Mortgages Provider To Be Split and Sold Off
One of the first financial companies to have to be bailed out at the beginning of the credit crunch is one that provided mortgages to home buyers. The Northern Rock has been around for ages, yet it obviously acted imprudently when it came to lending and borrowing. And now there are plans to split it in half and sell part of it off. The European Commission does not want governments who helped their banks out by injecting heaps of money in to them to be unfairly giving them any advantage. So with this part sell-off it look slike British taxpayers will recoup a small part of the £15bn that was loaned to the nationalised lender.
