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News - Sub-prime
A former Credit Suisse banker has been found guilty of fraud after deceiving investors into buying risky investments that led to $1bn (£610m) of losses.
Unemployment reached an 11-year high today when another huge increase in the numbers looking for work edged the total closer to the two million mark, The Independent reports.
Two directors have been censured by the FSA for failing to ensure their firm had appropriate procedures in place to ensure customer received suitable mortgage advice.
Other News - Sub-prime articles
Sub-prime mortgage borrowers are facing large increases in their monthly mortgage payments if they cannot secure a new deal, according to Moneyfacts.co.uk.
Brokers are being urged to heed the FSA’s recent enforcement actions and ensure they meet regulatory requirements.
The Intermediary Mortgage Lenders Association (IMLA) has hit out at Lib Dem shadow chancellor Vince Cable for calling the sub-prime mortgage industry unscrupulous over arrears and repossessions.
Thinc Group has apologised for failures when selling and advising on sub-prime mortgages after the firm was yesterday fined £900,000 by the FSA.
The FSA has fined Thinc Group £900,000 for failures when selling and advising on sub-prime mortgages.
Sub-prime and lifetime mortgage consumers are unable to make a distinction between receiving advice or information-only, according to findings published by the FSA today in the second stage of its Mortgage Effectiveness Review .
Six of the US’s biggest banks have announced a plan to help homeowners struggling with their mortgage payments.
The arrears management processes of mortgage lenders often increase the arrears problems faced by borrowers, according to a report by Citizens Advice Bureau (CAB).
US President George Bush has unveiled plans to freeze interest rates on sub-prime mortgages to help alleviate the crisis engulfing the United States mortgage arena.
The FSA has banned one mortgage broker and fined two others for sub-prime failings, it announced this morning.
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