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Fed chief attacks ratings agencies and investors

The chairman of the US Federal Reserve has blamed the credit crunch on ratings agencies and the sub-prime securities investors who believed them.

Ben Bernanke delivered the damning verdict as he stated the findings of the President’s Working Group on Financial Markets.

He says: “Investors often took insufficient care in evaluating the risks of structured credit products, in part because they over-relied on the evaluations provided by the credit ratings agencies.

“Investors must take more responsibility for developing independent views of the risks of sub-prime mortgage securities.”


Arrears crisis is only a matter of time

When the liquidity crisis began I suggested it might lead to an arrears crisis. This seems increasingly likely as more products disappear from the market.

Commercial First boss hits the jackpot at Grand National

Commercial First chief executive David Johnson was in the winner’s circle this weekend following a win at the Grand National. Johnson’s nine-year old chestnut gelding Comply or Die, won the £800,000 purse with Johnson reportedly taking home £344,320.In a press conference after the race, Johnson says: “Timmy gave him a great ride and the Pond […]

TMA links up with conveyancing firms

The Mortgage Alliance has teamed up with two conveyancing partners to offer members competitive online conveyancing services.


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