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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: CalculatedRisk who wrote (151345)	9/27/2008 7:04:15 PM
From: nextrade!	Respond to of 306849

Thank you for this post

To: CalculatedRisk who wrote (151345)	9/27/2008 7:56:43 PM
From: MulhollandDrive	Respond to of 306849

Financial crisis: Bradford & Bingley likely to be nationalised by Treasury Taxpayers face a multi-billion-pound bill as part of a plan to rescue the stricken mortgage lender Bradford & Bingley, it has emerged. The biggest buy-to-let operator is on the verge of being nationalised by the Government as time runs out on attempts to find a private buyer. B&B’s shares will be suspended when the stock market opens on Monday. By that point, the Government will either nationalise the bank or announce a deal to sell it. Senior Treasury officials are working on a plan to take B&B into public ownership. That could be followed by a swift sale to a bank, with Santander of Spain – which also owns Abbey – seen as the favourite. But unlike the sale of HBOS to Lloyds TSB two weeks ago, the deal will require public support, with many of the one million B&B mortgages left with the Treasury. As a result, taxpayers are likely to be left holding the mortgages most likely to default from the £40 billion portfolio. This will increase the size of the national debt, though the ultimate bill for taxpayers is likely to be less, depending on how many B&B mortgage holders default. Downing Street had called an emergency summit with banking chiefs to try to thrash out a solution. It is the second time in a fortnight that a major British bank has had to be rescued, fuelling fears for the fate of the banking system. In a sign that the credit crisis is spreading through the wider economic system, the home furnishings retailer MFI also came close to collapse. telegraph.co.uk.