May 12, 2008: Nationalized British Bank Reports Big Increase in Mortgage Arrears

State-owned British lender Northern Rock says that mortgages in arrears for at least three months have increased significantly over the last four months. On April 30 they accounted for 0.95 percent of its total lending, whereas on December 31 of the previous year they were only 0.57 percent of lending. The bank also says the British mortgage market remains “uncertain.” [BBC, 8/5/2008]