Bank of England united over future quantitative easing

The Bank of England’s Monetary Policy Committee (MPC) was unanimous in voting for another £75 billion of quantitative easing (QE) to support the weak UK economy.Minutes from the MPC’s meeting earlier show members considered injecting between £50 billion and £100 billion.

The committee cited a sharp deterioration in the international outlook as a key factor.

The vote [...]

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Iceland parliament votes for new Icesave bank deal

Iceland’s parliament has voted to approve a new plan to repay the UK and the Netherlands the £3.1 billion they lost when the Icesave bank collapsed.
The money will be used to repay the UK and Dutch governments for reimbursing 400,000 citizens who lost savings when Icesave’s parent, Landsbanki, collapsed late in 2008.

The terms of the [...]

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US housing problems to last until 2013

58% of Americans expect the US housing market to stay depressed for two or more years, a new survey has suggested.
Even worse- in the survey, 48% of respondents said they would consider walking away from their mortgage if they were in negative equity – up from 41% since May.

The findings by property websites Trulia and [...]

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Homes at risk of repossession with debts as small as £600 OFT warns

Some people are being forced to put their homes at risk because of debts of as little as £600, the Office of Fair Trading (OFT) has found.
The regulator is clamping down on lenders who tell customers to pledge their homes against unsecured debts.

Four providers have been ordered to “address concerns” about the way some consumer [...]

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Royal Bank of Scotland sinks £1.4bn into the red

Royal Bank of Scotland has plunged back into the red with a £1.4bn pre tax loss during the three months to September.
RBS blamed the loss on changes to the “fair value” of its own debt, but said it was making “tangible progress”.

The bank, 84% owned by the tax payer, had appeared to be on the [...]

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Letting agents redress scheme needed, says Property Ombudsman

The Property Ombudsman, Christopher Hamer, has repeated his call for all letting agents to be part of a formal redress scheme, like estate agents.
Mr Hamer said this would give private tenants and landlords greater protection in a dispute with an agent.

Letting agents are generating a disproportionately high number of the enquiries made to the Ombudsman. [...]

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First time buyers forced to pay higher interest rates for mortgages

First time buyers are paying thousands of pounds a year more to borrow the same amount as other borrowers, creating a generation of second class home buyers. Experts say it is “incredibly unfair” on the young that they are paying so much more for the same level of borrowing, just because they have smaller deposits [...]

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Home owners have no equity to remortgage

Home owners have so little equity left in the homes after the credit crisis that they are struggling to remortgage, experts warned.
The latest lending statistics suggested the number of people who remortgaged their homes in June was just 27,000, down 20 per cent on a year earlier.

The number of loans approved for those buying a [...]

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Repossessions to rise as options run out for struggling homeowners

Overdue homeowners are warned that a four pronged whammy will see the number of home repossessions increase.
Lenders are losing patience with those in arrears; government support programmes are being cut; the economic recovery will see interest rates increase and potential unemployment figures will continue to grow.

The latest forecast from the Council of Mortgage Lenders [...]

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UK home repossessions down by 7.5%

The number of homes repossessed in the UK fell by 7.5% in the first three months of 2010, according to lenders.

Figures show that the number of homes repossessed dropped from 10,600 in the last three months of 2009 to 9,800 in the first quarter of 2010.
This was also lower than the 13,200 of the same [...]

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