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Britain to Nationalize Struggling Mortgage Lender

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Britain to Nationalize Struggling Mortgage Lender

Business

Britain to Nationalize Struggling Mortgage Lender

Britain to Nationalize Struggling Mortgage Lender

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  • <iframe src="https://www.npr.org/player/embed/19141316/19141273" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

The British government announced on Sunday that it will nationalize mortgage lender Northern Rock. The British government rejected two takeover proposals for the lender, which ran into trouble last year following the subprime mortgage crisis in the United States.

Northern Rock is the first bank to be nationalized in decades.

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