INDUSTRY NEWS
Nationwide Shrinks Share of Mortgage Market, Says Credit Issues to Last Through Next Year
May 22, 2008
Source:The Telegraph
London--U.K. building society Nationwide has reduced its share of the mortgage market because it doesn't think the credit crisis will end until at least the first quarter of 2009, the Telegraph reported Thursday.
In the past year, the lender has cut its market share of new residential loans to 7.1 percent from 11 percent the year before.
Nationwide issued only £8.9 billion ($17,805,774,807) in residential and commercial property loans and consumer finance.
"Until we are confident we have got normality back we will continue to run on a cash model," Chief Executive Graham Beale said.
Still, Nationwide remains a major lender in the U.K.--almost £1 ($1.98) in every £5 ($9.9) saved during the year in the U.K. was deposited with Nationwide, the Telegraph said.
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