Northern Rock is withdrawing from the sub-prime mortgage business, bringing to an end a partnership with US investment bank Lehman Brothers, The Telegraph .
The Newcastle-based lender said yesterday it would no longer drum up sub-prime and "near-prime" mortgage customers for Southern Pacific Mortgage Limited, a subsidiary of Lehman. Northern Rock entered into an arrangement with Southern Pacific in April 2007 to find customers with impaired credit histories for the specialist lender. THE HOUSING MARKET experienced its most severe downturn since the housing slump of the 1990s last month, the Royal Institution of Chartered Surveyors (RICS) will say today, The Times reports. More surveyors saw house prices fall in February than any other time s...
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