Bradford & Bingley (B&B) says mortgage arrears at the firm, which was crushed by the financial crisis last year, more than doubled in the first half of 2009.
Mortgage payments at least three months late rose to 5.88% in the first half of this year, up from 2.48% in H1 of 2008. The news came as B&B, which had been the UK's biggest buy-to-let lender before it was nationalised last September, reported a pre-tax loss of £160m, much wider than the £26.7m for the same period last year. Bad mortgage loans cost the bank £328.4m, up from £74.6m in the previous year. B&B blames fraud and professional negligence for the bulk of these losses, while also taking into account house price falls that are greater than general market estimates. Despi...
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