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Nationwide mortgage loans drop

The Nationwide mortgage lender is a UK building society that is solely owned by its members which have reached some 13 million members. It is a shock then to hear that this mortgage lender which is one of the largest in the UK reduced lending by 40% last year. This is shocking figure when you take into account the fact that the credit crunch only started to bite in the latter part of 2007. Nationwide's market share has dropped to 7% but this was not seen as an issue to Chief Executive Beale who stated that he would wait for the market to return before looking at building back up nation wide share to 11%. Nationwide mortgage has instead said they would being to concentrate on Nationwide savings instead as money becomes an all important commodity. The golden aim is to try to get more money coming in than going out and Nationwide have achieve this in the past year. On the plus side profits are up for Nationwide and its 13 million members.

23 May 08

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