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Barclays dragged in US sub-prime saga

Barclays faces being caught up in the US sub-prime lending troubles after it revealed that it has a $1bn credit line with one of the tarnished firms in the debacle.

The line is lent to New Century Financial, which has admitted that it is close to breaching its sub-prime loan covenant. Its shares dropped 63% after this announcment.

Morgan Stanley, Goldman Sachs and UBS also have credit lines with New Century.

It is unknown if Barclays is to sell some of the risk with the troubled firm.


Gadhia returns to Virgin as chief executive

Virgin Money has appointed Jayne-Anne Gadhia as chief executive.Gadhia was formerly managing director of consumer finance at the Royal Bank of Scotland but resigned in December 2006 a week after an internal memo she sent was misinterpreted by staff who feared the One account was to be replaced with NatWest One.RBS said her resignation was […]

MP calls on mortgage lenders to go green

An MP has called on banks and building societies to do much more for borrowers who wish to improve the energy efficiency of their homes and reduce carbon emissions.Earlier this year Colin Challen, MP for Morley and Rothwell, and chairman of the All Party Parliamentary Climate Change Group, wrote to the 100 leading mortgage lenders […]

Bright launches introducer website

Bright Finance has launched a business website for introducers. The website, designed by Sheffield firm Technophobia, is the first phase of Bright’s project to provide web-based services to its introducers.

Investec in £350m securitisation deal

Investec Principle Finance has completed a £350m residential mortgage securitisation, Landmark Mortgage Securities No 2 PLC. The mortgage loans were acquired from Infinity Mortgages, Unity Homeloans and Amber Homeloans.

The investment clock

While Trump blazes blond in the political foreground, it’s easy to overlook the economic background to the new political dimension of 2017. Political risk will be a feature of the year: the unpredictable and untested Trump administration has already created uncertainty, which is unlikely to diminish, especially if protectionist rhetoric starts to outweigh promises of […]


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