Will mortgage market absorb Northern Rock slack?

Will the British market absorb the residential mortgages, that should
have been written by the tottering UK bank Northern Rock? At the beginning
of November Money Marketing cites John Malone, who says that the
market will struggle to cover the £20bn to £25bn handled by the
Newcastle-based lender. Mr Malone, who is managing director of
Premier Mortgage Service, comments that he is hard put to think of
lenders, who could handle the business.
However, Phil Jenks is more positive since most of Northern Rock's
business is straightforward two year remortgage business. Mr Jenks is
head of mainstream mortgages at Halifax Bank of Scotland (HBOS).