JP Morgan asked for $6bn to settle claim over mis-selling August 27, 2013 JP MORGAN Chase is being asked for $6bn (£3.9bn) by US housing finance regulators to settle allegations it mis-sold mortgage-backed bonds, it emerged yesterday. The Federal Housing Finance Agency (FHFA) sued the bank in 2011 over allegations it mis-sold bonds backed by sub-prime mortgages to government guarantors Fannie Mae and Freddie Mac. The FHFA, which [...]
Look ahead to Federal Reserve minutes for clues of QE taper timing August 21, 2013 Ishaq Siddiqi, market strategist, ETX Capital: Taper blues continue to curb enthusiasm to build risk across equity, commodity and forex markets Wednesday. US Treasury 10-year note still elevated at 2.82% but off two-year highs seen this week. FOMC meeting minutes to steal the show later with many in the market viewing the report as a [...]
Record bad loans still hitting Spain’s banks August 19, 2013 THE BANK of Spain suggested yesterday that bad loans are still haunting the country’s financial system, with a record 11.6 per cent of lending going to people categorised as doubtful debtors. According to the central bank’s balance sheet, which calculates total lending by Spanish credit institutions, in June €176.42bn (£150.59bn) was extended to customers who [...]
What the other papers say this morning – 7 August 2013 August 6, 2013 FINANCIAL TIMES TPG looks for time to spend key fund TPG, one of the world’s largest private equity companies, has taken the unusual step of asking investors in its $19bn flagship fund if it can have an extra year to spend $3bn of undeployed capital, underscoring the difficulty finding good deals in the aftermath of [...]
Soaring services sector drives business activity to record high August 5, 2013 HOPES that the recovery is picking up steam were lifted further yesterday, after the UK’s businesses reported the strongest month of growth since records began. Markit’s surveys of the services, manufacturing and construction sectors in July got the most positive responses ever, bolstering recent signs that the economy is returning to sustained expansion. The unparalleled [...]
New regulation threatens the success of Britain’s thriving insurance sector August 4, 2013 SINCE the financial crisis, policymakers have focused on regulating banks. But while banking plays a central role in the financial sector, insurance plays another. The UK insurance industry is the largest in Europe. It manages investments amounting to 26 per cent of annual GDP, and accounts for £10.4bn in tax revenue, employing 290,000 people in [...]
Pressure rises on banks as they agree to publish local loan data July 23, 2013 BRITAIN’S biggest banks will face even more public pressure and scrutiny as they publish detailed lending figures every quarter starting next year, the Treasury will announce today. The seven largest lenders will make public their business, mortgage and unsecured consumer lending figures, listed by postcode. It is part of a long drive to put pressure [...]
UK mortgage approvals rise to a 17-month high as chancellor meets with lenders to discuss Help to Buy July 23, 2013 Some 37,278 home loans were approved in June 2013 – a 17-month high – according to a report from the British Banker’s Association. While this came in below analysts' expectations of a rise to 38,500, mortgage approvals were still up 32 per cent from June 2012 and 17 per cent from the 2012 average. It [...]
Funding for Lending isn’t working: Why the Bank is missing the point April 29, 2013 IN THE debate about why Britain’s monetary policy is not working, there has been too much focus on whether the Bank of England should buy more government bonds or move to negative interest rates. Both miss the point. The primary reason monetary policy is not working is that the transmission mechanism is broken. There is [...]
Political meddling into RBS will hurt the taxpayer April 8, 2013 82 per cent state owned RBS is coming under continued assault from chancellor George Osborne. Our banking reporter Tim Wallace: Good performance in RBS’ markets unit ( investment bank) boosted operating profits. Yet it is cutting the unit under pressure from Osborne. — Tim Wallace (@Tim_Wallace) February 28, 2013 Osborne’s political ambitions are clashing with [...]