Landmark Mortgages Limited, formerly Northern Rock (Asset Management) plc and later NRAM plc, is a British asset holding and management company which was split away from the Northern Rock bank in 2010. It was publicly owned through the British Government's UK Asset Resolution following Northern Rock's nationalisation in 2008 until NRAM plc was sold to Cerberus Capital Management in 2016. The company is closed to new business.
NRAM held the bad debts of the former Northern Rock bank and was described as the "bad bank". The remainder, Northern Rock plc, was designated the "good bank", and in 2012 was bought by Virgin Money.[2] Since nationalisation, the assets of NRAM have been sold off in parts, culminating in November 2015 with the sale of £13 billion of mortgages and loans to Cerberus Capital Management. Cerberus purchased NRAM plc as part of the deal in May 2016, renaming it Landmark Mortgages. The remaining liabilities of NRAM that were not included in the sale were transferred to NRAM (No. 1) Limited, which was renamed NRAM Limited.[3]