Bradford & Bingley troubles offer window of opportunity
www.moneynews.co.uk > General finance > Bradford & Bingley troubles offer window of opportunity
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Bradford & Bingley troubles offer window of opportunity
Fri 15th Feb 2008
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TD Waterhouse reported today that the bank's stock equated to almost a quarter all retail investor buys this week, the majority of which were made yesterday as the share price hit an all-time low.
It appears that Bradford & Bingley, which specialises in buy-to-let mortgages, has been hit hard by the sub-prime mortgage in the US, causing its profits to decline to £126 million in the six-month period that ended December 31st from £246.7 million in the previous period.
As the credit crunch, kicked in the number of Bradford & Bingley customers with mortgage arrears totalled 6,170 in the last three months of 2007, compared with 4,337 during the corresponding period in 2006.
The Times predicts that other banks will follow in Bradford & Bingley footsteps as the reporting season kicks off and announce big losses.
Related News : General finance |
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Related News : Bradford and Bingley |
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