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B&B director quits firm

Matt Stevens, group sales director and executive director at Bradford & Bingley, resigned last week.

Stevens is expected to leave his role by the end of September.

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Short-term tinkering

Connells Survey and Valuation brands the rescue plan short-term tinkering and says the government must pave the way for lenders to recapitalise their balance sheets.

Reverse takeover of Elephant foiled by crunch

David Peters, chief executive of se-cured loans network FT Partnership, has blamed the company’s decision to scrap plans for a reverse takeover of Elephant Loans & Mortgages on market conditions.A reverse takeover would normally see the acquisition of a public company by a private one.In such a takeover, the shareholders of a private company buy […]

GMAC cuts 5,000 jobs in USA

GMAC, parent company of GMAC-RFC, is cutting 5,000 jobs from its ResCap business and closing 200 branches in the US.

BM to offer exclusive packager range

Nigel Payne, managing director of BM Solutions is set to reclaim his title as “friend to the packager,” by boosting proc fees and launching an exclusive product range for packagers. Some packagers feared morphing The Mortgage Business brand into the BM one would spell the end for packager friendly products. Products such as TMB’s House […]

What the huge rebound in sterling means for the UK's inflation outlook

The world’s strongest currency in November was not the US dollar, despite the greenback rallying 3.5% against the euro, 8.7% against the Japanese yen and over 8.6% versus the Mexican peso and the Turkish lira up to yesterday’s close. The strongest currency last month was sterling, which had strengthened 2.2% versus even the mighty US […]

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