Bradford & Bingley lost £196m (US$295.4m) last year as result of buy-to-let fraud and bad debt. The former building society was nationalized by the UK government at the height of the credit crunch in September 2008, when it also sold its savings business to Spanish banking giant Santander. But B&B boss Richard Banks said the result was £71m better than feared. Losses in 2009 were mostly due to its exposure to the buy-to-let mortgage market. Repossessions rose from 1,503 to 2,892, while write-downs on bad loans almost doubled to £884m. The fraud mainly related to over-valuations made on buy-to-let properties at the height of the property boom.
Bradford & Bingley lost $295m last year to UK mortgage fraud
Most Popular Articles
Latest Articles
11 real estate events & conferences to help you thrive in 2024
Forge new connections at these in-person events and conferences that can help take your career to the next level.
-
In quest to grow reverse business, US Mortgage Corporation hires Krajewski
-
NAR wants VA to change rules that prohibit veteran buyers from paying broker commissions
-
Renters gain financial edge over homebuyers in key U.S. markets: Realtor.com
-
Reverse-centric Ibis Software appoints Sivori to board of directors
-
Clear Capital extends its partnership with Cherre