Northern Rock underplays RMBS return

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Northern Rock underplays RMBS return

Northern Rock has been trying to play down the significance of its first public post-crisis securitisation, a £1.5bn prime RMBS. The state-owned bank was rescued by the UK government in 2007— the bank was heavily dependent on wholesale funding and struggled to finance itself when ABS markets packed up. Its reliance on securitisation was widely blamed for the bank’s fall from grace.

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