Word: lender
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...governments from Germany to Iceland rushed to prop up five ailing financial institutions with huge cash infusions or full-blown nationalization, making it one of the grimmest days in the history of European finance. Among the high-profile casualties were Fortis, Belgium's largest bank; the venerable British mortgage lender Bradford & Bingley; and Germany's Hypo Real Estate, which has a massive $560 billion balance sheet and is a big player in the domestic securities market. As the governments stepped in, the message they sent to the public was supposed to be reassuring: Don't panic - your money is safe...
...quite so disastrously misread the economic situation, or so fundamentally misunderstood the inescapable nature of market economies - namely, that the greater the binge, the greater the hangover. Today, Britain is on the brink of recession, inflation has jumped to 4.7%, the housing bubble has burst, and mortgage lender Bradford & Bingley has just been nationalized...
...small-business owner, Freeborough has already felt the pinch of a tightened credit market. She'd like to expand her service department from four bays to 10. But her lender was a tad leery a few months ago about extending her credit. "I had so much else going on at that time, I held off," she says. "Now I'm thinking I should have just done it then. I am worried I won't be able to get a loan for it, and that will pull my business back." She says that even if car sales slump further, people still...
...partially nationalized through a $16.4 billion injection from the three Benelux governments, each of which will acquire a 49% stake in operations in their respective countries. In Britain, meanwhile, the government announced this week it had taken control of problem mortgages from Bradford & Bingley, Britain's second biggest mortgage lender. Despite those moves amid the spreading U.S. crisis, however, observers believe European companies and homeowners are not as exposed to financial ruin as their American peers. "For better or worse, depending on your perspective, these aren't the same property-owning societies like you have in the U.S.,"Buik says...
...Santander agreed to buy the savings deposits and branch network of the hopelessly overextended British lender Bradford & Bingley (B&B), forced into nationalization yesterday after investors and lenders lost confidence. B&B - whose share price has plummeted 93% this year - relied on the gummed-up wholesale credit markets for around half of its mortgage funding. Many of those home loans it has made, often without proof of the borrower's income, now look risky. For $1.1 billion, Santander will take on $37 billion in savers' deposits; the U.K. government, meanwhile, took on B&B's $78 billion mortgage book...