Bradford & Bingley update

"The Bradford and Bingley mortgage book is a lower quality book of mortgages, it is a worse asset than Northern Rock," said Charlie Parker, of Citywire.

"It has experienced double the arrears rates of other lenders."

Remember that the next time some left-wing fool drones on about how this is all the fault of the US sub-prime market. The Bradford and Bingley failed largely because it made 100% mortgage loans and often on a self-certification basis.