Their loan book will be sold on at a significant discount. Everyone knows that they will have a high default rate on their 5 times income lie-to-buy 125% LTV "products".
Actually WWW, it is well known among the banks that NR have a
lower default rate than the average mortgage bank. Their crisis is not borne of lower lending standards, but inability to fund through money markets.
The directors are not responsible for immoral lending - they are guilty of risky financing of themselves, which occurred in a manner that neither they nor their peers ever envisaged.
Less of the misleading rhetoric please.