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We need to get some perspective on what caused the recession

We need to get a sense of perspective, which is completely lacking lacking at the moment. We have just endured the worst recession in 60 years and the mother of all credit crunches.

There were 46,000 homes repossessed in 2009, still lower than the 1995 figure at the tail end of the downturn in the late 1980s. There were some obvious areas to avoid such as the combination of self-cert and severely impaired 90% LTV remortgages. But for the majority of people the market worked well and banks made money out of it.

The losses banks have made have been largely caused by dubious bond trading in collateralised debt obligations, speculative developers and commercial property borrowers.

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Marketwatch

Swaps fell pretty sharply for the second week in a row to a new all-time low. Hopefully these drops will be passed on. When you look at some of the swap rates and compare them with lenders’ fixed rate offerings there seems to be a pretty big difference. But of course lenders have other costs […]

KEVIN PATERSON, SALES AND MARKETING DIRECTOR, ASSURANT INTERMEDIARY

Loosen the noose on interest-only loans

Lax lending over the past 10 years has been singled out for its role in creating the mortgage time bomb but this does not mean we should do away with interest-only altogether. It just needs tightening up

Greg Broomer 2

Survey looks at the challenges facing businesses post auto-enrolment

A survey conducted by Johnson Fleming at the Pension & Benefits Show 2014 highlighted the key challenges faced within organisations post auto-enrolment. The results showed that communicating the changes and the value of them to staff, and receiving timely data from the payroll provider proved to still be the most challenging aspects of managing an auto-enrolment scheme.

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