Customers of Northern Rock Plc withdrew $2 Billion yesterday after the stock went down by 26% ..
Northern Rock is one the biggest mortgage lender in U.K.
The sub prime contagion is now spreading across the world and I don’t think its ‘contained’ as it was believed to be..

One is reminded of the famous words of J P Morgan on Lending – ‘character, credibility and collateral’
Nowadays the banks would want to first see your collateral [the housing documents] and as far as credibility is concerned..forget it..there are enough players in the market who don’t need your income proof to lend you the loans..
Finally..character..who has time to see you, talk to your references and process the loan documents!
In these days of ‘NINJA’ [no income, no job and no assets] loans for customers..God Save America and the rest of the world hell bent on following American financial systems!