US Mortgage Crisis Goes International

by Steven D
Sun Sep 16th, 2007 at 12:40:29 PM EST

A run on a bank by its depositors? That's the sort of thing that hasn't happened since the Great Depression, right? Well, it's happening right now in the United Kingdom to a bank, Northern Rock, whose business is centered around mortgage lending:

People with accounts at the Northern Rock have withdrawn almost £2bn since Friday, the BBC's business editor Robert Peston has learned.

And the firm is bracing itself for more withdrawals in the coming days. [...]