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This is nothing to do with subprime, but is HMG policy. They are reducing the Northern Rock mortgage book by keeping Rock mortgage interest rates higher than other banks.
This policy is forcing people into debt as they are unable to remortgage due to the current unwillingness of banks to lend. As soon as a couple of payments are missed HMG move in and increase their council house portfolio.
I don't agree that there was no exposure to UK "sub prime lending".
I'd hardly term 125% self certified mortgages at the height of a huge property market bubble as prime lending with well balanced risk.
The way banks make a profit is to charge interest and NR is working to repay billions from their profits, why would they cut rates while they still have huge liabilities?
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