Citigroup settles lawsuit for £372m August 30, 2012 Citigroup agreed to pay $590m (£372m) to settle a shareholder lawsuit accusing it of hiding tens of billions of dollars of toxic mortgage assets, one of the largest settlements stemming from the global financial crisis. The agreement resolves claims that shareholders ended up with massive losses after the bank failed to take timely write-downs on [...]
London report August 27, 2012 MARKET watchers will be looking to tomorrow’s Nationwide house prices report and mortgage approvals on Thursday to gauge whether the UK’s economy is pulling out of its double dip. Recent data put the number of mortgage approvals at a 15-year low and last month house prices had fallen by 0.7 per cent and 2.6 per [...]
Building your house on government support does not provide the firmest of foundations August 20, 2012 BETWEEN a government practically falling over itself to offer support and the supply constraints that continue to dog the UK property sector, there are worse things to be, even in today’s difficult marketplace, than a housebuilder. As Bovis Homes proved yesterday, with a doubling of pre-tax profit in the first half of the year compared [...]
House prices suffer biggest drop since 2009 – Nationwide August 1, 2012 British house prices fell at their fastest annual pace in nearly three years last month, data from mortgage lender Nationwide showed today, as the effects of nine months of recession spread further across the economy. Nationwide reported a 0.7 per cent decline in house prices in July, a much bigger drop than that forecast by [...]
Mortgage approvals plummet to their lowest level for 18 months July 30, 2012 MORTGAGE approvals plunged to their lowest number in a year and a half in June, according to Bank of England data released yesterday. Only 44,192 loans for home purchase were waved through by lenders last month, down from 50,544 in May and significantly below economists’ forecasts. While two extra bank holidays falling in June might [...]
LONDON WEEK AHEAD July 29, 2012 RESULTS season continues with a slew of banks, energy and leisure firms due to update this week, while the Bank of England’s monthly decision on interest rates is due on Thursday. Today’s biggest news comes in the form of interims from under-fire banking giant HSBC and household goods behemoth Reckitt Benckiser. The Bank is set [...]
Firms’ demand for credit fell again in June July 24, 2012 BUSINESS borrowing slumped again in June according to industry figures released yesterday, raising more fears that there is little demand for credit and so the government’s “funding for lending” scheme, which starts next month, may not work. Net lending to non-financial businesses fell £3.2bn in June, reversing May’s £1.3bn rise, British Banking Association data showed. [...]
Wells Fargo pays $175m fine July 12, 2012 Wells Fargo yesterday agreed to pay $125m (£81m) to resolve allegations it discriminated against certain borrowers on the basis of race and national origin in its mortgage lending, the US government said yesterday. Wells Fargo also agreed to contribute $50m to help those buyers making down payments or improving their homes in some metropolitan areas [...]
Businesses lose out as bank lending slumps even further July 3, 2012 LENDING to businesses dropped in May, according to banking industry data published by the Bank of England yesterday. Equity fund-raising also dipped, as did commercial paper issuance. Consumers were also hit – although credit rose slightly overall, mortgage approvals remained low and the overall market is sluggish. Net business lending fell £1.7bn in May, reversing [...]
First dip in net mortgage lending since counting began, say banks June 27, 2012 NET MORTGAGE lending fell in May for the first time since the British Banking Association (BBA) began measuring the figure in 1997, the financial sector industry group said yesterday. With capital repayments outpacing stable gross lending, net mortgage lending dipped by £73m from April. And mortgage approvals fell 3.4 per cent in the year to [...]