U.K. home reposessions mirror U.S. problems

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 …

Asia Times Puts HSBC at Forefront of Subprime Crisis

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”. The first time was in early March, followed soon by HSBC bank’s reporting that its earnings would be negatively affected …

IMF Says Subprime Turmoil Likely to Continue

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: Japanese Financial …

Barclays risks loss in sale of sub-prime arm

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. Industry sources believe Seegers is minded to …

Economy Slows in Australia, Northern Rock Shakes U.K.

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 …