I did a Google news search on Granite just now. I wanted to know how many people are talking about the role of the Granite companies that I have been highlighting as the lynch pin of the abuse inherent in the Northern Rock balance sheet.
Do you know the best I could come up with? It was this:
MUMBAI, Sep. 20, 2007 (Thomson Financial delivered by Newstex) -- Standard & Poor's (NYSE:MHP) Ratings Services said today it has assigned its 'AAA' rating to the 1,000 mln stg class 1A and 3,600 mln stg class 2A mortgage-backed floating-rate note series 2007-3 issued by Granite Master Issuer PLC.
S&P said it also assigned its 'AA' rating to the 40.5 mln stg class 1B and 92.5 mln stg class 2B notes.
The originator of this transaction is Northern Rock PLC.
The City happily carries on whilst the world of the ordinary depositor in Northern Rock threatened to fall apart all around them. As evidence take this, from 14 September:
MUMBAI (Thomson Financial) - Fitch Ratings said the downgrade of Northern Rock PLC (NR) to 'A-' will not impact the ratings assigned to the residential mortgage-backed securities (RMBS) issued from NR's Granite master trust.
No sweat for Granite's City friends then. Just for ordinary Northern Rock depositors, as I said before.
But is anyone pointing this out? No.