Are you confused by the Northern Rock nationalisation and wondering what Granite is?

Me too and until I can persuade Mrs NotaSheep to explain it all to me, I am having to rely upon the web. This article from September last year may be of interest, as might this article from House Price Crash.

Read these and worry.


The Times has a decent online article that explains that:

"Shortly before midnight in the Commons chamber, it emerged that the legislation to nationalise the stricken bank excluded the offshore company, Granite, which controls £40 billion of the bank's mortgages. Opposition parties say these are some of the bank's most secure assets. This has allowed Vince Cable to say that Northern Rock has been left with "rubbish" assets and he is now threatening to withdraw his support for the bill pending further clarifications from the Treasury."