Monthly Archives February 2009

Northern Rock Gathering Moss

It would be nice to follow that headline with something witty and clever about how Northern Rock hasn’t been rolling along with much momentum compared to previous years but that much is obvious to everyone. Losses in the region of £46 Million have recently been reported in connection with repossessions. According to moneyfacts that equates to an average loss of £19,350 per property. The story is a bit ambiguous with the figures but if I’m reading it right that would suggest it has repossessed something like 46,000,000/19,350 = 2377.3 properties since 2001. For one of Britain’s largest mortgage lenders that isn’t
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Halifax Withdraws Unemployment Protection

What’s this? Halifax undertaking a cost cutting exercise in a time when unemployment is on the rise? There’s a surprise! From 8pm tonight, Halifax General Insurance will no longer be offering Accident, Sickness & Unemployment insurance. I think it’s pretty obvious why they are doing this but surely some clever boffins calculate how many claims they’d get from how may policy holders to know how much they need to charge to make a profit? Unemployment may well be on the rise but don’t banks and insurers plan for these kinds of eventualities? Of course you will surmise, I have just made
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