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January 11, 2008: Ailing British Lender Sells Some Assets to US Bank

2008-01-11

Troubled British mortgage giant Northern Rock agrees to sell £2.2 billion (about $4.4 billion) of its mortgage assets to US investment bank JP Morgan. The assets represent about 2 percent of its mortgage portfolio and the price represents a 2.25 percent premium on the assets’ value. Northern Rock says it will use the funds to pay back some of the £25 billion ($50 billion) in emergency loans it has been given by the Bank of England to help it through the financial crisis. [BBC, 8/5/2008]