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  PaulB, this is not quite true.
  
  Northern Rock had a higher risk business model than average because of the way it raised the finance to lend to house buyers. They relied less on a savings book and bought finance on the market. They were also not very diversified as a banking proposition.
  
  I am not heavily into mortgages, not done one for over a year now, but I do remember that NR were not as bad as you suggest. They did have a sub-prime book and a self-cert book, certainly, but that in itself is not necessarily a problem. I dont have first hand experience of placing lending with them, not for a lot of years anyway, but I am not aware that they were necessarily among the worse offenders when it came to irresponsible lending. There were certainly a lot worse out there.

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