Northern Rock "to sell mortgage portfolios"

According to a report in the Financial Times, the nationalised bank aims to repay most of the government bail-out in the next five to six years rather than rely on borrowers repaying their mortgages and the loan reducing gradually as it had previously indicated it would do. Relying on mortgage borrowers redeeming their mortgages to clear the bank's loan could take 20 years and Northern Rock aims to speed up the process by selling tranches of loans to investors. Investors have already expressed interest in buying loans from Northern Rock Asset Management, the FT reported, yet so far th...