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CML: Mortgage arrears and possessions conference at the The Midland Hotel, Peter Street, Manchester, M60 2DS
B&B confirmed as the next Northern Rock
The government has confirmed that Bradford and Bingley will have its £20bn deposit business, together with its branch network, sold to Abbey, and that the mortgage and loan book amounting to something like £50bn will be taken on by the government.
The deal will see Abbey which is part of the Santander group take over the 2.7 million customer savings accounts that Bradford and Bingley currently have on its books.
The Treasury announcement this morning follows a weekend of high level meetings and negotiations, but with a lack of serious buyers the outcome was fairly inevitable, although there was a rumour of a bid from HBOS, which is itself in the midst of a takeover by Lloyds TSB.
Although the shares have been suspended, Bradford and Bingley will be operating as usual today.
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- Lime Network adds MortgageStream™ software to Panel
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