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Mortgage Expo: Govt must pump £350bn into market says Wriglesworth

Mortgage guru John Wriglesworth has called on the Government to pump £350bn into the UK mortgage market through its Special Liquidity Scheme.

Speaking at the Mortgage Business Expo in Manchester, Wriglesworth said the £50bn SLS announced by the Government is just a “snowflake on an iceberg.”

He said: “£350bn might just give the kick start that is necessary to get the market going and give the message to investors that this economy is not going down the tube.”

Wriglesworth added: “If the Government does not inject more money then I can see this getting worse. If lenders go back to three times income, I think house prices will go back to what they were back in early 2000 before credit criteria was relaxed. That’s a fall by the way of 50 per cent.”

He said he is calling on the Government to start waking up.

“If lending criteria is going back to what it was in 2000, then why should house prices stay up?”


Triple crowns for Money Marketing

Money Marketing won a hat-trick of awards at the prestigious Headline Money awards. Chris Salih won trade investment reporter of the year, Tanya Powley won trade mortgage reporter of the year and Paul McMillan is trade journalist of the year.

Six on list for FSA

There are six candidates in the running to replace Sir Callum McCarthy as FSA chairman, including Lloyds TSB deputy chief executive Michael Fairey, Money Marketing understands.
Fairey, 59, is retiring from the bank in the summer and is a member of the FSA’s retail financial services group.

Edeus sets up savings plans

Edeus has launched two savings products with Newcastle Building Society. They are a guaranteed minimum return account and a 50:50 balanced FTSE account. Both saving products, introduced through Edeus, will give intermediaries a procuration fee of up to 2.75 per cent of the deposit.

Clear thinking

The publication of the FSA’s interim report on the retail distribution review is good news for those involved in the training and competence debate who see the RDR as an opportunity to raise standards in line with public expectation.

Harris Associates' view on the UK’s vote to leave the EU

By David Herro, Partner, Deputy Chairman, Portfolio Manager and Chief Investment Officer of International Equity at Harris Associates Britain’s vote to exit the European Union has led to significant uncertainty across global markets. We believe market impact of this uncertainty, though severe, is more of a shorter-term phenomenon which will provide an opportunity for long-term […]


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