Thanks to Temie Laleye and GB News for the Headline
The bank in question is Barclays who appear to have been duped into lending to an unscrupulous UK mortgage lender “Market Financial Solutions”.
It’s all in the administrators hands now. The evidence shows that multiple loans were improperly secured for a number of single properties, leaving a massive shortfall in the loan to asset ration and leaving lenders exposed to losses.
There is worse news , according to Bloomberg more than £2 billion ( I assume the figure is correct and isn’t $) in loans to the bridging loan and buy to let mortgage provider (Market Financial Solutions) were provided by Wall Street Firms.
Pretty scary stuff, money chasing money and a House of Cards Scenario. Let’s hope it’s not the World that catches the cold from the plague of financial services double dealing.
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thenotsomightyom 