View more on these topics

TMO in management buyout

The Mortgage Operation has undergone a management buyout after blaming its private owner for falling short of contractual obligations.

Adrian Stahl, marketing manager at TMO contacted brokers today saying the packager had also suffered from its association in 2007 with Victoria Mortgage.

Stahl says: “It was hoped that the new private owner, who took over in December, would have overcome these issues by now. This has not been the case and after failing to deliver on contractual obligations any confidence that the management did have in the new owner has since evaporated.”

He continues: However, on 3 March a management team bought out the private owner. This new team is currently working on a plan of action to best protect the creditors and future of TMO and will be in a position to disclose this to you all early next week.”

Mortgage Strategy reported last week that TMO was to undergo a change of ownership.


Recommended

Don’t get carried away by Property Prices

Nationwide have just released their latest house price report showing that prices have fallen for the fourth month in a row.The annual rate of house price inflation was 2.7% in February, down from 4.2% in January, and the lowest since November 2005.The good news is that they go on to suggest that “It is encouraging […]

Openwork originates over £20bn in 2007

Openwork has revealed it originated more than £20bn in mortgage business during 2007, showing a 15% increase on 2006.The network’s lending levels in January were up over 30% on December and up 10% on January 2007. By comparison, the Council of Mortgage Lenders’ figures show an increase of only 11% in lending across the market […]

MPs lambast FSA and BoE

MPs have launched a sweeping attack on the Bank of England, the Financial Services Authority and credit rating agencies for failing to warn firms over their risk exposure.In its latest Financial Stability and Transparency Report, the Treasury Committee lambasts the Bank of England and the FSA for their system of warning banks about a serious […]

China: growth defence or another debt-fuelled boom?

By Douglas Turnbull, Head of Chinese Equities at Neptune Following recent stimulus efforts from Beijing, Neptune’s Douglas Turnbull examines how the government’s long-term reform agenda can be balanced with supporting growth and addressing structural challenges, and the investment opportunities arising from this.Click here to read more Important information: Investment Risks Neptune funds may have a […]

Newsletter

News and expert analysis straight to your inbox

Sign up