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  • Britain to Nationalize Troubled Mortgage Lender

    02/17/2008 3:24:27 PM PST · by oblomov · 53 replies · 126+ views
    NY Times ^ | 17 Feb 2008 | JULIA WERDIGIER
    LONDON — The British government announced Sunday that it would bring Northern Rock, the struggling mortgage lender, under its control. It was the first nationalization of a bank in more than a decade and a huge blow for the government of Prime Minister Gordon Brown. The government rejected two takeover proposals for the lender, which ran into trouble last year because of a funding shortage that followed the subprime mortgage crisis in the United States. The government was forced to shore up the company with about £55 billion, or $107 billion, in loans and guarantees. “The government has completed its...