Short post: RBS has taken very few charges on its HELOC buiness. I have pointed out that – at least for some houses the price has fallen to near-zero – and the HELOCs are worthless.

This is true for about half of Detroit (an area laden with Charter One branch originated HELOCs).

I will leave you one factoid from todays Wall Street Journal:

For the first four months of this year, home sales in Detroit, excluding suburbs, totaled 3,360, up 48% from a year earlier, according to the Michigan Association of Realtors. The average price dropped 56% to just $20,514. That average is so low because many of the sales involve decrepit homes in neighborhoods with few jobs.

Does anyone believe – even remotely – that Fred Goodwin or Larry Fish have an iota of credibility? Advice to the board: terminate them for cause. Then resign yourself.

Last 5 posts by John Hempton

• In praise of fraudulent accounts - June 18th, 2008
• Its time for a short version of yesterday's post - June 17th, 2008
• What’s a nice girl like you doing in a place like this? A comment on General Electric’s corporate lending business - June 17th, 2008
• Barclays in denial - June 16th, 2008
• Stephen Cooper - a follow up - June 16th, 2008