Britain to Nationalize Troubled Mortgage Lender
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Britainâs treasury chief said that the struggling bank Northern Rock will be nationalized after the government rejected two private takeover bids.
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Chancellor warns nationalisation could be the 'more appropriate' solution for Northern Rock
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The British government announced emergency legislation Monday to temporarily nationalize Northern Rock PLC amid strident criticism of the move from opposition lawmakers and shareholders in the stricken mortgage lender.
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British Prime Minister Gordon Brown faced a political and public backlash on Monday after his decision to take ailing bank Northern Rock Plc  into public ownership, the first UK nationalization since the 1970s.
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The Bank of England has stepped in to provide emergency financial support to Britain&#39;s fifth-largest mortgage lender Northern Rock, the latest institution to fall victim to market turmoil, officials confirmed Friday.
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The British bank could face nationalization should an effort being led by Prime Minister Gordon Brownâs government fail to find a buyer.
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Embattled British bank Northern Rock   is preparing for a sell-off that could see its 100  billion pound ($202 billion) mortgage portfolio divided between  the country&#39;s other major banks, the Sunday Telegraph said.
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Northern Rock, the mortgage lender saved from collapse by the Bank of England, took a step toward repaying the loans by selling a 2.2 billion pound portfolio to JP Morgan.
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The British government on Monday unveiled plans to keep Northern Rock, the bank severely damaged by the squeeze on global credit, in the private sector.
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The Bank of England has agreed to provide emergency funding to mortgage lender Northern Rock after it fell victim to the liquidity squeeze in the banking sector, media reports said on Thursday.
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The British government deepened its involvement in Northern Rock on Tuesday, offering to guarantee more of the stricken mortgage bank's liabilities as it battles to find a private-sector buyer.
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Northern Rock, the mortgage lender saved from collapse  by the Bank of England, took a step toward repaying the loans by selling a 2.2 billion pound portfolio to JP Morgan.
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Countrywide, the biggest US mortgage lender, will cut up to 20% of its staff, as business slumps.
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Britain's financial authorities stepped in to rescue mortgage lender Northern Rock &lt;NRK.L&gt; on Friday as the group, which has lent aggressively to home buyers, fell victim to the sharp rise in borrowing costs between banks.
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Britain deepened its involvement in stricken mortgage bank Northern Rock  on Tuesday, offering to guarantee more of its liabilities as the struggle to find a private sector acquirer for the business continues.
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Federal-Mogul, the engineering company whose bankruptcy in the US is threatening the pensions of thousands of workers at its subsidiary Turner &amp; Newall, is sizing up a sale of its UK businesses.
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Nationwide, Britain's biggest mutually-owned bank, is to merge with smaller rival Portman, to create a new financial services group with more than 150 billion pounds (221 billion euros, 281 billion dollars) in assets.