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Treasury to create MBS gold standard

The Treasury is locked in discussions about a gold standard that will accredit mortgage-backed securities in a bid to reopen the wholesale mortgage funding market.

The Treasury is understood to be striving to rebuild confidence in the wholesale markets, which have been partially closed since August, by giving its stamp of approval to MBS tranches that meet its standards of creditworthiness.

Angus Armstrong, a treasury official, is understood to be heading the team assigned to create the standard, which is expected to be unveiled in the Budget next week.

But industry pundits question the feasibility of the standard.

One source says: “The devil is in the detail. It’s something, which is expected to be announced in the Budget so it gives the team little time to prepare.”


Charity calls for new form of PPI

A leading charity has proposed a new form of mortgage payment insurance to help the growing number of borrowers at risk of repossession. Rather than traditional payment protection insurance, the Joseph Rowntree Foundation is recommending that a compulsary form of cover for first-time buyers, with a 25% contribution from both the government and lenders, could […]

Scarborough pulls plug on specialist lending arm

Scarborough has pulled the plug its specialist Leeds-based lending arm Scarborough Specialist Mortgages. The decision follows market changes which have impacted mortgage origination and trading within the industry.Existing SSM pipeline cases will be accepted and intermediaries have been notified of both the SSM product withdrawal and the cut-off point up to which applications will be […]

5,000 brokers use Trigold online seminars

Trigold says nearly 5,000 brokers have made use of its online interactive training system. The online training seminars were launched last year and use technology to send out a live demonstration of Trigold technology.The online seminars address introduce Trigold software, credit reporting, AVM and value reports, secured loans, E-trading and insurance and conveyancing. The technology […]


Almost nine in 10 employers admit failings with post-DRA compliance

The default retirement age (DRA) was abolished more than three years ago, yet new research from Jelf Employee Benefits suggests that the vast majority of employers still have some way to go to fully understand, comply and communicate the landmark legislation change that prevents older employees being forcibly retired on the grounds of age alone.


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