This petition is now closed, as its deadline has passed.
We the undersigned petition the Prime Minister to return Northern Rock to a business model based on sound lending funded by customer deposits. More details
Submitted by Adam Snook – Deadline to sign up by: 19 February 2009 – Signatures: 286
As of the time of writing this petition, Northern Rock appears to still be offering its infamous 125% loan-to-value mortgage as well as a variety of other risky or sub-prime mortgage products.
Given that these lending practices helped to bring the bank to its knees in the first place, that this kind of lending has contributed the dangerous credit bubble we are now in and that as UK tax payers we the undersigned have each been forced by the government to underwrite Northern Rock's loan book with several thousand pounds of our own money, we would like to petition Gordon Brown to return Northern Rock to a traditional low risk business model based on maximum mortgage lending of 3.5 times a person's salary or 3 times a couple's joint salary and a requirement for all mortgages to have at least a 20% deposit.
We the undersigned believe this is necessary in order to safeguard our money which has been used to support Northern Rock against our will.
Adam Snook, the Petition Creator, joined by: