Treasury Asleep At The Wheel

It seems that, despite the "tut tuts" of Gordon Brown and the government over "excess" and "risky" lending, the Treasury was happily allowing Northern Rock to continue to offer 125% mortgages after the Rock sought a state bailout.

After the bailout in September 2007, Northern Rock lent a further £800M. Unsurprisingly many of these mortgages have gone bad.

Maybe someone should tell the Treasury that they are meant to be safeguarding taxpayer interests?

Posted in: bankruptcy,mortgages,Northern Rock,recession,treasury