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 [...]
Mortgage approvals hit nine-month low March 29, 2010 MORTGAGE approvals slumped to their lowest level in nine months in February, lending data from the Bank of England showed yesterday, providing further evidence that the recovery in the housing market may be running out of steam. The number of mortgages approved fell for the second consecutive month to 47,094 – the weakest since May [...]
We’re being too gloomy on outlook for retail March 28, 2010 SO the clocks have changed, there’s now more daylight than darkness and spring is here. It’s time for some optimism, unless you happen to be a retailer. In the last week some of the biggest names in the high street have been queuing up to tell us how fearful they are about the consumer. Of [...]
Bovey’s failed business now up for sale March 28, 2010 IMAGINE Homes, the property business owned by Anthea Turner’s husband Grant Bovey is to be put up for sale by administrators Deloitte. It is Bovey’s ninth failed business and adds to the long list of embarrassments for the celebrity couple. Imagine Homes bought properties from developers and sold them on to investors with supposed guaranteed [...]
THE WEEK AHEAD March 28, 2010 IN the first of two short trading weeks in Britain, domestic economic data remains thin on the ground. Monday sees the release of some consumer credit data, broad money lending and mortgage approvals at 8.30am. On Tuesday, the third revision to fourth quarter GDP data could raise an eyebrow but no change is expected. We [...]
US plans securities sale March 25, 2010 The US central bank is a step further towards gradually selling some of its $1.25 trillion portfolio of mortgage securities. Ben Bernanke at a House hearing yesterday said: “I anticipate that at some point we will, in fact, have a gradual sales process.” Bernanke’s stand on the issue is important to millions of US homeowners [...]
Light at the end of the tunnel, but buyers should stay cautious March 25, 2010 IT’S the perennial dinner party question: what will happen to house prices in the coming year? With a hung parliament on the cards come May and economists divided over when the Bank of England will decide to raise interest rates, those who are looking to move property remain understandably nervous. Mortgages are still hard to [...]
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 [...]
At a glance: All of Alistair Darling’s 2010 Budget tax and spend policies March 24, 2010 THE ECONOMY/ PUBLIC FINANCES l Confirmed pre-Budget report (PBR) 2010 growth forecast of 1-1.5 per cent. But the chancellor revised downwards the 2011 forecast to 3-3.5 per cent to bring forecasts in line with those of the Bank of England. Growth forecast of 3.5 per cent in 2012 maintained. l Inflation spike expected to be [...]
WHAT DOES THE CHANCELLOR’S BUDGET MEAN FOR YOU? March 24, 2010 KATE SOLWAY, 30 FUNDS CONTROLLER AT PRIVATE EQUITY FIRM COGNETAS Kate is single and lives in rented accommodation with flatmates. She also owns two investment properties – one a London flat with a mortgage which she rents out, and the other a holiday home under construction in Cape Verde, which she owns outright and will [...]