Archive for 'Mortgage'
British mortgage has unexpectedly became inaccessible (Part 2)
27 February 2008The average price for real estate has grown for 10 years by 182 % - from 70 thousand to 197 thousand pounds sterling. The peak of rise in prices has fallen at last summer when Halifax has predicted a 11,4-percent annual gain. Now Halifax estimates annual inflation of prices for real estate in 4,5 %, [...]
British mortgage has unexpectedly became inaccessible (Part 1)
25 February 2008Decline in prices for the British real estate in January appeared less, than feared participants of the market. For three months (November - January) decline has made 1 %. But the main danger is that only one of four borrowers can now pay the credit.
Nevertheless the largest British mortgage company doesn’t think the situation to [...]
Morgan Stanley will close the British mortgage unit
20 February 2008In view of market conditions worsening Morgan Stanley will dismiss 1000 workers in its mortgage company and will close British sub-prime unit, which the bank has bought more than two years ago.
The American investment bank accuses “disorders” in the mortgage markets of staff reduction in the USA and Great Britain, including closure of Advantage Home [...]
American banks will rescue bankrupt house owners
15 February 2008The largest American banks will support insolvent debtors under who can’t pay back mortgage credits, informs Bloomberg referring to a source in one of the banks. Project Lifeline, which should enable insolvent debtors to keep their houses, includes Bank of America, Citigroup, Countrywide Financial and JP Morgan Chase.
The idea has been approved by US [...]
Analysis of the crediting situation in the USA - results are depressing for borrowers.
13 February 2008More than half of American banks have essentially toughened control of borrowers’ credit status, both natural persons and organizations.
The crisis situation, which has begun from mortgage crediting, gradually spread to other areas of crediting. Banks have toughened requirements for consumer credits and granting credit cards. Commercial credits are loaned on a limit of care. As [...]
Russian ВТБ bank has increased term of mortgage crediting to 50 years
11 February 2008The maximal term of mortgage credits loaned by the bank has been increased to 50 years, is informed in the press release of the bank. Interest rates will be simultaneously increased.
The increase in term of crediting is addressed to the young potential borrowers, whose age does not reach 30 years. Increase in term implies rise [...]
More than one million British risk to be left without a roof over the head!
8 February 2008More than one million British will experience difficulties with refunding mortgage credits, if economy deceleration will force banks to continue toughening of lending money criteria, is said in the sixth annual «Forecast of financial risks», made the British Financial Services Authority (FSA).
FSA emphasizes three high risk factors, which can force homeowner to declare mortgage credit [...]
Deutsche Bank will get seven towers on Manhattan for debts
5 February 2008Deutsche Bank has got the right to dispose of seven skyscrapers on Manhattan which were left as a deposit to the credit given by the organization in February, 2007 to businessman Harry Macklowe.
The businessman has bought towers for seven billions dollars, having borrowed from Deutsche Bank 5,8 billion dollars and 1,2 billion dollars from [...]
FBI has concerned with the American credits
1 February 2008Federal Bureau of Investigation has started criminal inquest concerning 14 companies within the framework of the investigation concerning the crisis in the market of substandard mortgage credits.
The Wall Street Journal writes, referring to FBI representatives, the companies are not named, but suspicions in swindle at all steps of mortgage credits securitization are checked.
Earlier it was [...]
Swiss bank UBS closes its U.S Unit
30 January 2008UBS, the largest bank of Switzerland, closes the proprietary unit in the USA, engaged in investments of fixed income, informs Bloomberg. This measure is an attempt to lower risks by closing divisions with a low level of income and engaged in risky operations, such as allowance of credits in the United States. Also, the bank [...]
