April 17, 2008

ANOTHER UK LENDER GONE BUST

Rooftop, the UK sub-prime lender owned by Bear Stearns is closing down with immediate effect. Its entire range will be withdrawn tomorrow according to Mortgage Strategy.
“Market conditions have continued to deteriorate and with no signs of recovery in the securitisation and whole loan trading markets, which underpin our strategy, Rooftop’s origination business has become unsustainable,”
claims Ginny Darrow, Rooftop CEO.

The company will operate a "pipeline business" with a view towards closing all operations in July.

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