Bradford and Bingley Nationalised

Bradford and Bingley Nationalised

Bradford and Bingley has been nationalised with the tax payer now owning and managing the mortgage loan book and the savings side sold on to Banco Santander.

Investors breathed a sigh of relief at the news.  

The fault, as ever, lies with poor management decisions made over years such as poor lending policy, with its adverse credit history mortgage arm GMAC.  There were also good results, with excellent services such as the lending arm for independent advisers called Mortgage Express.

We are sorry to see the brand go, but pleased that investors have been protected.

The fault for his demise lies clearly with the regulator, who has failed to regulate and the directors at Bradford and Bingley who clearly have mismanaged the business.

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