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Britain's mortgage lenders are continuing to raise their interest rates for new customers and neglecting to pass on the falls in market lending rates, which have been easing for several weeks.
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Mortgage lenders are ignoring pleas from the Government and consumer groups to honour the terms of recent emergency bailouts and pass on this week's expected Bank of England base rate cut – instead pre-empting the decision by increasing rates for new customers.
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NEW YORK -- Major banks are stepping up their efforts to curtail losses from souring mortgages, with Citigroup Inc. becoming the latest institution to adopt initiatives aimed at helping at-risk borrowers remain in their homes.
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Britain's high street banks stand to rake in billions of pounds from borrowers in a bid to shore up their shrinking balance sheets.
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Banks have been accused of profiteering as new figures show they have doubled their margins on mortgages in the past year.
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A growing industry has emerged to take advantage of the unprecedented wave of foreclosures, charging distressed homeowners for help negotiating better loan terms -- a service provided for free or for a nominal fee by many nonprofits.
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As the global financial crisis picks off victims among U.S. and European financial institutions, analysts fear South Korean banks could be the next casualties.
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The U.S. Treasury Department is considering taking ownership stakes in many U.S. banks to try to restore confidence in the financial system.
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The Treasury Department is considering taking ownership stakes in many United States banks, the White House said Thursday.
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It may be time to try a new approach: The government needs to decide which banks it is sure are worth saving, and pump capital into them directly.
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Banks borrowed in record amounts from the Federal Reserve's emergency lending facility over the past week, while investment banks drew loans at a brisk _ though slightly lower _ pace, fresh proof of the credit problems gripping the country.
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Gordon Brown accuses Iceland of 'unacceptable' action over British savings in collapsed banks.
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Scottish council leaders are due to meet in Edinburgh to discuss the collapse of the banking system in Iceland.
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Gordon Brown accuses Iceland of 'unacceptable' action over British savings in collapsed banks.
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Britain's largest banks were on Thursday locked in meetings with regulators, officials and investors as they attempted to work out the implications of the government's £400bn bail-out package
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Calm gave way to fear in financial markets Thursday, turning a relatively steady day into a rout that pushed the Dow Jones industrials below 9,000 for the first time in five years.
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A century from captain Ricky Ponting helped Australia assume command on the opening day of the first Test against India in Bangalore.
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US Treasury Secretary Hank Paulson today warned that more American banks could fail and that financial markets remain 'severely strained'
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THE Government is under growing pressure to follow the US and Europe and guarantee deposits in Australia's major banks.
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US stocks rose and the Standard & Poor's 500 Index rebounded from its worst six-day plunge since 1987 as better-than-estimated profit at International Business Machines Corp spurred speculation earnings will weather the financial crisis.
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Despite aggressive economic policies to stave off an economic crisis, the Bush administration is running out of tools and time to save the U.S. from a deep recession, economic experts warn.
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Oct. 9 - In an effort to jumpstart lending, the U.S. Treasury is considering giving money to U.S. banks in exchange for shares.
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SIX leading lenders bowed to enormous political and public pressure yesterday and said they would reduce mortgage rates.
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British charities stand to lose at least £120m invested in stricken Icelandic banks, it emerged today.
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ST. JOSEPH, Mo. (AP) -- Democratic vice presidential candidate Joe Biden said Thursday that Republican John McCain keeps switching responses to the economic crisis and now advocates a plan for troubled mortgages that would "reward banks and lenders for their greedy behavior."...
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The U.S. Treasury Department is considering taking ownership stakes in many U.S. banks to try to restore confidence in the financial system.
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Insurance companies are now being battered like Wall Street banks were last month, suggesting a similar round of consolidation and recapitalization.
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Libya will withdraw assets held in Swiss banks and end economic cooperation with Switzerland to protest against poor treatment of Libyan diplomats and businessmen, Libyan state news agency JANA said.
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Banks remained paralysed by fear today despite this week's efforts to unjam money markets.
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British charities stand to lose at least £120 million invested in stricken Icelandic banks, it emerged today.
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Now that Apollo Management has offered to pay $540 million on Thursday to help close the $6.5 billion merger between its subsidiary, Hexion Specialty Chemicals, and a rival chemical maker, the Huntsman Corporation, the next question becomes: Will the banks step up? The private equity firm’s offer to pony up cash was an effort to prod [...]
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UK charities fear they have lost up to £120m in failed Icelandic banks
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