Bank of America agrees $315m Merrill Lynch settlement December 6, 2011 Bank of America has agreed to pay $315m to settle claims from investors who said they were misled by Merrill Lynch when they bought mortgage-backed securities in the run-up to the financial crisis. The settlement is one of the highest ever agreed against a bank over the mis-selling of the securities, which were shown to [...]
UK mortgage approvals are on the rise November 29, 2011 BRITISH mortgage approvals edged up more than expected to their highest in nearly two years last month, but the overall picture for lending remained well below pre-crisis levels and the outlook appears set to darken. The Bank of England said approvals for home loans – a gauge of house prices in six months’ time – [...]
Approvals on UK mortgages in shock jump November 23, 2011 HIGH street banks unexpectedly increased their number of mortgage approvals last month, the British Banking Association (BBA) said yesterday. “Reports suggest that some activity may relate to growth in the buy-to-let market as rental yields improve,” the BBA said in its report. Mortgage approvals came in at 76,042, up from 73,334 the previous month. The [...]
BUY November 3, 2011 DIRECTOR OF ESTATE AGENT DOUGLAS & GORDON Q.We’ve been offered a flat but the lease is less than 80 years. Should we avoid buying a short lease? A.The explosion in flat conversions sold off on 99-year leases in the 1980s has meant many of these flats now have leases approaching or below 80 years. In London, [...]
House prices edge up in a soft market November 1, 2011 HOUSE prices nudged up last month, beating expectations for no change, driven by sales in more affluent areas, data from mortgage lender Nationwide showed yesterday. House prices rose 0.4 per cent in October having risen 0.1 per cent in September, pushing them 0.8 per cent higher than a year ago, the first time annual house [...]
Stats hint at a drop in UK house prices October 31, 2011 MORTGAGE lending slipped for the second straight month in September, the Bank of England revealed yesterday, while a separate study released this morning exposes dwindling confidence in the likelihood of house prices holding up. More people expect house prices to fall over the next year than those expecting any rise, a survey by the Halifax [...]
Bank lending on mortgages is on the rise October 25, 2011 MORTGAGE lending rose over the twelve months to September, according to figures out yesterday from the British Bankers’ Association, though at a slowing rate. Growth of 1.6 per cent was recorded in net mortgage lending over the last year. Gross mortgage lending came in seven per cent higher in September than a year ago, at £8.4bn. [...]
FTSE flat after Slovak vote blow October 12, 2011 The FTSE 100 was flat this morning after Slovak lawmakers rejected a plan to expand the Eurozone rescue fund and the US earnings season kicked off with disappointing results. Slovakia’s decision rattled world markets as the plan — which would see Greece saved from economic abyss through new loans — is central to hopes that [...]
House prices rise in August October 11, 2011 House prices rose by 0.6 per cent on a seasonally adjusted basis in August, the biggest rise since March, government data showed. The Department of Communities and Local Government said house prices were 1.3 per cent lower than a year earlier, the smallest annual fall since April, and taking the average price of a home [...]
Euro deal on hold as Dexia is saved October 9, 2011 NEGOTIATIONS between the Eurozone’s biggest economies appeared to have stalled yesterday as France and Germany refused to detail how they will recapitalise the region’s teetering banks. A highly anticipated meeting yesterday resulted in a bland statement by German chancellor Angela Merkel that politicians “are determined to do the necessary to secure the recapitalisation”, which the [...]