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The US is planning to sue more than a dozen major banks for misrepresenting the quality of mortgages they sold during the housing bubble, the New York Times reports.
The former president of a New Jersey-based mortgage company has been sentenced to 14 years in prison for his part in an £84m fraud scheme.
Pimco’s Bill Gross says there will be no housing-led recovery in the US without Government support.
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Tim Geithner, US Treasury Secretary, has revealed the Government will continue to guarantee mortgages to minimize the risk of housing-led recessions in future.
Mortgage giant Freddie Mac has asked for $1.8bn in assistance from the US Government after it suffered its fourth consecutive quarterly loss on continued bad home loans.
Old Mutual CEO Jim Sutcliffe has resigned and will be replaced by Skandia chief executive Julian Roberts as news emerges of a $135m write-down for the group's US business.
Sir James Crosby should “study” the US Government’s rescue plan for Fannie Mae and Freddie Mac to see how it may be applied in the UK, the Association of Mortgage Intermediaries (AMI) says.
The US Government staged the world's largest financial bail-out last night, nationalising stricken mortgage companies Fannie Mae and Freddie Mac.
The US Government and Federal Reserve last night announced measures to shore up ailing lenders Fannie Mae and Freddie Mac.
THE FINANCIAL Services Authority is operated by poor quality staff who have a "civil service mentality" and little understanding of the businesses they oversee, according to a report published in the Daily Telegraph .
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