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Brown lays down his agenda for lenders in News of the World

Gordon Brown used the News of the World as a populist platform to lay down the government’s pre- conditions for further help to mortgage lenders but gave his approach an international dimension

The prime minister wrote: “If the world’s largest banks could come together quickly and agree as a group to come clean about the potential bad debts they face, we could reduce the uncertainty and risk they face and restore confidence back into the markets.”

However, in return for helping to freeing up the market he made it clear that he is expecting lenders to follow down cuts in base rates. Pledging help for homebuyers Brown declared: “Although the Bank of England has cut rates in recent months, the banks have not always been passing those reductions to their customers. So Alistair Darling will be meeting with the main mortgage lenders to discuss what further steps can be taken.”


Darling accused of underestimating crunch risks

Chancellor Alistair Darling is under fire for underestimating the risks posed to the economy by the liquidity crisis.The Treasury Committee has told the chancellor that the Treasury may have given insufficient weight to the risks of financial market turbulence when formulating its forecast for economic growth.John McFall, chairman of the committee, says: “The Treasury’s forecast […]

HBOS to review proc fees

HBOS is reviewing its proc fee levels, with Halifax’s set to tumble by 0.03% and BM Solutions’ by 0.05%.

Cool reception for FTB plan

Building societies claim the Prime Minister’s £3m pledge to help individuals get on the pro-perty ladder will make little difference to the majority of first-time buyers.The funds will be released in £1,500 packets to key workers such as nurses as well as first-time buyers who are eligible for assistance under existing Open Market HomeBuy guidelines.The […]

TMO folds amid reports of unpaid fees

A senior employee at The Mortgage Operation claims the writing was on the wall for the firm as far back as January.Mortgage Strategy understands that London-based administrator Carter Backer Winter has been appointed to take control of the company.The move follows a failed management buyout, rumours of plunging staff morale and reports that brokers have […]


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