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End of era for US banks

America’s last two investment banks Goldman Sachs and Morgan Stanley have changed their status to become bank holding companies.

The switch will enable them to take deposits from investors and will enable both to raise more funds by opening commercial banks. It will also give them access to Federal Reserve support.

The US government has announced a $700bn (£382bn) package to tackle the worst financial crisis for decades.

Congress is considering the plan, drawn up by Treasury Secretary Henry Paulson, which would set up a fund to buy back much of the bad debt held by financial institutions, which had triggered the credit crisis.


AMI urges caution over chancellor’s plans

Chris Cummings, director general of the Association of Mortgage Intermediaries has urged the chancellor Alistair Darling to be cautious over his plans for the Banking Reform Bill and increased mortgage regulation.Speaking from the Labour Party conference in Manchester, Cummings, says: “Any call for increased powers of regulation should be met with caution. In the first […]

Mawdsley quits The Mortgage Partnership

John Mawdsley, managing director of Merseyside-based The Mortgage Partnership, today announced that he was hanging up his mortgage spurs – for the time being. Mawdsley started in the mortgage market in 1974 at the Liverpool branch of the Hastings & Thanet building society.He swiftly moved on to a management position at what was then the […]

B&B rating downgraded

Moody’s has downgraded Bradford & Bingley, calling the lender weakly capitalised and overreliant on Bank of England funding. B&B’s arrears are higher than any of its UK peers, having gone from 2.1% to 3.1% during the first half of 2008. Moody’s says the economic downturn is only in its early stages and expects arrears to rise further.

Mortgage Next launches commercial insurance for ARs

Mortgage Next Network has launched a commercial insurance proposition for its appointed representatives in association with Towergate Lifestyle. Towergate Lifestyle offers a range of products including office insurance, pubs/clubs and restaurant insurance, public and employers liability and professional indemnity insurance. Gemma Harle, managing director of Mortgage Next, says: “It’s essential for small businesses to have […]

Brexit and the mid cap buying opportunities

Video update from Mark Martin, Head of UK Equities, Neptune Investment Management With the Brexit referendum scheduled for 23 June, how much risk is priced into the market and is the current volatility a long-term buying opportunity? Watch Mark Martin, Head of UK Equities, and Holly Cassell, Assistant Manager on the UK Mid Cap and […]


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