Northern Rock's 'bad bank' merges with B&B

UK Asset Resolution (UKAR) will run the closed mortgage books of both B&B and Northern Rock Asset Management (NRAM), and could one day be sold off alongside the "good" part of Northern Rock, which has begun selling new mortgages again. An "executive team" of members stripped from the former boards of each company will run UKAR in a bid to maximise value for taxpayers. UKAR says the team's mandate is to ensure both companies continue to treat customers fairly, deliver high levels of service and support customers facing financial difficulty. But the holding company is not authorise...