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U.K. to Nationalize Mortgage Lender: Reports 09/27/08 - 09:35 PM EDT

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September 28, 2008 – Comments (0)

The U.K. government plans to nationalize troubled mortgage lender Bradford & Bingley, according to published media reports.

Government officials have been talking to executives at the bank about its future, according to a report by the BBC.

After nationalizing B&B, the U.K. Treasury plans to immediately sell it to a bank, or to a number of banks, the report added.

Citing one person familiar with the matter, The Wall Street Journal also reported the U.K. government was on the verge of nationalizing the lender. Potential buyers of B&B's assets include U.K.-based HSBC(HBC Quote - Cramer on HBC - Stock Picks) and Spain's Banco Santander(STD Quote - Cramer on STD - Stock Picks), according to the Journal.

The move was expected to be announced Sunday night or Monday morning, according to the BBC.

In February, the U.K. government was forced to take over another mortgage lender, Northern Rock PLC. Taken from the artical at

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