The U.K. ... yes, I said U.K. ... mortgage crisis
Here's an excerpt with more details ...
"Hundreds of Northern Rock Plc customers crowded into branches in London today to pull out their savings after the mortgage-loan provider sought emergency funding from the Bank of England.
"It's scary,'' said Peter Pye, 60, a retired university lecturer standing in a line of about 30 people outside the Moorgate branch in the financial district. "I have my life's savings in Northern Rock.'' He said he would withdraw a "six-figure'' sum and leave 5,000 pounds in the account.
The Bank of England said it will provide emergency cash toNorthern Rock, Britain's third-largest mortgage provider, in the nation's biggest bailout of a financial institution in 30 years. The rising cost of credit left the lender unable to make new loans and stoked concern among customers about their money.
Northern Rock, which has 1.4 million retail depositors and 800,000 mortgage customers, hasn't imposed any special limits on withdrawals, spokesman Don Hunter said. The Newcastle, England-based company traces its roots back to 1850."