Kensington handed £1.2m fine April 12, 2010 MORTGAGE lender Kensington, part of South African bank Investec, was yesterday fined £1.2m for treating its customers unfairly, City watchdog the Financial Services Authority (FSA) said. Kensington, bought by FTSE 100-listed Investec in 2007, is paying back a further £1m in fees and charges it levied on borrowers, the regulator said in a statement. The [...]
What the Sound of Music tells us about bubbles April 11, 2010 NOW stay with me on this one – sometimes, insights into the financial markets come from unlikely sources. In my case, I was reminded of the dilemmas now facing policymakers while enjoying a yodel down memory lane, watching The Sound of Music. It was when I reached one particular verse that it came to me: “How [...]
Greenspan defends record April 7, 2010 FORMER Federal Reserve chairman Alan Greenspan came under fire for failing to take measures to prevent the financial crisis yesterday, but defended himself by arguing banks – not regulators – were to blame. In a heated appearance at the Financial Crisis Inquiry Commission in Washington, Greenspan insisted reckless mortgage lending and the securitisation of home [...]
SEC bolsters rules on loan securitisations April 7, 2010 WALL Street regulators yesterday proposed issuers of mortgage-backed securities and similar instruments disclose more about the underlying loans and keep five per cent of the credit risk in some circumstances, in an effort to avoid a repeat of the financial crisis. The Securities and Exchange Commission (SEC) rule responds to the debacle involving securities packed [...]
Northern Rock shares worthless March 30, 2010 Former shareholders of Northern Rock are to be left with nothing after the mortgage lender’s independent valuer confirmed the company’s shares were worthless and there was no requirement to pay compensation to those who lost money when the government seized control of the business. In a report yesterday, independent valuer Andrew Caldwell of BDO said [...]
House prices rise but double dip fears persist March 30, 2010 HOUSE prices managed to rise 0.7 per cent in March on the previous month, mortgage lender Nationwide reported yesterday. However, the gain did little to dispel fears of a double-dip in the housing market as buyers exercise caution ahead of the election. Martin Gahbauer, chief economist at Nationwide, said: “The last two months are consistent [...]
Cheats may cash in on home relief March 25, 2010 THE decision to scrap stamp duty for first-time buyers purchasing homes under £250,000 risks becoming a “charter for cheats”, critics suggested yesterday. Although the housing industry has welcomed the move because it should boost a flagging market, there are fears that it will be hard to police. Some institutions, such as the Council for Mortgage [...]
BUYING March 25, 2010 Camilla Dell MANAGING PARTNER AT BLACK BRICK Q.Dear Camilla, I am looking to sell my house in the near future and I was wondering how the property will be valued. A.The process of valuation in the current property market has become a very tricky business. Traditionally, valuers have depended, at least partially, on sale prices [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 23, 2010 FINANCIAL TIMES POKER PROVES TOUGH GAMBLE FOR 888 888 Holdings took a near 30 per cent hit on poker revenues last year, but the online gambling operator said it was confident of tapping into its well of social players and predicted a return to poker growth in the second half of 2010. Poker was the [...]
Credit is becoming easier to obtain March 22, 2010 THIS column has been quite gloomy about Britain’s prospects in recent months, and will be even more so for the remainder of this Budget week. So here is a positive story for a change: it is clear that credit is becoming steadily more available, albeit at a higher price than in the bad old days. [...]