Liar loans set to be banned October 18, 2009 THE Financial Services Authority will today unveil reforms to the mortgage market, including rules to ensure that they are only given to those who can keep up the repayments. Self-certified mortgages – where a borrower is not required to prove their income – are expected to be banned as part of the watchdog’s review of [...]
RBS in EC branch sale threat October 14, 2009 EUROPEAN Commission (EC) lawmakers may force Royal Bank of Scotland (RBS) to sell off 312 of its RBS-branded bank branches, under new rules for firms receiving state bailouts. Neelie Kroes, the EC competition commissioner, is considering forcing the bank to slash its small business banking operations by 10 per cent. This would be achieved if [...]
House prices rise as new October 12, 2009 NEW demand for houses is outstripping supply coming onto the market and pushing house prices up, the Royal Institution of Chartered Surveyors (RICS) will say today. The net balance of surveyors reporting rising rather than falling prices jumped to 22 per cent in September, the highest net balance since May 2007. New demand growth has [...]
Dutch state seizes DSB Bank October 12, 2009 THE Dutch Central Bank (DNB) has seized control of floundering financial institution DSB Bank, after the firm’s consortium of lenders failed to agree on a rescue plan amid a slew of deposit withdrawals. The DNB went to a Dutch court to seek permission to take control of DSB, in the wake of mass withdrawals from [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 12, 2009 FINANCIAL TIMES JPMORGAN TRIES TO CALM UK FEARSJPMorgan’s top executives have embarked on a charm offensive to allay fears by staff and regulators that the ousting of Bill Winters as co-head of the investment bank will mean a diminished role for its London operations. Jamie Dimon, JPMorgan’s chief executive, made a surprise visit to London [...]
FSAplanning self-cert ban October 12, 2009 CITY regulator the Financial Services Authority (FSA) is expected to outlaw self-certification mortgages that don’t require borrowers to show proof of income. The FSA is to end the multibillion-pound “self-cert” industry by bringing in a legal requirement that will force lenders to insist on proof of income before handing out loans. The ban is expected [...]
Q&A: BUYING October 8, 2009 Camilla DellMANAGING PARTNER AT BLACK BRICK Q. Dear Camilla, I am looking to buy a property in London but every time I find something I like, it goes under offer and I don’t have the chance to buy it or I’m asked to participate in a sealed bid. What are your tips for succeeding? A. [...]
Lack of stock propels house prices higher October 6, 2009 HOUSE prices in Britain experienced their first quarterly rise in two years in the three months to September, which saw the value of a UK home rise 2.8 per cent over the period, Halifax said yesterday in its monthly survey, citing increased demand and a shortage of properties for sale. Data from the mortgage lender [...]
RBS closes the door on new credit cards October 5, 2009 ROYAL Bank of Scotland (RBS) has closed its credit card business to new customers in a bid to prevent a rise in bad debts. The lender, which is 70 per cent owned by the taxpayer, will limit new credit cards to existing banking customers, meaning that anyone who wants an RBS or NatWest credit card [...]
Banks to lend more but output suffers October 1, 2009 UK LENDERS are to make mortgage loans more easily available, according to Bank of England research. The Bank’s Credit Conditions Survey said availability of mortgages had decreased in the third quarter due to a deterioration in wholesale funding markets. But it said lenders expect more home loans to be offered in the final quarter as [...]