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US regulator sues firms for securities mis-selling

JP Morgan and the Royal Bank of Scotland are being sued for over $800m (£493m) for the alleged mis-selling of mortgage-backed securities. US regulator the National Credit Union Administration has filed two suits against the firms.

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Regulator should admit it just wants to get rid of brokers

Reading about the regulator’s claims that brokers are using buy-to-let deals to get mortgages for self-cert clients I realised that the FSA has had an agenda for many years to wipe out the intermediary community. This is not hidden or disguised. The regulator is close to achieving its goal with fines, slurs and licence withdrawals […]

High LTV new lending drops below 2% in Q1

The proportion of new lending over 90% LTV fell below 2% in Q1 for the first time since the beginning of 2010. The Financial Services Authority’s mortgage lending data re-leased last week shows new lending over 90% LTV dropped from 2.2% in Q4 2010 to 1.7% in Q1 2011. But Ray Boulger, senior technical manager […]

Standby services in the spotlight

Standby servicing is the issue of the moment, with ratings agencies driving change in the sector. But will it be a force for good or just another regulatory burden? John Murray reports on the conclusions of a round table discussion of industry experts

UK policy: Kate Moss and short-termism

“Nothing tastes as good as skinny feels,” said supermodel Kate Moss, who is not often credited for her insights into policy making. Perhaps she should be. In politics, as in matters of diet, the course of action that is the best over the long term is often not the most desirable course of action in the short term. Add the instant gratification of the democratic electoral cycle and, instead of good policy making, you sometimes get the equivalent to a midnight binge in front of the fridge.

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