Buy custom The Failure of Northern Rock in the Light of Banking Economics and Regulation

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Its core business was, and still is, residential mortgage lending. Northern Rock was the biggest provider of mortgages in the UK in the first half of 2007. It sold up to 19% of all new mortgage policies during that time. However, it had a comparatively smaller deposit base meaning that most of its funding came from sources besides deposits from ordinary retail customers...

Famously, seventy-five percent of its funding came from the wholesale money markets and just twenty-five percent from retail funding. Additionally, like many other banks, Northern Rock extensively engaged in packaging many of its mortgage assets into special purpose companies and raised funds in the wholesale market by issuing asset-backed securities...

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