{"id":6782,"date":"2015-11-13T12:32:36","date_gmt":"2015-11-13T12:32:36","guid":{"rendered":"http:\/\/unitelive.org\/?p=6782"},"modified":"2015-11-13T15:55:46","modified_gmt":"2015-11-13T15:55:46","slug":"rock-and-a-hard-place","status":"publish","type":"post","link":"https:\/\/unitelive.test.igniteamt.com\/?p=6782","title":{"rendered":"Rock and a hard place"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n<p>The government&#8217;s\u00c2\u00a0\u00c2\u014113 billion sale of &#8216;bad bank&#8217; mortgages to a United States equity firm threatens the long-term security\u00c2\u00a0of thousands of\u00c2\u00a0home owners Unite has warned.<\/p>\n<p>&nbsp;<\/p>\n<p>Ministers are selling the remaining stake in Northern Rock and Bradford &amp; Bingley \u00e2\u20ac\u201c acquired by taxpayers during the financial crash \u00e2\u20ac\u201c to private\u00c2\u00a0equity firm\u00c2\u00a0Cerberus.<\/p>\n<p>&nbsp;<\/p>\n<p>Until now these\u00c2\u00a0mortgages\u00c2\u00a0have been held by\u00c2\u00a0UKAR (UK Asset Resolution), the so-called &#8216;bad bank&#8217; established by the government as a holding company in 2010.<\/p>\n<p>&nbsp;<\/p>\n<p>It has also been announced that TSB Bank, itself recently sold to Banco Sabadell, will buy \u00c2\u01413.3\u00c2\u00a0billion\u00c2\u00a0of former Northern Rock\u00c2\u00a0mortgages\u00c2\u00a0from\u00c2\u00a0Cerberus, becoming the lender to\u00c2\u00a034,000 UK home owners.<\/p>\n<p>&nbsp;<\/p>\n<p><strong><em>Short-term profit<\/em><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>Unite regional officer Brian Cole, said: \u00e2\u20ac\u015bthe sale of\u00c2\u00a0mortgage\u00c2\u00a0debt for astronomical figures was one of the main causes of the financial crisis, so it&#8217;s alarming to see the mortgages of so many home\u00c2\u00a0owners\u00c2\u00a0being sold-off to an equity firm whose only interest is short-term profit.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8220;The finance industry doesn&#8217;t need another &#8216;get rich quick&#8217; scheme.<\/p>\n<p>&nbsp;<\/p>\n<p><strong><em>Roulette wheel<\/em><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>\u00e2\u20ac\u015bOur members and the thousands of home owners who rely on us deserve long-term security, yet once again their futures are being placed on the roulette wheel.\u00e2\u20ac\u0165<\/p>\n<p>&nbsp;<\/p>\n<p>Making clear Unite\u00e2\u20ac\u2122s unhappiness at today\u00e2\u20ac\u2122s announcement Cole added: \u00e2\u20ac\u015bthe union will continue to consult our financial workers members at UKAR and seek assurances from Cerberus\u00c2\u00a0over both the long-term future of staff and the\u00c2\u00a0mortgage\u00c2\u00a0book.&#8221;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government&#8217;s\u00c2\u00a0\u00c2\u014113 billion sale of &#8216;bad bank&#8217; mortgages to a United States equity firm threatens the long-term security\u00c2\u00a0of thousands of\u00c2\u00a0home owners Unite has warned. &nbsp; Ministers are selling the remaining stake in Northern Rock and Bradford &amp; Bingley \u00e2\u20ac\u201c acquired by taxpayers during the financial crash \u00e2\u20ac\u201c to private\u00c2\u00a0equity firm\u00c2\u00a0Cerberus. &nbsp; Until now these\u00c2\u00a0mortgages\u00c2\u00a0have been [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[32,44],"wps_subtitle":"Northern Rock sell-off warning","_links":{"self":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/6782"}],"collection":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6782"}],"version-history":[{"count":1,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/6782\/revisions"}],"predecessor-version":[{"id":6783,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/6782\/revisions\/6783"}],"wp:attachment":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}