Northern Rock shares now officially worthless

[BlasterBates]

Northern Rock

Anyone follow that advice posted a few months ago here to buy NR at £4

[PAH]

I know someone (kind of, he's a friend of a friend) that bought £10k worth when they were just under £2 a pop.

I'm sure the government will give them a decent pay out.

Should we be more concerned about the £100 billion of taxpayers money they're throwing at it, if the housing market does continue to decline and a large portion of mortgage holders default and NR gets f-all at auction?

[milanbenes]

PAH,

you are showing your naivety,

listen, it's like this

nationalising the Northern Rock is all part of the grand master plan

you see, when everybody defaults on their mortgages, those houses,
will become....

yep you got it...

Council Houses

and voila,

all the council houses that maggie sold go back to being property of the state

hth

Milan.

[DimPrawn]

PAH,

you are showing your naivety,

listen, it's like this

nationalising the Northern Rock is all part of the grand master plan

you see, when everybody defaults on their mortgages, those houses,
will become....

yep you got it...

Council Houses

and voila,

all the council houses that maggie sold go back to being property of the state

hth

Milan.

Great news. I can make big money again by buying my families council houses dirt cheap, renting it back to them, then evicting them, and then selling them again at obscene profits.

[PAH]

PAH,

you are showing your naivety,

Au contraire. You got your inspiration from a post I made last week about NR being the governments way of building up the council house stock. Though I did put it in a less serious way.

[Marina]

PAH,

you are showing your naivety,

listen, it's like this

nationalising the Northern Rock is all part of the grand master plan

you see, when everybody defaults on their mortgages, those houses,
will become....

yep you got it...

Council Houses

and voila,

all the council houses that maggie sold go back to being property of the state

hth

Milan.

You're a funny guy Milan.

Mortgagors don't "own" properties on their books. They only have a legal interest in these, and a mortgage contract gives them or their successors no rights of title unless the mortgagee fails to adhere to the conditions (generally by getting into arrears).

If the govermin tried to start treating Northern Rock mortgagees like council tenants, they'd be laughed out of court (and voted out of office - there are quite a few people with Northern Rock mortgages, mostly in Labour areas).

[milanbenes]

oh no I didn't,

I was unfortunately quite busy last week and didn't post much :-)

Milan.

[Bod]

Sandler, who is being paid £90,000 a month to head the nationalised bank......

Not a bad rate @ £4,500 per day +/-

at least one contractor is doing well out of it.

[Sockpuppet]

Not a bad rate @ £4,500 per day +/-

at least one contractor is doing well out of it.

He's blatently caught by IR35 though. After all he replaced a permie doing the same job of running the bank

[Platypus]

He's blatently caught by IR35 though. After all he replaced a permie doing the same job of running the bank

Ha ha ha you don't seriously believe that people like this pay up under IR35 do you?