Nov
15
British Government Sells Northern Rock Mortgages for $20 Billion
ByLONDON — The British government said on Friday that it had sold a portfolio of mortgages it acquired during the financial crisis to affiliates of the investment firm Cerberus Capital Management for 13 billion pounds, or nearly $20 billion.
The mortgages were originally owned by Northern Rock, a British bank that was nationalized during the financial crisis.
The sale followed a competitive bidding process that lasted six months, and it is the largest ever financial-asset sale by a government in Europe, the British government said…
British Government Sells Northern Rock Mortgages for $20 Billion
