From: "Anthony R. Gold" 
Newsgroups: uk.finance
Subject: Re: Northern Rock and the mortgages - where do they stand ?
Date: Sat, 15 Sep 2007 13:13:43 +0100
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On Sat, 15 Sep 2007 12:37:46 +0100, "Tim"  wrote:

>> Mark Goodge wrote
>>> They own the asset that consists of their
>>> customers's debts (ie, mortgages).
>>
> "John Boyle" wrote
>> Not all of them. They have securitised much of them to
>> the tune of £40.2 Billion, being 43% of their loan book..
>
> What did they do with the money they
> got when they sold those securities?

That went, via their treasury operations, to reduce their need for funds
from the inter-bank capital markets that they would otherwise have tapped.

Tony