Bradford & Bingley, Paragon try to stop problems

As attention is focused on the United States we take a look at the U.K. where mortgage lenders have a crisis. Bradford & Bingley, the former building society, raised more than £4bn selling off two of its most solid mortgage books. Paragon, the specialist buy-to-let mortgage supplier, announced that it will attempt to repair its …

One third of U.K. homeowners face big house payment increases

Some say the U.K. is a warning to the U.S. but the news sounds about the same. One third of all U.K. homeowners will face big increases in their house payments. A report released yesterday said approximately 5.5 million people in the U.K. would be effected. Many fell into the subprime trap because of divorce, …

Japan’s MUFG profits drop on credit card’s, subprime

Hefty losses at its credit card unit are of interest in this article as many said problems would spread. A few months ago we reported that people were keeping credit card accounts current while defaulting on house payments. Not any more, from what we hear from Japan’s MUFG (Mitsubishi UFJ Financial Group Inc.) While losses …

Barclays and HSBC manage to lose $6 billion

Barclays and HSBC are on different ends of the mortgage crisis but between them they lost $6 billion from their exposure to the U.S. housing crisis and related credit crunch. HSBC lost money because of U.S. mortgages going bad, and Barclays lost money because of collateralized debt obligations (CDO’s) based on U.S. mortgages. The process …

HSBC stops sales and trading of mortgage backed securities

Here is an article we expected so see about two months ago. It is also published on Household – HSBC Watch. Insiders at HSBC say we should look for more changes and cutbacks from HSBC in the United States as the bank’s image has been tarnished by predatory lender Household International, and as more people …