BofA investors plot challenge over pay out July 5, 2011 A GROUP of bondholders in Bank of America plan to challenge the lender’s $8.5bn (£5.2bn) settlement with holders in soured mortgage-backed securities. Eleven companies, known together as Walnut Place, filed papers in the New York Supreme Court in a bid to overturn the payment. They say they have “serious concerns about the secret, non-adversarial, and [...]
Persimmon sees volumes dip July 5, 2011 HOUSEBUILDER Persimmon said completions and turnover dipped in the first half year-on-year against a backdrop of a stabilising market, while it expects an increase in volumes for the remainder of the year. The York-based builder said it completed 4,439 homes in the six months to end June, against 4,657 in the same period last year. [...]
Mutuals increase their lending June 30, 2011 Lending by mutuals jumped by 20 per cent in May, compared to the same time the previous year, research from the Building Societies Association (BSA) found this week. Gross lending totalled £1.8bn, while mortgage approvals also hit £1.8bn – a 15 per cent increase on May 2010.
UK consumer confidence slumps again June 29, 2011 SQUEEZED household incomes prompted a sharp drop in consumer confidence in June, while appetite to take on debt remains weak according to separate data released by the Bank of England yesterday. After an uptick in morale from extra bank holidays in April and May, the GfK NOP consumer confidence index slipped back to -25, with [...]
Bank of America to pay $20bn in charges June 29, 2011 Bank of America Corp said it expected to take more than $20bn (£12bn) in charges after settling with mortgage bond investors, resulting in a second-quarter loss. The $8.5 billion settlement removed a question mark that had been hovering over the bank since October, and its shares rallied. The deal, combined with other settlement-related charges, was [...]
Mortgage approvals and consumer credit weak June 29, 2011 Mortgage approvals ticked up only slightly and consumer credit growth remained weak in May, Bank of England figures showed , highlighting the soft outlook for consumer spending ahead. The Bank said mortgage approvals numbered 45,940 in May, up from 45,447 in April. Analysts had forecast a reading of 46,100. The figures are likely to reinforce [...]
STRICTLY BUSINESS BRIEF ENDS VINCE CABLE’S DANCING DREAM June 28, 2011 THERE is something bothering business secretary Vince Cable – and it’s not the separation of retail and investment banking, the Greek debt crisis or even waging war on Rupert Murdoch. No – Cable is concerned his demanding day job could mean he never fulfils his dream of returning to Strictly Come Dancing for a full [...]
House prices dip 0.4pc in May June 28, 2011 House prices in England and Wales fell by 0.4 per cent in May, data from the official Land Registry showed. Average residential property prices were 2.2 per cent lower than a year ago at £161,823, the Land Registry said. The only region in England and Wales to buck the downward trend was London which saw [...]
Consumers’ borrowing drops and fewer seek remortgaging June 23, 2011 CONSUMERS are borrowing less and repaying more on debts, data from the British Banking Association (BBA) revealed yesterday. Unsecured credit contracted by 1.2 per cent in the year to May, while net credit card borrowing measured a modest £73m in the month – the weakest rate of borrowing on plastic for this year. “Demand for [...]
JP Morgan pays out on fraud probe June 21, 2011 BANKING giant JP Morgan has agreed to pay $153.6m (£94.6m) to the US regulators to resolve an investigation into the selling of risky mortgages at the height of the financial crisis, though it has not admitted liability. The Securities and Exchange Commission (SEC), Wall Street’s watchdog, had filed civil fraud charges against the bank for [...]