A GOOD FINANCIAL SIGN FROM BRITAIN: NORTHERN ROCK TO RE-START MORTGAGE BUSINESS

BBC:

Northern Rock is to revive its mortgage business with up to £14bn in new loans by 2011, the government has announced.

The Newcastle-based bank is expected to take on about £5bn in new mortgages this year and up to £9bn from 2010.

They will be financed with money from new deposits, repayments on existing loans and more government money.

The move is part of wider plans to restructure the nationalised lender and follows a government decision to reverse the wind down of its loans.

Investment analyst Justin Urquhart Stewart, of Seven Investment Management, welcomed the move and said Northern Rock could provide inspiration to other banks.

• THERE'S BEEN SOME GOOD HOUSING NEWS HERE IN THE USA TOO: FORECLOSURE RATES ARE SLOWING ON FLORIDA AND CALIFORNIA.
  

• WE'RE MUCH CLOSER TO THE END OF THIS RECESSION THEN THE BEGINNING.