Rooftop silent on Bear Stearns sale

Rooftop Mortgages refuses to comment on the recent sale of parent company Bear Stearns.

The sale followed a week of rumours about the firm’s liquidity that ended in a substantial loan being made by the US Federal Reserve and JP Morgan Chase.

JP Morgan has since bought the bank, the US’ second-largest mortgage lender, for $2 a share – a 97.5% discount on their previous value.

One pundit says: “On the face of it, this doesn’t seem encouraging for Bear Stearns’ UK lender, Rooftop.

“JP Morgan is likely to make a number of Bear Stearns employees redundant in areas where businesses overlap, but Rooftop could survive the cull be-cause JP Morgan doesn’t have a UK mortgage arm.”