Word: mortgagee
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He wasn't kidding. Almost immediately after Northern Rock announced on Sept. 14 that the Bank of England had agreed to make an unspecified amount of emergency funds available to it, worried depositors began retrieving their savings. Although the Bank's move aimed to reassure punters, it only served to...
The troubles at Northern Rock jar with the cachet the bank has enjoyed in recent years. Its low cost base, loyal customers and slick operation helped it outperform every other British banking stock in 2006. The lender - not yet 50 years old - "was a darling of the stock market," says...
Eventually, those markets stopped working so well. The collapse of a U.S. subprime mortgage sector built on lending to home buyers with poor credit histories has given global credit markets the jitters. With that risky debt spliced, repackaged and sold around the world, uncertainty over just who was exposed to...
In the meantime, just as central banks in the U.S. and euro zone have pumped cheap cash into money markets to boost liquidity in recent weeks, the Bank of England announced plans to inject almost $30 billion into the U.K. system after the credit squeeze nudged up the rates banks...
Federal Reserve Chair Ben S. Bernanke ’75 and the Federal Open Market Committee voted to slash the target federal funds rate, the overnight rate at which banks can lend to each other, by half a percentage point yesterday to four-and-three-quarters percent—a...