Bringing the house down on repossessions

Radio 4’s Today programme featured a report this morning about a study on repossessions. The study highlighted that 50% of 1,2000 repossession cases examined came from mortgage providers that held only 6% of the market, classifying them as “sub-prime” lenders.

Lehman subsidiaries accounted for 10% of repossessions in the sample from a book representing only 1% of mortgages by account volume. The biggest UK institution in the sample was Bradford & Bingley, but Northern Rock which had been thought to have a “clean” mortgage book was also found to have a large share of the sample.

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