Nearly a Third of Northern Rock Borrowers Underwater
If you thought things were bad stateside, take a look at what’s going on over in the United Kingdom.
Northern Rock, a large UK mortgage lender that was nationalized last year after its collapse, revealed that 170,000 of its 590,000 borrowers had negative equity.
That equates to about 28 percent of its customers, with £22 billion of Northern Rock’s £66.7 billion home loan portfolio now underwater.