After talking about it for many months, British mortgage lender Northern Rock has confirmed that it is about to get round to launching a mortgage-backed securitization.

The Newcastle-based mutual-turned-bank has mandated JP Morgan to arrange the first deal in what is likely to be a repeat issuance program. The program "will be opened, barring market conditions moving against us, in September, with the first issue actually taking place at the start of October," said Adam Applegarth, Northern Rock's executive director.

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