U.K. Asset Resolution Sells Mortgages to Virgin Money

U.K. Asset Resolution Ltd. agreed to sell 465 million pounds ($722 million) of Northern Rock (Asset Management) Plc residential mortgages to Virgin Money Holdings U.K. Ltd.

The proceeds of the sale will go toward repaying Northern Rock’s government loan, U.K. Asset Resolution said in a statement today.

(Company corrects sale amount in first paragraph.)
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