Before the open: Markets remain muted by uncertainty from Fed and Germany September 24, 2013 Further Fed discussions on last week's news saw US markets close lower again yesterday for the third day. Overnight: #DOW lost 0.3% on Fed uncertainty and the political showdown on Fed budget nears. European markets also fell, Stoxx Europe -0.5% — belldirect (@belldirect) September 23, 2013 In the Eurozone, deliberations on a grand coalition continue [...]
Bank of America prepares for court case over home loan row September 23, 2013 BANK of America will this week face claims Countrywide, which it owns, defrauded government mortgage underwriters from 2007. It is alleged Countrywide approved deficient home loans in a process called “Hustle”, before selling those loans on to Fannie Mae and Freddie Mac. When the loans defaulted, those state-backed entities lost more than $1bn (£623m), with [...]
Osborne in denial over housing bubble September 22, 2013 London house prices are up 10pc in a year. So why does the chancellor say there’s no bubble? CHANCELLOR George Osborne has rejected suggestions that his policies are creating a housing bubble, even as new evidence emerges that prices are soaring in London. In an interview yesterday, Osborne said: “I don’t see the evidence of [...]
What the other papers say this morning – 20 September 2013 September 19, 2013 FINANCIAL TIMES Buyout to keep Caesars afloat The Las Vegas-based casino operator said this week it was seeking to raise almost $5bn in bonds and loans to refinance its commercial mortgage-backed securities and a chunk of junior debt. Apollo Global Management and TPG bought Caesars, at the time known as Harrah’s, in early 2008, paying [...]
London leads UK as optimism on house prices rockets again September 19, 2013 BRITONS are more upbeat on house prices than at any point in the last three and a half years, according to the Knight Frank sentiment index out today, as the economy recovers. And they believe prices are rising at their fastest pace since 2009. More than one-fifth of those surveyed believe their house’s value has [...]
Builders hit out at bureaucratic house planning September 18, 2013 HOUSEBUILDER Redrow dismissed debate that government mortgage schemes were fuelling a housing boom and said the UK’s “bureaucratic mess” of a planning system was the main cause of the housing shortage. The government has been criticised by economists and industry players for its launch of the Help to Buy scheme in March, the first part [...]
Osborne in denial over housing bubble September 17, 2013 London house prices are up 10pc in a year. So why does the chancellor say there’s no bubble? CHANCELLOR George Osborne has rejected suggestions that his policies are creating a housing bubble, even as new evidence emerges that prices are soaring in London. In an interview yesterday, Osborne said: “I don’t see the evidence of [...]
Mortgage approvals up as Help to Bubble scheme takes effect August 30, 2013 UK mortgage approvals have come in above analyst estimates, at 60,624 in July. Economists had predicted a jump to 59,000 from 57,667 the month before. The government's Help to Buy scheme, only one part of which is now active, has prompted higher demand in the housing sector. But for all that mortgage help, nothing has [...]
Before the open – 30/08 August 30, 2013 It's the last trading day of the month – and it looks the FTSE will close down this August. The index closed at 6621.10 on 31 July, and saw its monthly peak the next day at 6682.00. Opening at 6483.05, it seems very unlikely that anything dramatic will happening on what looks to be a [...]
London Week Ahead: Mark versus market in first public speech August 26, 2013 BANK of England governor Mark Carney’s keynote lunch speech to business leaders in Nottingham tomorrow has already been dubbed “Mark versus Market” – with market watchers dubious about Carney’s claims for long-term low interest rates. Rob Wood, economist at Berenberg Bank, said: “Growing momentum in the economy, rapidly rising house prices, and wide disagreements on [...]