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Haggerty enjoys good rocking

Haggerty: has been a critic of how the government has treated taxpayers in the Northern Rock debacle

Northern Rock’s return to the black in August seems counter-intuitive in that it’s the ’bad bank’ part of the business (Northern Rock Asset Management) with £50bn of so called dodgy debt which has made a profit of £350m while the ’good’ bank, Northern Rock plc, that’s made losses of £143m. It seems that the good bank isn’t lending enough to cover the interest payments to its savers so why, one wonders, has it been so competitive in the savings market?

As for the debt management side of the business, which is also taking over Bradford & Bingley’s more tricky loans, it’s worth recalling that the top dog there now is Steve Haggerty, formerly managing director of HML, Skipton Building Society and of third party servicer Crown Mortgage Management.

Last summer, while still at Crown, Haggerty told Lending Strategy that the government wasn’t doing the right thing by taxpayers, and should bring in the servicing community to sort out the failed lenders. Obviously someone at UKFI read the piece and took him at his word!


Dave Patel

Finding the key to the right IT

The cost of new IT might be terrifying. but plodding on with outmoded legacy technology might be a disaster waiting to happen, some pragmatic thinking may be needed, says Dave Patel, managing director of DPR Consulting

Andrew Lilico

Double dip recession and high rates is Policy Exchange’s forecast for UK

Britain may have to choose between 20% inflation and a massive level of mortgage defaults, says Andrew Lilico, chief economist at Policy Exchange. The think tank also says Britain is heading for a double dip re-cession. Although Lilico does not believe the Bank of England will raise interest rates above 2% before late next year, […]

Kevin Duffy

Brokers’ petition on dual pricing gets brush-off from government

Brokers were last week pleased that their voice had at least been heard despite the government rejecting their petition calling for a ban on dual pricing. The petition was signed by 2,046 brokers and had been submitted two months ago by Ronnie B Financial. In its response the government says pricing, terms and conditions of […]


In my opinion

We need a more accurate measure of house price expectations based on an agreed set of official indices as these are a key part of any investment process and relying on a myriad of surveys is risky

How to cut mortgage fraud risk

Recent figures from Financial Fraud Action UK revealed a financial scam was committed, on average, every 15 seconds during the first six months of 2016, says Roy Armitage, head of credit at Lendinvest. That represents a 53 per cent rise year-on-year, with these scams coming in all shapes and sizes. Furthermore, a staggering 56 per cent of […]


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