES NEVER CHECKED THE VALIDITY OF. NO SIMPATHY FOR THEM AT ALL....GREED .....OR WORSE  TIME WILL TELL

tother:

I have joined partly due to the current situation as it pains me to see the company I work for smeared in the manner it has been in the press.

 Northern Rock is being utterly inundated with people attempting to move money, and in the branches some of those people are behaving extraordinarily badly, which is uncalled for. Online, the system can only support some much traffic and so many transactions. To suggest that the business is deliberately restricting access to accounts is absurd- given the degree of adverse coverage they are weathering, that kind of thing helps no one. I personally would be waiting for the furore to die down and calmly and sensibly moving my money when everything is back to normal, if I still felt the need to.

Northern Rock won't vanish overnight. If I thought it would I'd be looking for another job!

YOU WILL KNOW THEN HOW THE BANK HAS BEEN "LOOSE" WITH THE BORROWING OF 100% PLUS MORGAGES TO PEOPLE WHO HAVE SIGNED SELF CERTIFICATES THAT YOUR BOSSES NEVER CHECKED THE VALIDITY OF. NO SIMPATHY FOR THEM AT ALL....GREED .....OR WORSE  TIME WILL TELL

Hi

Barclays is in a worse situation than northern rock. It bored 1.6 billion not million Billion. Thats 8% of the value of northern rock. Only days later it borrwed more money from the BOE. If your worried sure take it out. But research where you are going to put it. Many banks have been refused crisis loans and are taking them from the european central bank. Its a case of swings and round abouts.

Stick it under your matress let inflation get to it and end up with nothing.

I have joined partly due to the current situation as it pains me to see the company I work for smeared in the manner it has been in the press.

 Northern Rock is being utterly inundated with people attempting to move money, and in the branches some of those people are behaving extraordinarily badly, which is uncalled for. Online, the system can only support some much traffic and so many transactions. To suggest that the business is deliberately restricting access to accounts is absurd- given the degree of adverse coverage they are weathering, that kind of thing helps no one. I personally would be waiting for the furore to die down and calmly and sensibly moving my money when everything is back to normal, if I still felt the need to.

Northern Rock won't vanish overnight. If I thought it would I'd be looking for another job!

Don't panic they say...there is no real risk of loosing your money...."it's business as usual".   How can they say that if investors can't access their savings accounts.   On the other hand they may very well be right in saying the business is fully solvent, otherwise why would B of E provide funds to support it.    But for me it's no longer solely about the latter, it's become an issue of lack of trust in an organisation that has treated it's on-line savers in the manner it has....that's why I will ultimately get out of Northern Rock.  

Why is it possible for those lucky enough to be able to visit a local branch to withdraw or close their accounts, while those trying to access on-line can't.  Reason: because it wouldn't be acceptable to be seen to be closing the doors of branches on customers.    Well of course they want to be able to say when the inquest comes around that customers could have withdrawn their money, and that the website problems were only due to excessive demand, but the evidence suggests otherwise.

Sure the demand on the website will inevitably cause problems, but having tried so many times over such an extended period, at all hours of the day and night, it's manifestly apparent that it's being deliberately blocked. Why else would it be the case that the barriers to entry and various obstructive messages are being varied and moved to become apparent at different stages of the entry proceedure.       A short term moratorium on withdrawals might not be a bad idea, if applied universally, then let the air out the balloon on a percentage basis over a period of weeks.....but it seems to me we are not being told the truth with regard to current on-line accessibility.