WHAT THE OTHER PAPERS SAY THIS MORNING July 12, 2009 THE SUNDAYSThe Sunday TelegraphFOCUS DIY CHAIN FACES TOUGH CREDIT REVIEWA review of Focus DIY’s financial position will be delivered by Ernst & Young (E&Y) to the group’s lenders this Friday to help them to decide whether to continue backing the DIY retailer. Although the lenders, GMAC and HBOS, have agreed in principle to renew a [...]
Housebuilders hail stability but warn mortgage drought will hurt July 9, 2009 Barratt shows signs of stability as volumes pick up but mortgage drought continues Barratt Developments yesterday reported a 19 per cent fall in private house prices over the last 12 months and warned that a sustained improvement in training conditions would remain elusive until the availability of mortgage finance recovers. However, the group has witnessed [...]
Decline in UK house prices slows in June July 8, 2009 BRITISH house prices fell less than expected in June, Halifax’s monthly survey showed yesterday, but the mortgage lender warned that the outlook for the housing market remained uncertain. The Halifax data showed UK house prices falling by 0.5 per cent in June, compared to a 2.6 rise during the previous month. The annual rate of [...]
Taxpayer bill for Rock to rise July 6, 2009 The Treasury’s bill for Northern Rock’s losses looks set to increase, after one of the mortgage lender’s subsidiaries breached a contract, putting other creditors ahead of the taxpayer for repayment. Granite, a unit which securitised Northern Rock mortgages, will be forced to speed up the return of £26bn of debts to noteholders. Rock will be [...]
Number of mortgage products at all-time low as lenders withdraw July 6, 2009 THE VOLUME of mortgage products on offer has slumped to the lowest level on record, leaving homeowners with a severe lack of options for taking out loans as the recession continues to curb lending. Price comparison website Moneysupermarket.com said borrowers now have just 2,282 deals from which to choose, while first-time buyers have a range [...]
Rock cleared to write loans July 1, 2009 NORTHERN Rock has been cleared by the Financial Services Authority (FSA) to keep lending, despite breaching its minimum capital requirements. The FSA had already granted the nationalised mortgage lender a waiver to write new mortgages despite its low levels of capital, permitting the bank to include tier two capital – a riskier type of cash [...]
INVESTMENT BANK PROFITS BOUNCE BACK June 30, 2009 THE WORLD’S best investment banks have clocked up bumper second quarter profits, reaping the benefits of a renewed focus on trading and capital markets underwriting, as well as the implosion of many rivals. While many institutions – such as RBS and Citigroup – are still finding conditions tough, a group of six is emerging as [...]
House prices in Britain rise again in June June 30, 2009 HOUSE prices saw a monthly increase of 0.9 per cent in June, bringing the annual rate of decline to 9.3 per cent from 11.3 per cent in May, according to data published yesterday by Nationwide, which stoked optimism that the housing market has turned. The mortgage lender said that the three month rate of change, [...]
Home lending still difficult, warns Bank June 29, 2009 MORTGAGE lending saw its weakest rise on record last month, according to the Bank of England, signalling the squeeze on home lending is far from over, despite recent signs that the property slump could be levelling out. The number of home loan approvals rose for the fourth consecutive month in May, climbing from 43,191 in [...]
Treasury committee readies itself for inquiry into availability of mortgages June 28, 2009 THE TREASURY committee will this week begin its inquiry into mortgage arrears and the availability of home lending, as part of its ongoing series of evidence sessions on the banking crisis. The influential group of MPs, led by Labour’s John McFall, is seeking evidence on the extent of the mortgage arrears problem, including information on [...]