Northern Rock!!!!?

Breaking news here in The UK.

Northern Rock one of the top 5 banks responsible for mortgages in our country has applied and been granted by The Bank of England for a loan to help them out of their present financial position.

It is 7 a.m 14th Sept over here and already pundits are nervous.

Our stock market has not yet opened but when it does there will be extreme trading.

The reason for this company asking for this loan is that Northern Rock has run out of U.S institutions for giving them loans.

So although Northern Rock have 113 billion dollars in assets and approx 23 billion dollars from it's own investors it has made every one very nervous.

Perhaps we are about to see a collapse in our housing market over here.

Your thoughts.

Thank you.

Northern Rock!!!!?

There are still enough very rich institutions to come forward to save the situation if they judge a crash is inevitable. They are playing 'blink' right now.