BNP Paribas suspends three mortgage funds

Posted on August 10, 2007
Filed Under BNP Paribas, United States | Leave a Comment

France’s larest bank, BNP Paribas, today suspended three asset-backed securities funds. The move, which comes in the wake of increasing fears over the American ’sub-prime’ market, today hit share prices across the world.

In a move which other European banks are likely to follow, The Times reports that’ BNP Paribas Investment Partners suspended three funds worth a total of 2 billion euros (£1.35 billion) - Parvest Dynamic, ABS, BNP Paribas ABS Euribor and BNP Paribas ABS Eonia.’

With problems in the American market now visibly affecting Europe too, we will follow this developing story closely here on mortgagenewsnetwork.co.uk.

HIP providers proving critics wrong?

Posted on August 9, 2007
Filed Under HIPs | Leave a Comment

As reported earlier in the month on mortgagenewsnetwork.co.uk, fears have been raised over the ability of Home Information Pack providers to deal with the rush of HIPs now required due to Government legislation.

However the Association of Home Information Pack Providers (AHIPP) reports that ’since the launch of HIPs on 1st August, AHIPP members have achieved impressive turn around times, reporting a number of completed HIPs, which have already been processed and delivered to their owner.’

Click here to read more

Continuing mortgage troubles in the US

Posted on August 7, 2007
Filed Under United States | Leave a Comment

The fallout from the ’sub prime’ lending crisis in the US continues, with American Home Mortgage Corp (AHM), the countries 10th largest mortgage lender filing for bankruptcy.

The Times reports that “growing numbers of home owners have been defaulting on their payments in recent months, prompting mortgage providers to write down large tranches of debt. The company has stopped lending money to customers and last week lost four of its licences to provide funds to borrowers, including one based in New York”.

Click here to read the rest of the story

Bank of England leaves base rate at 5.75%

Posted on August 3, 2007
Filed Under Bank of England | Leave a Comment

After a year or steadily incresing Bank of England base rates, the Bank of England’s Monetary Policy Committee yesterday voted to keep base rates at 5.75%.

Many analysts view rates potentially peaking this year at 6%.

For more information visit the Bank of England website

House prices to ‘fall in August’

Posted on August 1, 2007
Filed Under House Prices, Uncategorised | Leave a Comment

With the recent Bank of England interest rate rises leading to Homebuyers tightening their belts, a leading UK estate agent is predicting a fall in house prices this month.

IFAonline.co.uk reports that Your Move’s "‘predictor’, based on the Land Registry Index,claims that average house prices will peak at £182,748 in July and will fall to £182,134 by the end of August."

Click here to view the rest of the story.

Home Information Packs become law

Posted on August 1, 2007
Filed Under HIPs | Leave a Comment

Home Information Packs, the government’s controversial scheme forcing home owners or their agents to pay for an upfront information pack on the property, became law today.

However The Guardian raised concerns that "house sales could be held up by shortages of home inspectors in certain areas".

HIP’s include a Energy Performance Certificate, sale statement, searches and evidence of title.

For more information, visit:

http://www.homeinformationpacks.gov.uk 

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