News in Brief

Standard & Poor's president Kathleen Corbet has quit, as criticisms mount over rating agencies and their role in the unfolding subprime mortgage crisis. Corbet has left to "pursue other opportunities", parent company McGraw-Hill says. She will be succeeded by Deven Sharma, a senior McGraw-Hill executive who has been at S&P since late last year.

Northern Rock, the UK's fifth biggest mortgage lender, was forced to seek emergency funding from the Bank of England last month as the securitisation mark

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