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20 Jobs are on the line at Openwork

Openwork has placed 20 staff at risk of redundancy in an attempt to reduce costs ahead of the Retail Distribution Review.

A spokesman for Openwork says: “As part of ongoing efforts to reduce operating costs in preparation for the introduction of the RDR, we have regrettably had to put at risk a small number of roles, primarily in our support centre.

“We are in a 30-day consultation period after which we will serve redundancy notices.”

The network employs around 300 staff.


Money Partners RMBS goes 34% into arrears

Three of Money Partners’ residential mortgage-backed securities tranches have over 34% of their book in arrears of 90 days or more. As of February 2011, Money Partners Securities 2 cumulative losses as a percentage of the original portfolio balance amounted to 4.1%, up from 1.5% in May 2008. Loans delinquent by more than 90 days, […]

Nationwide trims rates on 50% LTV products

Nationwide has reduced its two-year 50% LTV fixed mortgage rates. It is now offering a two-year fix at 2.99% up to 50% LTV with a £400 product fee and a £99 booking fee for new applications. For remortgage and switcher customers there is a £900 product fee and a £99 booking fee.


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