“Flawed” supervision
On Monday the Financial Services Authority (FSA) revealed in a report that the Royal Bank of Scotland (RBS) nearly collapsed in 2008 because of poor management, inadequate regulation and a flawed supervisory system.
AFI pursues BTL
Later that day, Abbey for Intermediaries announced its launch into the buy-to-let market, with a range of deals for non-professional landlords with up to two buy-to-let properties with the lender.
Relaxing criteria
NatWest Intermediary Solutions revealed that it had revised the rental calculation that it uses to assess affordability for buy-to-let mortgages to make it more attractive to higher income applicants.
Co-op gets closer
On Wednesday, Lloyds Banking Group confirmed the Co-operative Group as the preferred bidder to buy 632 of its high street branches, as mandated by the European Commission. In addition, Lloyds also confirmed that its absent chief executive Antonio Horta-Osorio will return to work on 9 January 2012.
Buying is better
A study by consumer website Zoopla found that buying property is now more cost-effective than it has ever been compared to renting, proving cheaper in 47 out of 50 British towns, compared to 40 out of 50 this time last year.
Great expectations
Will SHIP in 2012 meet the market’s expectations? That’s the question we asked our three expert panellists in this week’s Market Watch.
“Not clever enough”
On Thursday, the chairman of the FSA said that regulators are “not clever enough” to spot problem areas and act quickly enough to prevent or limit their damage. Adair Turner likened the global financial system to “some incredibly complicated waterbed” where regulators attempt to plug a leak on one side only for a new one to spring up on the other.
And finally…top tweets
Alison Beech
In it together my a*se #fivewordsforcameron @johnprescott
Graham Norwood
14.5% of first-time buyers over 25, unable to get mortgages so living with parents, have had mum or dad walk in on them when having sex.
Mortgage_Stu
I just LOVE that type of phone call – just got to tell client that their mortgage has been approved…and they may be in before Xmas! #in
John Pearson
Queueing in the Post Office. Why are post offices so drab? “Aah the exciting world of mortgage broking” I hear you cry
Graffiti artist Banksy comments on the housing market
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