Taxpayers Saddled with Rock's 'Rubbish' Assets

Evening Standard - London › February 20, 2008

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Summary

TAXPAYERS have been left with Northern Rock's "rubbish" assets because its safest mortgages were hived off before nationalisation, MPs claimed today.

A major part of the bank holding its gold-plated debt assets is not being taken into public ownership, the Commons was told.

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Taxpayers Saddled with Rock's 'Rubbish' Assets

The riskiest debts including homeowners with "supersize" mortgages of 125 per cent are in the main part of the bank that is now being underwritten by t...

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