Tuesday, Jan 15, 2008
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Mortgagestrategy: London Scottish withdraws from secured loan market
London Scottish Mortgages has suspended its secured loan business until further notice. The lender wrote to brokers yesterday informing them that it will not accept cases submitted after January 15, 2008 and will instead focus on its first charge business. The move is yet more bad news for brokers in the secured loan market who have been struggling to place business with lenders.
Posted by jack c @ 02:00 PM (447 views) Add Comment
4 Comments
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1. Jack C said...
The Times 01/01/2008 -
The banking industry suffered a new blow yesterday as London Scottish Bank admitted that it needed to raise fresh capital. The consumer lender became the first London-listed bank to admit that it had been ordered by the Financial Services Authority to increase reserves dramatically under new rules on capital that come into force today.LSB shares closed down 18 per cent, or 14p, at 63p after it said bad-debt woes would force it to take a £22 million impairment charge for the year to October 31. The charge would result in an annual loss of up to £5 million and threaten the final dividend, it said.
2. jack c said...
Tjhe Times 01/01/2008 -
The banking industry suffered a new blow yesterday as London Scottish Bank admitted that it needed to raise fresh capital. The consumer lender became the first London-listed bank to admit that it had been ordered by the Financial Services Authority to increase reserves dramatically under new rules on capital that come into force today. LSB shares closed down 18 per cent, or 14p, at 63p after it said bad-debt woes would force it to take a £22 million impairment charge for the year to October 31. The charge would result in an annual loss of up to £5 million and threaten the final dividend, it said.
3. inbreda said...
When people start defaulting on their mortgages more prevalently in the UK it's going to be even harder for them to raise funds.
This is still tip of the ice berg. The snowball has barely started rolling.
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