US announces probe into S&P August 18, 2011 THE US department of justice is investigating the ratings that Standard & Poor’s gave to dozens of mortgages in the run up to the financial crisis, amid concerns pressure was put on analysts to hike the ratings. Though the investigation is said to have been underway since before the rating agency downgraded US debt from [...]
BofA hit by AIG’s $10bn legal action August 8, 2011 BANK of America shares fell to their lowest level since April 2009 over fears of the slowing US economy and challenges to a multi-billion dollar mortgage settlement. Although most bank shares were knocked by the market turmoil, Bank of America’s shares were worst hit after insurer American International Group (AIG) said it would sue the [...]
Taking a gamble on your child’s character July 27, 2011 FOR those looking to save for their children, the slow drip-feed of information on the new Junior Isa (Jisa) has been frustrating. With yesterday’s update, we are a step closer to getting the final details – although questions remain, particularly in how child trust funds (CTF) will fit in with the new regime. But one [...]
Mortgage lending drops July 20, 2011 Gross mortgage lending fell three per cent on the year in June but was 16 per cent up on the month, the Council of Mortgage Lenders (CML) said. The CML said gross mortgage lending totalled £12.6bn in June, the highest monthly total in almost a year. It said lending in the first half of this [...]
JP Morgan cheers with profit hike July 14, 2011 INVESTMENT banking giant JP Morgan Chase cheered markets with a $5.4bn (£3.4bn) quarterly profit yesterday, 13 per cent higher than a year ago, as its investment banking arm powered up. Its result, the latest in a run of forecast-beating updates, boosted hopes that other major banks will also show gains as they report quarterly figures [...]
Rents in London now average more than £1,000 per month July 14, 2011 RENTAL costs have soared past £1,000 per month in London, a survey of letting agents revealed this morning. London’s rents were up an average of 6.9 per cent per property in June compared to the same time the previous year, the Buy-to-Let Index from LSL Property Services said. While rent inflation is particularly intense in [...]
First time buyer market may ease July 14, 2011 WITH the Bank of England keeping interest rates at the record low of 0.5 per cent, the outlook should be good for those looking to buy a home. But with renting in London costing 50 per cent more than the rest of the country and banks requiring higher and higher deposits, the picture for those [...]
JPMorgan profit beats forecasts July 14, 2011 JPMorgan Chase & Co posted a higher-than-expected jump in second-quarter profit as it wrote off fewer bad mortgages and credit card loans. The bank managed to make more loans during the quarter than in the first quarter and added staff, signs that bright spots are emerging in a sector long plagued by credit losses and [...]
House market stuck in a rut July 11, 2011 WEAK supply and demand has left the UK housing market in a “stalemate” despite a pick-up in mortgage lending, new data suggests. Demand failed to rise in June while the recent growth in new instructions to market properties ground to a halt, according to the latest survey from the Royal Institution of Chartered Surveyors (RICS). [...]
House prices rise in June July 6, 2011 House prices rose 1.2 per cent in June, their biggest month-on-month rise since October, mortgage lender Halifax said. That confounded analysts’ expectations for an unchanged reading and left prices 3.5 per cent lower in the three months to June compared with a year ago. “Low interest rates, an increase in the number of people in [...]