The short answer is that much of the UK sub-prime market has either stopped lending or simply disappeared. Deutsche Bank’s DB Mortgages operation was one of the first to cease lending to new sub-prime customers, in August 2007. Investec-owned Kensington Mortgages followed suit in November 2007. Paragon, a leading buy-to-let lender – a market that partly overlaps with non-conforming lending – ceased lending to new customers in February. In mid-September, it rejected a £373 million ($687.7
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