October 29, 2007 – 4:53 pm
In the U.K. a foreclosure is called a reposession. Market analysis shows U.K. mortgage issues mirroring trends in the United States, as home owners find it difficult to refinance. The Council of Mortgage Lenders said the global credit crunch was exacerbating trends that were already emerging in the housing market. It said it had already [...]
By Timothy Blake
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Also posted in Archives, Economic Impact, International, Statistics
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Tagged Archives, Economic Impact, industry, International, Lenders, mortgage, Outside the U.S., Statistics
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October 22, 2007 – 9:28 pm
On October 23rd Asia Times Online said: For the third time since March, we are in the midst of a significant market selloff, a sharp and painful expansion of what the markets call “risk aversion”.
By Timothy Blake
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Also posted in Archives, Economic Impact, International, Root Causes
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Tagged Archives, bank, Economic Impact, HSBC, International, mortgage, mortgage crisis, Outside the U.S., Root Causes, subprime
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September 24, 2007 – 8:56 pm
The U.S. subprime crisis is being felt around the world, regardless of early reports to the contrary. It seems that many early reports were an attempt to buy time, downplaying the seriousness of subprime around the world while banks and investors bought and sold. Here is one take from the International Monetary Fund:
September 24, 2007 – 2:55 am
Barclays FirstPlus portfolio mostly comprises second mortgages – loans secured against the borrower’s home, over and above a mortgage. In an environment of falling house prices, these loans effectively become unsecured borrowings – and are one of the segments of the market where bankers are becoming increasingly nervous.
September 14, 2007 – 10:01 am
People stood in line in England to withdraw their money from Northern Rock. News from Australia is not much better, where loan defaults rose by almost 30 per cent in the last financial year with failures to pay the bills on time up in every Australian state and territory, figures from the nation’s biggest credit [...]
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