(1888PressRelease)
December 02, 2007 - London (shakespearefinance) : Two mortgage lenders perceived to be facing credit crunch situations have proved otherwise by succeeding in securing requisite funds from commercial sources.
Alliance and Leicester said that it had maintained strong assets and growth despite ‘unprecedented conditions’ in the financial markets.
Steven Cranshaw, chief executive at Bradford and Bingley said: "We have taken the view that we should take our funding when we can and we got in some early funding deals when the windows were open, so we are padded up for the long haul." The statements from the two mortgage lenders put to rest the concerns over financial crunch.
Despite challenging conditions in financial markets, the two mortgage lenders have succeeded in finding requisite funds from commercial sources, allaying any concerns that consumers might have in their minds.
The financial markets in the UK got affected by the record default rates in the US sub-prime mortgage sector. These debts were repackaged and sold to many banks worldwide, triggering the credit crunch effect. The biggest victim was Northern Rock. The Bank of England had to grant about £25bn as emergency loan as it was unable to borrow from the market. Since then the rates on mortgages, secured loans and personal loans have generally seen an upward trend.
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