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Wave on brink of crashing, say sources

Industry sources are adamant that Merrill Lynch is to close Wave.

The US investment bank has refused to comment on the rumours but sources close to Merrill have confirmed to Mortgage Strategy that 25 to 30 staff risk losing their jobs, although Wave is still a going concern.

But the sources refused to be drawn on whether Wave chief executive Colin Snowdon faces redundancy. Snowdon declined to comment.

Other sources say Merrill has decided to axe the brand, which it bought from Freedom Finance in July 2006.

A former Merrill employee says: “We’ve been told it’s a done deal.”

The sources add that at a meeting last Wednesday the lender was given 30 days’ notice of closure.

Another source close to Wave says: “It’s inevitable as Wave has not been doing a lot of business for a long time.”

A leading pundit says: “Wave’s closure would mean the loss of talented staff through no fault of their own.”


Don’t give up on remortgages

Brokers should not be discouraged by falling remortgage approvals because busi- ness may be placed at a later stage, says Alexander Hall.Andy Pratt, chief operating officer at Alexander Hall, says: “There are a lot of customers who want and need to remortgage but can’t get deals. Brokers are contacting their clients to find they no […]

Conflicting confidence data

Differences have emerged between Financial Services Authority data and independent research into consumer confidence following the Northern Rock fiasco. YouGov recently carried out a poll of NR savers as part of the only consultation with customers since the run on the bank. It asked them how confident they are that financial firms have adequately qualified […]

Nervous wait for GMAC staff

Sources close to GMAC-RFC say staff at the firm will have to wait until the end of September to discover whether they will share the fate of the 5,000 US workers axed by parent firm GMAC.

C2 pulls plug on mortgages

C2 financial says it is no longer actively seeking mortgage business in the broker market as a result of the continued economic downturn.

Spring has sprung

Well, it’s been lovely to see a little bit of sunshine, even if it was only a brief appearance. I live in Scotland so, believe me, it was very brief.  Of course, with even the tiniest hint of spring, thoughts turn to the inevitable clearout that must take place.  And that got me to thinking […]


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