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SANTANDER losses freezing the UK Mortgage Market, UK "heavily" exposed to EU

 
Blue Zeus
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05/20/2012 11:17 AM
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SANTANDER losses freezing the UK Mortgage Market, UK "heavily" exposed to EU

Eurozone's banks are 'in tatters', says Ken Clarke


[link to www.bbc.co.uk]

Former chancellor Ken Clarke has said Europe's banking system is "in tatters", warning the UK is "heavily exposed" to potential problems.

...he said the consequences would be "serious" if the Greek people elected "cranky extremists" and defaulted on their debts as a result, adding: "Everyone says they will leave the euro. Actually that is quite likely but doesn't necessarily follow...

"No-one knows exactly what will happen in the rest of Europe. But the banking system is in tatters. It is weak in very many places.

Last Edited by Blue Zeus on 05/20/2012 05:58 PM
Blue Zeus (OP)

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05/20/2012 11:19 AM
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Re: SANTANDER losses freezing the UK Mortgage Market, UK "heavily" exposed to EU
Of course, everyone needs money:

"We don't know what the knock-on effects would be, they could be very serious and of course people will start barking at the door of Portugal, Ireland, Italy and here in Britain."


no problemo, lol

Lets see how well this plays out in Britain
Blue Zeus (OP)

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05/20/2012 11:31 AM
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Re: SANTANDER losses freezing the UK Mortgage Market, UK "heavily" exposed to EU
UK telegraph

UK Mortgage market freezes up as Santander scales back on lending


A mortgage drought is pushing Britain's housing market deep into crisis, driven by one major bank, Santander, significantly reducing its lending to home buyers.

It is estimated that the Spanish bank's share of lending through brokers has dropped from 25pc to 14pc in recent months, and could fall further as the crisis in the eurozone intensifies.

With rival lenders unable or unwilling to fill the void, the mortgage market could seize up altogether, bringing the housing market to a standstill.


[link to www.telegraph.co.uk]
Blue Zeus (OP)

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05/20/2012 06:04 PM
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Re: SANTANDER losses freezing the UK Mortgage Market, UK "heavily" exposed to EU
Credit and liquidity crisis growing...UK property market in the crosshairs, set to suffer knock on effects of EU banking crisis


[link to www.businessweek.com]

Bank Loans for U.K. Property May Fall Short by $158 Billion

By Simon Packard on May 18, 2012

U.K. commercial real-estate investors may be unable to refinance as much as 100 billion pounds ($158 billion) of loans and the euro-region’s debt crisis is making banks less willing to extend credit, according to a study by De Montfort University.

Banks and other creditors cut U.K. commercial real-estate lending by 6.8 percent to 212.3 billion pounds last year as they bolstered their balance sheets and recapitalized to meet stricter regulations, De Montfort estimates.

The situation may be worsened by Europe’s escalating sovereign-debt crisis because banks may have to make larger provisions and writedowns as government bonds sold by countries including Spain and Greece slide.


“The debt crisis is regarded as a real threat to asset values in the U.K. and globally,”

The U.K. has the second-highest level of real estate debt in Europe after Spain, according to the European Banking Authority


Last Edited by Blue Zeus on 05/20/2012 06:05 PM
See1234

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05/20/2012 06:18 PM
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Re: SANTANDER losses freezing the UK Mortgage Market, UK "heavily" exposed to EU
cool!
Anonymous Coward
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05/20/2012 06:19 PM
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Re: SANTANDER losses freezing the UK Mortgage Market, UK "heavily" exposed to EU
first rule of panic....panic first