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B&B shares tumble after losses
B&B shares tumble after losses
Last Modified: 02 Jun 2008
By:
Faisal Islam
Buy to let lender Bradford & Bingley's shares tumble after it reports pre-tax losses and warns of tougher times to come.
Bradford & Bingley, Britain's biggest buy to let lender, is another victim of the house price crash.
It blamed today's results on a sharp rise in the number of homeowners falling behind with their mortgage payments.
In an effort to raise more cash, the lender said it was selling a 23 per cent stake to the private equity firm Texas Pacific Group.
And it has slashed the price of shares it will sell in a rights issue planned for next month.
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After the collapse of the US sub-prime mortgage market, the global economy is in the throes of a credit crunch.
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