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Fed auctions $50bn in 28-day credit

The US Federal Reserve is offering $50bn in 28-day credit today through its Term Auction Facility.

Bids will be accepted until 1pm Eastern Daylight Time and will mature on May 8.

The minimum possible bid is $5m and the maximum is $5bn with amounts being available at $100,000 tranches.

This auction is one of many that has been offered by the Fed since December in an effort to inject liquidity into the markets and stave off further turmoil.

Similar actions have been taken by the Bank of England and the European Central Bank for the same reasons.


Former Optoma chief in partnership talks

Andrew Seymour, former chief executive of Optoma Mortgage Services, and Connect Mortgage Group are locked in negotiations about establishing a packaging partnership.Seymour thinks a combination of his experience, contacts and sales team with Connect’s back office system could pay dividends.He says: “There’s a place for a firm that offers brokers quality services and an experienced […]

EDGE V2 offers online DIP

EDGE V2, the online sourcing and execution system from Enterprise, has now added a generic decision in principle facility for every lender on the panel that provides DIP options. Once used, client information can easily be converted into a full online application, with no need for rekeying of data.Harry Landy, managing director of EDGE, says: […]

IF’s spin doctors fail to convince me

I accept there’s a hint of hypocrisy here given I’ve spent many years as a corporate spin doctor, but I had to smile at Intelligent Finance’s recent email to brokers that put a positive gloss on negative news.

Fixed deals soar in March

Around two thirds of UK borrowers chose a fixed deal in March, says the latest Charcol Mortgage Monitor.The monitor, published by Charcol today, shows the amount of mortgages taken on a fixed rate stormed up to 64% in March from 52% in February. It says fixed rates were priced on average at 0.5% lower than […]


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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