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US stocks plunge as Lehmans crumbles

US investment and lending giants saw their share value plunge in opening trading off the back of Lehman Brothers’ bankruptcy.

Washington Mutual fell 21% in opening trading. Although it had regained some ground to a fall of just 13% at time of writing, the market is concerned that it has up to $19bn worth of bad mortgages.

Lehman Brothers’ share price plunged 93% after it filed for bankruptcy to just 25 cents.

But Merrill Lynch’s share price soared when the New York Stock Exchange opened off the back of its sale to Bank of America. At time of writing it was up 28% to $21.


Website matches buyers to sellers has launched a consumer service that connects prospective buyers with home owners looking to sell their properties.

Pink boss calls for FSA regulation

Neil Hoare, associate director of marketing and IT at Pink Home Loans, is calling on the Financial Services Authority to regulate secured loans. He says: “Pink has always held a strong view that the sector is becoming more regulated and that the secured loans industry should be a part of the advice process.”


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