Mortgage lending is down 7 per cent October 20, 2010 GROSS mortgage lending fell to just £12bn last month, which was the lowest September total for a decade, figures from the Council of Mortgage Lenders (CML) revealed yesterday. This was 7 per cent lower on September 2009 when lending was £12.9bn and 1 per cent lower on the previous month. The September 2010 figure was [...]
Mortgage lending in September drop October 20, 2010 Mortgage lending fell by one per cent to £11.98bn in September, according to figures from the Council of Mortgage Lenders (CML).
Bank of America scare hits stocks October 19, 2010 U stocks posted their biggest loss in two months yesterday on fears banks might be on the hook for billions of dollars in souring mortgage bonds. The afternoon selloff hit investors already reeling from an unexpected credit tightening by China and disappointing financial results from Apple and IBM. The biggest scare came on news that [...]
Bellway sales hit by government cuts October 19, 2010 Housebuilder Bellway reported full year results in line with expectations with uncertainty around the government’s spending review hitting sales. “Sales in the early part of what is traditionally an active autumn selling period have picked up, albeit only slightly, following the usual summer lull,” chairman Howard Dawe said. “It seems that potential homebuyers are awaiting [...]
Enter the corporate entrepreneur: Britain’s best hope for real recovery October 17, 2010 CO-FOUNDER, MARKET GRAVITY THE UK’s recovery from the deepest recession in eighty years is dependent on sustained private sector growth. Corporate earnings may be recovering, but too much is due to cost cutting, not real growth, and this trend is not sustainable. Recent analysis from Market Gravity illustrates that while 75 per cent of FTSE [...]
Wall Street dips on mortgage worries October 14, 2010 BANKS led US stocks lower yesterday as investors fretted a widening foreclosure crisis could undermine the market’s strength over the last five weeks. The S&P 500 has rallied 11.9 per cent since 1 September and volume has picked up from anaemic levels. But the rally could weaken as an index of bank stocks fell nearly [...]
Outlook for housing market uncertain as remortgaging falls to ten-year low October 12, 2010 THE days of excessive mortgage lending seen prior to the credit crunch will not return, the Council of Mortgage Lender’s (CML) director-general, Michael Coogan said yesterday, as its latest figures showed remortgage activity had fallen to its lowest level in over a decade. August saw 25,000 remortgages advanced by lenders, accounting for 25 per cent [...]
West LB’s bad bank records €1bn in losses October 7, 2010 GERMANY’S first bad bank, WestLB’s EAA, posted risk provisions of €1.44bn (£1.2bn) for its 2010 fiscal year and expects more to come as its markets show little signs of recovery. EAA (Erste Abwicklungsanstalt) posted a net loss of €1.05bn in its shortened fiscal year from December 2009 to June 2010, co-head Matthias Wargers said yesterday. [...]
FSA mortgage plans would have left 4m without loans October 5, 2010 NEARLY four million homeowners would have been denied a mortgage between 2005 and 2009 under affordability proposals put forward by the Financial Services Authority (FSA), the Council of Mortgage Lenders (CML) said yesterday. It said that amounted to over half of all loans during the period not being granted to potential borrowers, despite the fact [...]
Criteria for loans gets tougher September 30, 2010 SMALL businesses had more access to credit in the last quarter than any time this year but many companies remained wary of taking on debt, the Bank of England said yesterday. A survey by the Bank showed that demand for loans tailed off in smaller companies in the three months to the start of September. [...]