Barclays to make a £500m loss on its Spanish arm as it agrees sale to CaixaBank September 1, 2014 Barclays has agreed to sell its Spanish business to CaixaBank, Spain's third-largest lender, for €800m (£630m). The bank will make a £500m loss on the deal to sell its Spanish retail banking, wealth and investment management, and corporate banking businesses, but leverage exposure will be trimmed to the tune of £15bn. Shares in Barclays were [...]
OneSavings Bank profits rise after lender tightens purse strings August 27, 2014 OneSavings Bank, the first British lender to float on the stock market since the turn of the century, yesterday said lower costs had helped to drive a four-fold rise in half-year profits. The lender, which offers mortgages and saving accounts through its Kent Reliance brand, said underlying pre-tax profits rose to £29.7m for [...]
Foxton’s prepares for housing market slowdown in London August 27, 2014 Investors fled Foxton’s shares yesterday after the London property agent warned that it expected a slowdown in the housing market in the second half of the year. The company, which floated in September last year, said measures introduced by the Bank of England to temper mortgage lending and the expectation of a hike in interest [...]
Bank of America’s $17bn mortgage settlement is biggest banking fine ever August 21, 2014 Bank of America was yesterday hit by the biggest banking fine ever, as US authorities charged the lender $16.6bn (£10bn) for mortgage fraud. The bank gave mortgages to customers who could not afford them, then packaged up the toxic loans and sold them on to investors and the US government under the pretence that they [...]
Exclusive: Lenders want a sunset clause on mortgage limits August 21, 2014 The Bank of England should make new limits on mortgages temporary by inserting a sunset clause immediately, the Building Societies’ Association (BSA) will tell regulators next week. Other lenders are also worried – specialist banks fear they will be unable to lend to certain categories of rich borrower, and some big banks are worried the [...]
Bank of America makes record $16.65bn settlement with US regulators over mortgage-backed securities August 21, 2014 Bank of America is to pay out $16.65bn (£10bn) to settle an investigation into sales of mortgage-backed securities dating back to the financial crisis. As agreed with the US Justice Department America's second-largest bank will pay a $9.65bn cash penalty to the US government and provide around $7bn of relief to consumers. The figure is [...]
Mortgage lending surges again despite housing market wobble August 20, 2014 MORTGAGE lending hit its highest level in six years in July, industry data showed yesterday, dampening worries that the housing market was slowing down. Banks and building societies gave out £19.1bn in home loans last month, up 15 per cent compared with July 2013. That figure is seven per cent higher than the level just one [...]
Mortgage lending rises 15pc to its highest level since 2008 August 20, 2014 Gross mortgage lending rose to £19.1bn in July, the Council of Mortgage Lenders (CML) said today – the highest monthly figure since August 2008, when it stood at £19.3bn. The figure rose 17 per cent from £16.7bn in July 2013, and seven per cent from June's £17.9bn. The number of property transactions also increased, by [...]
Nationwide hit by mortgage loan crackdown despite first quarter profits rise August 18, 2014 Nationwide’s profits more than doubled in the first quarter of its 2014 financial year, the building society said yesterday. But its mortgage lending volumes were hit hard as tougher new rules came into force in April. Gross mortgage lending came in at £5.8bn in the three months from April to the end of June, down [...]
Northern Rock steps up law suit against UBS August 17, 2014 NORTHERN Rock has called on a US judge to advance its case against Swiss bank UBS, which it is trying to sue over a portfolio of mortgage loans the British lender bought in the years before the financial crash. The British bank wants to sue UBS for $48.5m (£29m), arguing the investment bank knew the [...]