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US Treasury pushes $700bn rescue plan

The US Treasury is looking to push through a $700bn rescue plan to buy up bad debt from US financial institutions.

The troubled asset relief programme would see the US Treasury issue up to $700bn (£380bn) of Treasury securities to fund the purchase of toxic mortgage-backed securities and whole loans.

To qualify for the programmes assets must have been originated or issued before September 17, 2008. The plan is still subject to approval by Congress, the US legislative body.

Speaking to US television channel NBC yesterday Henry Paulson, US Treasury secretary, says: “I wouldn’t bet against the American people and I wouldn’t bet against the long-term fundamentals of this country.

“But this is a humbling experience to see such fragility in capital markets and to ask how did we ever get here.”


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.

Barclays to take on Lehman employees

This morning Barclays announced it will take on 10,000 employees from Lehman Brothers.Barclays has completed its acquisition of Lehman Brothers North American investment banking and capital markets operations.Banking and advisory services will likely reopen on Monday under the Barclays Capital name.

Landlords delay on EPCs

Research from Paragon Mortgages reveals that the majority of landlords haven’t arranged Energy Protection Certificates despite the deadline being only a week away.


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