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 [...]
Federal Reserve backs global regulators on Basel III proposal June 7, 2012 AMERICA’S Federal Reserve last night released a proposal to back the Basel III agreement on higher capital standards for banks, even though it largely rejects pleas by the US banking industry to soften parts of the new standards. The Fed board voted 7-0 yesterday to put the proposal out for public comment. The Federal Deposit Insurance [...]
House prices edge up in May May 31, 2012 House prices rose slightly more than expected this month to leave prices broadly unchanged on a year ago against a backdrop of generally subdued demand, according to figures from mortgage lender Nationwide. House prices rose 0.3 per cent in May after a 0.3 per cent drop the month before – a marginally bigger rise than [...]
Consumers cut back on credit card borrowing May 30, 2012 BANK lending fell again in the three months to April, Bank of England figures showed yesterday, while consumers also cut back on new unsecured credit. Overall lending to non-financial corporations dropped by an annualised 4.9 per cent in the three-month period, with construction lending falling 10.1 per cent and services down by the same and [...]
FTSE lurches towards worst month since August May 30, 2012 The FTSE 100 dipped this morning as the Eurozone’s debt woes continued to cast a shadow and hopes that China would trigger further fiscal stimulus were dealt a blow. Investors are awaiting the European Commission’s economic strategy on how austerity measures can be introduced without quashing the growth required for recovery. Concerns about Spain’s ability [...]
Mortgage approvals rise May 30, 2012 UK mortgage approvals for house purchase and mortgage lending were at their highest since January last month, but Britons repaid their credit card bills at the fastest rate in more than five years, Bank data showed on Wednesday. The central bank said mortgage approvals numbered 51,823 in April, up from 51,067 in March. Analysts had [...]
LONDON WEEK AHEAD May 20, 2012 GIVEN property developer British Land’s significant presence in the City, its full-year results will be closely watched this morning for signs of how the Eurozone crisis is hitting the company’s retail lettings. Budget airline Ryanair will also release its full-year results, as will outsourcing group Mitie. The spotlight will turn to the UK high street [...]
Business lending data points to a continued squeeze on credit May 2, 2012 BANK lending to businesses dropped again in March, official data showed yesterday, raising further criticism that the government is failing in its stated aim to improve credit conditions. Borrowing by firms fell £3.2bn in the month, the Bank of England revealed, following drops of £4.2bn in February and £3.6bn in January. That means bank lending [...]