Japanese Yen Picks Up Mild Gains as U.K. Mortgage Lender Comes Into Focus

Britain’s FSA has so far failed to find suitor for Bradford & Bingley, according to The Times. The troubled mortgage lender, which was downgraded by Moody’s last week due to its dependence on buy-to-let mortgages, as sector of the U.K. housing market which has all but dried up at the moment, said it was not participating in takeover talks, maintaining that the financial institution is well capitalized. However, The Times reports that the FSA has been in contract with National Australia Bank, ING and Banco Santander to broker a takeover deal. According to The Times article, neither NAB nor Santander was interested in acquiring B&B, while ING’s interest was unknown. Meanwhile, concerns over the mortgage lender have generated mild gains for the Japanese Yen, with the USDJPY moving below 106.50.