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Rock will sell mortgages to JP Mortgan
Fri, 11 Jan 2008
The UK bank and mortgage lender Northern Rock Plc are set to sell 2.2 billion pounds worth of mortgages to JPMortgan Chase and Co. The lender needs to repay a massive loan issued by the Bank of England, as much as 25 billion pounds since last September.

The sale will allow a pay off of 2.25 billion pounds worth of Bank of England debt, according to their spokesman. JP Mortgan, who are based in New York, are paying slightly over the balance-sheet value of the mortgage loans, approximately 50 million pounds.

According to the chief executive of the mortgage lender, Andy Kuipers, the mortgage book being sold represents just 2 per cent of the banks gross assets . In response to the news, the shares climbed 3.75 pence to 89 pence.

Two companies are in a bidding war to purchase the bank, Virgin Group and Olivant Advisers Ltd.

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