Mortgage lending still subdued say banks

Mortgage lending to house buyers is still subdued, according to the British Bankers’ Association.

Its latest figures show that the number of mortgages approved in February by the big banks was 35,275,

This was only slightly higher than in January when 35,154 loans to home buyers were approved.

The BBA said the market was still depressed by a rush by buyers to beat the end of the stamp duty holiday at the end of last year.

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March 23rd, 2010 | No Comments

US Mortgage Investors Push For Banks to Write Down Second Liens

A group of investors in mortgage-backed bonds dubbed the Mortgage Investors Coalition (MIC) recently submitted to Congress a plan to overhaul the refinancing of underwater borrowers by writing down the principal balances of both first and second mortgages. The confederation of insurers, asset managers and hedge funds hope to break a logjam between Washington DC and the four megabanks with the most exposure to writedowns on second lien mortgages, including home equity lines of credit.

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March 10th, 2010 | No Comments