All Entries Tagged With: "money"
Yorkshire Building Society cuts mortgage rates
Yorkshire Building Society are cutting some of their fixed rate mortgages by up to 0.5%, the lender will also be introducing a new low-rate product.
Yorkshire Building Society has said that they are responding to the
Northern Rock appoints Barclays Gary Hoffman
Gary Hoffman did not get the chief executive role at Barclays PLC back in 2003, but now Hoffman has now been appointed as chief executive at Northern Rock PLC., the troubled U.K. mortgage lender.
Ron Sandler, Northern Rock Executive Chairman decided to
Fannie Mae shareholders pain: $5 Billion Homes Unsold
Fannie Mae, who is the largest U.S. mortgage finance company are giving their shareholders a lot of pain. There are reports that Fannie Mae have $5 Billion Homes Unsold, in one case a buyer would not pay $6,900 for the three-bedroom house, the broker who is handling the foreclosure has suggested cutting the price to [...]
Citigroup's chairman to leave following management shake-up
Michael Klein, Citigroup’s investment banking chairman is to leave the bank, following a huge sake up of the company since Vikram S. Pandit was appointed as chief in December.
Citigroup has said that Klein is leaving to pursue other
HBOS Underwriters left with £2.6bn of stock
Following HBOS recent £4bn rights issue, their underwriters and sub-underwriters are now left with £2.6bn of the bank’s stock, as investors failed to purchase more than 30 percent of the shares from leftover cash.
Bank of England: UK heading into recession
Professor David Blanchflower, who is one of the nine people who meet at the Bank of England to decide on the UK interest rates, has warned that the UK is heading into a recession, he has now called on his colleagues to act immediately.
HBOS gets 8.29% of shareholders: 1.4bn share to sell
UK mortgage lender HBOS has only received 8.29% of shareholders for their £4bn rights issue, this now leaves underwriters with almost 1.4bn share to sell. HBOS shares fell as low as 254.5p last week.
Underwriters to the funding, Morgan Stanley and Dresdner Kleinwort, are now faced with the
Freddie Mac to cut purchases of home loans
Freddie Mac may have to cut purchases of home loans from banks and bonds which are backed by housing debt, the second-largest U.S. mortgage-finance company hopes that they will be able to shore up its capital amid record delinquencies.
Bradford & Bingley shareholder meeting as it happens
Martin Wainwright from the Guardian is at the Bradford & Bingley shareholder meeting, and will be reporting as it happens. The troubled lender is at the meeting asking for £400m so that they are able to survive this current downturn.
US banks more at risk than European firms
We have seen over recent weeks stocks falling significantly, this is a direct result of US banks, such as Fannie Mae and Freddie Mac, and the biggest loser so far has to be IndyMac.
It seems that this trend of banks at risk is more of a problem for US banks rather than European firms. Experts [...]
Canada facing its own mortgage crisis
The news that the U.S. government has had to step in to help out IndMac, Freddie Mac and Fannie Mae, has sent a warning to Canada that they could be facing their own mortgage crisis.
Export Development Canada vice-president and chief economist, Peter Hall has said in a recent report that
How can the government save the UK mortgage market?
The CML have now urged the government to step in and act quickly to try and resolve the current funding problems in the UK mortgage market. The Council of Mortgage Lenders are said to be unhappy with the Crosby Review, this was set up by the Chancellor to find out how they can restart the [...]
Fannie Mae and Freddie Mac shares drop on fresh fears
It seems as if Fannie Mae and Freddie Mac mortgage buyers worries are far from over, their shares have dropped yet again following fresh fears over how investors and taxpayers would be affected by the U.S. government, using public money to prop the troubled banks up.
Shares of Fannie fell 28% to close at $7.03 while [...]
Bank of England to release its balance sheet today
Today will see the Bank of England release their balance sheet for the year ending 31st March 2008, and it is looks as though it will make some interesting reading considering the year that we have had.
In the balance sheet it is expected to contain details about the level of
Dollar up after U.S. Treasury help Fannie, Freddie
The dollar is now up slightly after falling to a record low against the euro on Monday, this comes after news that the U.S. Treasury and Federal Reserve launched measures to step in and save the two biggest mortgages lenders in the U.S. Fannie Mae and Freddie Mac.