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Within a few days, the UK government will announce its very own bank bailout. New Labour are preparing a capital injection that will see the government take up an equity stake in several high street banks. The ironies pile up. In the mid 1990s, Labour, the old party of nationalization, rejected state ownership in order to become electable.

...and the news from the front is bad.

First-time buyers welcome crash "House prices have fallen for 11 months in a row with lender Nationwide warning of "difficult" times ahead, but many first-time buyers are quietly counting their blessings.

Last December, I forecasted a 9 percent fall in house prices from their October 2007 peak. That forecast proved to be too conservative. Prices are now down over 13 percent. By the current rate of decline, the price decline should easily touch 15 percent by next month.

From the Federal Reserve Press Release: In response to continued strains in short-term funding markets, central banks today are announcing further coordinated actions to expand significantly the capacity to provide U.S. dollar liquidity.

Buy to Let Filed under: Blogs & Blogging, General News, General Rants — Longrider @ 16:41 pm Justin seems to have jumped on a popular bandwagon; the one that vilifies buy-to-let landlords. And so, the nation owns Bradford & Bingley’s buy-to-let landlords and looks like it will do for some time.

What is all this about the "particularly hard-hit buy-to-let market" I keep hearing about in reports about the demise of Bradford & Bingley? The thing is, I tend to follow the figures a bit and was not aware of any of the "reliable" variety that had pointed to BTL being "particularly hard hit".

Specialist buy to let mortgage provider, Paragon, has announced that it will be reducing its lending levels to new customers as of the end of February 2008, reflecting the cutbacks that many lenders are making.

An excellent explanation from Dan Roberts of the Telegraph: "Imagine you took your pay cheque down to the bookies each month and put it all on the 2.15pm at Newmarket. Imagine, too, that you were lucky enough to win - not just occasionally, but every month for several years.

According to the Telegraph, the Treasury minister Yvette Cooper bowed to the inevitable and confirmed that the Government was "stepping in" to nationalize Britain’s eighth biggest mortgage lender. It is not hard to see why the B&B had to join NRK: On Friday, its shares were trading at just 20p Credit default swaps cost 1500 basis points.