View more on these topics

Spare a thought for staff affected by US giants’ fall

I read with interest the cover feature about the US Federal Reserve’s rescue of Fannie Mae and Freddie Mac in last week’s Mortgage Strategy. It put me in a positive mood about the future as I began the working week.

Then I looked at the breaking news headlines on Mortgage Strategy Online. Just when it looked like the end was in sight for the credit crunch following the Fed bailout, the market was hit by Lehman Brothers’ bankruptcy and Merrill Lynch’s $50bn sale to Bank of America.

When such events happen it’s easy to get caught up in finger-pointing but it is important to remember that a number of good staff have lost their livelihoods.

They will have worked hard only to have the rug pulled out from under them by circumstances they could not have foreseen.

For all of us still in gainful employment, let’s be thankful that we’re still here and while business may not be brilliant there are still opportunities to grasp.

Last week’s drama in the US teaches us that if a collapse can happen to companies of that size and stature it can happen to anyone.

This is why as an industry it is vital we continue to innovate and diversify to keep the worst of the credit crunch at bay.

Phil Whitehouse

Head of The Mortgage Alliance

By email


UCB unveils B2L range

UCB Home Loans has launched a range of buy-to-let and self-cert products with rates starting at 5.54%.

The buy-to-let range includes two, three, five and 10-year fixed rate deals as well as tracker rates at base rate plus 1.25%. They are available up to 75% LTV.

Offset can pay for private school days

The summer has drawn to a close and what a rubbish season it’s been weather-wise. It has rained for weeks with a glimmer of sunshine here and there and that’s it.

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 […]

Why your clients need some tough love

In any relationship that matters, professional or personal, you should be upfront with someone if you think they’re making a decision or doing something they might later regret. Being honest with someone and having their best interests at heart, however hard the message, is key to building trust in any relationship. So how does this […]


News and expert analysis straight to your inbox

Sign up