I am looking on at the debacle of Northern Rock with some wry amusement. I recently moved my mortgage from them after some pretty shabby service from them over a number of years.
I take comfort that I did the right thing not because the lenders and investors with them are under any threat, but because I think they are just not a good business to their customers.
However, this current situation is not quite as bad as is being made out. The fact is that the press, especially the BBC, are having a field day reporting this – partly because they have nothing else to do. It is they that are causing the nervousness in the market and the fear amongst ordinary people and it is disgraceful. On the other hand it shows the real power of the media when they can undermine the confidence of investors in a business as large as this.
Is this likely to change much in the market? It probably will not because the housing market, despite the apparent fall in prices in August, has probably stabilised and we are unlikely to see the continuing increases we have seen of recent times. As someone who is trying to move I cannot help but think this would be a good thing.
2 Comments
September 16, 2007 at 9:06 am
If you can keep your head when all about are losing theirs and blaming you,you are a man my son.
September 17, 2007 at 8:48 am
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