Monday, September 17, 2007

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Housing Market Based Bank Collapse -- in England???

by Akiva at Mystical Paths

Shares in one of Britain's largest lenders tumbled another 30 percent Monday as customers, driven by fears of insolvency, made run on the bank and withdrew billions...

Customers lined up outside of Northern Rock branches across the country on Friday. On Monday, dozens of customers waited outside for branches in Birmingham to open, and more than 100 waited in Leeds...

Northern Rock's problems came against the background of signs of cooling in Britain's booming housing market...Britain was susceptible to some of the problems now roiling the U.S. real estate market..."Britain is more exposed than we are — in the sense that you have a good deal more adjustable-rate mortgages," he said.
AP News

This is worrying, and in line with words of the mekubalim (kabbalists). However, somewhat surprising as I hadn't heard of this being an issue in Britian.

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