Pimco to purchase £5bn of mortgages from UKAR

Bradford Bingley

Pacific Investment Management Co is set to acquire £5bn worth of mortgages from collapsed lenders including Bradford & Bingley

UK Asset Resolution (UKAR), “the bad bank” formed to take on the loans of Northern Rock and Bradford & Bingley, has agreed the deal to sell the loan-book to Pimco ahead of other hedge funds, according to media reports.

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