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Bradford & Bingley shares drop by 26 percent

02/06/2008

Bradford & Bingley are looking to open up 26 percent lower this Monday as majority of traders stated that a warning on 2008 profits would bring down market shares.

A chief executive from Bradford & Bingley cleared up on Sunday and the tormented lender announced plans for an unpredictable trading update, less than 30 days after astonishing investors with an emergency cash call.

During Monday one of Britain's largest buy-to-let mortgage lender is most likely to warn on 2008 returns, there are small concerns about the short-term prospects for the bank and the greater UK mortgage market, along with increasing arrears and bad debts.

A recent news report suggested that the U.S. private equity firm, Texas Pacific Group, has decided to take a 20 percent stake in Bradford & Bingley in a much-needed boost up for the embattled UK mortgage lender, a source accustomed with the matter stated.

During Friday, Bradford & Bingley shares ended at 88.25 pence per share. Today’s mortgage market is a major mess; to get the finest deals has become virtually impossible.

 


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