NORTHERN ROCK The Rise and Fall of Northern Rock has made headlines around the world. Northern Rock (LSE: NRK) is a British Bank based at Regent Centre near New Castle Upon Tyne in northern England. It offers residential mortgage loans, commercial lending services, personal loans and insurance distribution services. The groups lending services are primarily centred in the UK whereas funding is carried out globally. In January, the bank announced record pre-tax profits of £627m for 2006, 27% higher than the previous year's. This marked a decade of success since its conversion in 1997 from a building societya residential mortgage lender owned by its savers and borrowersinto a bank quoted on the stock market. A small local lender has become Britain's fifth-biggest mortgage provider. During the second and third quarter of 2007, this bank faced a liquidity crunch due to the after effects of sub prime mortgages crisis in the U.S. Consequently, on 13th September 2007, Northern rock asked the Bank of England, the lender of last resort, for liquidity support to avert this. This......

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