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Knight saw market crisis coming

Stephen Knight, executive chairman of Checkmate Mortgages, has revealed that fears of a serious market adjustment spurred his decision to give up his former position as chairman of GMAC-RFC in April 2007.

In an exclusive interview with Mortgage Strategy’s sister title Lending Strategy, he says that while he didn’t predict the credit crunch he did foresee that there would be a big supply side adjustment.

He adds that risk layering led to the downturn affecting the mortgage industry.

Knight says: “What we were doing, forced by competition, was to lend on high LTVs to clients with covenant issues. That’s risk layering and it was a mistake.”

He says Checkmate has been working with credit ratings firm Experian to write credit scores fit for its 2009 launch.


FSA sets date for Barnsley merger hearing

The Financial Services Authority has announced the arrangements for the hearing of the proposed merger of Barnsley and Yorkshire.The confirmation hearing will be held at the Barnsley Digital Media Centre, County Way, Barnsley, S70 2HG, on Monday December 15 2008, starting at 11.00 am. The purpose of such hearings is to give interested parties an […]

House prices fell by 2.6% in November

House prices fell 2.6% in November, says Halifax. The lender’s research has found that the average house price is now £163,445 – 124% higher than in 1998.

Halifax defends its 0.25% SVR cut

Halifax has defended its decision not to pass on the full 1% rate cut unveiled by the Monetary Policy Committee yesterday.


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