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Treasury may buy toxic assets

The Treasury is refusing to rule out buying and ring-fencing toxic mortgage assets to stave off further losses from the credit crunch.

The move would see it following in the footsteps of US Treasury secretary Henry Paulson, who is pursuing a $700bn plan to create a ‘bad bank’ to buy sub-prime loans that are weighing down the balance sheets of US banks.

Paulson has called on central banks around the world to follow suit with their own schemes to tackle liquidity problems.

A spokesman for the Treasury says: “We are not going to speculate about measures but the chancellor will take whatever action is necessary to restore financial stability.”

The G7, which represents seven of the world’s largest economies, has endorsed Paulson’s move and says it hopes other G7 countries will take action to stabilise their markets.

A statement from the G7 says: “We strongly welcome the extraordinary actions taken by the US to enhance the stability of financial markets.”


King in talks at Number 10

This morning Mervyn King, governor of the Bank of England, met with Prime Minister Gordon Brown and chancellor Alistair Darling following the failure of the $700bn American rescue package.

MortgageStream teams up with Lime Network

Lime Mortgage Network has added the MortgageStream system to its panel of products and services available to its appointed representatives and directly authorised members.

Brokers struggling to source deals

Eight out of 10 brokers have been forced to leave clients on SVRs because they cannot find them suitable remortgage deals.

InFocus - thumbnail

In Focus — February 2015

Jelf Employee Benefits looks at the issue of paying anaesthetist fees when the patient had no chance to discuss or agree to them prior to care; and provides recommendations for avoiding this scenario.


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