The so-called “bad banks” of Northern Rock (now NRAM) and Bradford and Bingley (B&B) plan to merge. The move is designed to cut costs and bring greater efficiencies for the UK taxpayer, who owns both businesses. They are set to be brought under one holding company with a single management team, although there is no firm timetable to complete the plan. Bradford and Bingley and Northern Rock were split into “good” and “bad” parts in the aftermath of the banking crisis. The change will not affect customers of the two businesses, who should carry on mortgage payments as normal.
Northern Rock and B&B ‘bad banks’ to merge
Most Popular Articles
Latest Articles
Did lower mortgage rates slow housing inventory growth?
After two weeks of significant increases, my model for inventory growth with higher mortgage rates came crashing down last week.
-
Labor market report is good news for mortgage rates
-
Virginia Realtors: Zillow’s touring agreement may not be legal
-
Low inventory creates challenging conditions in North Carolina’s housing market
-
Tri-state area housing shortage could cost the region economically
-
Remote reverse mortgage counseling now permanently permitted in Massachusetts