Bank of America close to $13bn mortgage bill July 16, 2014 Bank of America Merrill Lynch is next in line for a multi-billion dollar settlement for toxic mortgage sales in the pre-crisis years, it emerged yesterday. The bank is negotiating the settlement, which could come to around $13bn (£7.6bn) – similar in scale to the bill faced by JP Morgan. Executives from the bank met Justice Department [...]
Comparison site sector under fire from watchdog July 16, 2014 Price comparison sites may be giving customers poor information, particularly when selling insurance products, the Financial Conduct Authority (FCA) said yesterday. Customers are too focused on the headline price of products, the FCA fears, and may not either consider or understand the differences in contract details. “Price comparison websites have increased in popularity among consumers with [...]
London house price rises reach 20.1pc, with UK prices up 10.5pc July 15, 2014 House prices rose 10.5 per cent year-on-year for the 12 months to May 2014, outstripping the 9.9 per cent rise registered for the same period last year and higher than the 10.2 per cent expected by forecasters. Rises were largest in London where prices increased by 20.1 per cent, higher even than April's 18.7 per [...]
Family Building Society pledges to support young homebuyers July 14, 2014 A new building society that aims to help young adults onto the property ladder by allowing family members to share the financial burden has launched today. The Family Building Society, an offshoot of the National Counties Building Society, joins a growing list of lenders and “challenger banks” looking to take on the traditional high street [...]
Mortgage lending growth still firm despite new regulations July 10, 2014 The number of loans for house purchases rose by a quarter in the year to May, according to figures released yesterday, suggesting no dramatic effect from the raft of new regulations for the sector. The Council of Mortgage Lenders (CML) announced that house purchase lending was up in value by 25 per cent to £9.6bn [...]
Citibank braced for $7bn mortgage mis-selling bill July 9, 2014 Citibank is preparing for a $7bn (£4bn) settlement to cover mortgage sales in the years before the financial crisis, it emerged yesterday. The giant US lender is in negotiations with the Department of Justice over the case, which relates to mortgages being packaged up and sold to investors and government bodies. The loans had been [...]
Mobile and online money transactions hit £1bn per day July 7, 2014 Mobile and online banking transaction volumes are close to £1bn per day, the British Bankers’ Association (BBA) revealed in a report out today. That includes 2.6m transactions per day on mobile apps, though customers tend to use computers for major transactions. Overall, £1.7bn per week is transferred through mobile apps and £6.4bn over other internet [...]
Watchdog may probe banks on mortgage rates July 7, 2014 BANKS that hiked the rate of their floating rate mortgages might have acted unfairly to customers, the City watchdog warned yesterday. The Financial Conduct Authority (FCA) is asking borrowers and lenders if it is fair that banks can raise the rates on loans when they are stressed. Banks gave the mortgages before the crisis and did [...]
London report: Housing data to show soaring market levelling July 6, 2014 Housing prices are likely to be in focus this week, as two surveys show prices are still rising, though the market is levelling off. The RICS survey, published today, is expected to show less growth than in past months. Barclays’ Armela Mancellari said: “We expect the overall balance to have edged down [...]
London Report: FTSE ends on a high on strong economic data July 2, 2014 Britain’s top share index hit a one-week high yesterday, with upbeat economic data from the US and China improving investor sentiment and boosting cyclical sectors such as banks and miners and carmakers. The FTSE 100 index closed 0.2 per cent firmer at 6,816.37 points, after climbing to a high of 6,829.49, the highest level since [...]