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President Bush offers measures to help US sub-prime homeowners

US president George Bush announced a range of measures last week in a bid to help American homeowners meet mortgage payments following the recent US sub-prime crash.

This comes as Federal Reserve chief Ben Bernanke pledged to shelter the US economy from the turmoil in the world markets, hinting that a rate cut might be on the cards later this month.

Bush says he wants Congress to change the law to allow the Federal Housing Association to guarantee loans for borrowers who are 90 days behind on their payments.

He also called for a temporary tax code alteration to help struggling mortgage holders to avoid unexpected taxes.

However, Bush said it was not the federal governent’s job to bail out lenders, many of whom have gone bankrupt.

Bush says: “The Government’s got a role to play. But it is limited. A federal bail-out of lenders would only encourage a recurrence of the problem. It’s not the Government’s job to bail out speculators or those who made the decision to buy a home they knew they could never afford. Yet there are many American homeowners who can get through this difficult time with a little flexibility from their lenders or little help from their government.”


Profits leap by 67% for Hargreaves Lansdown

Hargreaves Lansdown’s first annual results as a listed company show a 67 per cent increase in operating profits to £40.7m from £24.3m.Assets under administration also rose by 67 per cent from £6.1bn to £10.2bn. Group revenue was £98.8m in the year to June 30 compared with £73.5m the previous year. The proportion of recurring revenue […]

Fact-find not needed for generalities

I think Filip Slipaczek’s letter is really quite silly. Of course, one can give generic advice without having to have a full fact-find because otherwise someone trying you out on the phone to see whether or not they might like to become a client will have no idea what knowledge one has. It is absurd […]

Cofunds not trying to put new guise on commission

I am writing in response to Peter Hargreaves’ article recently about our intention to offer a choice of commission and/or fees. In my recent meeting with an MM reporter about the issues raised by the FSA’s recent paper on platforms, I did indeed mention that we plan to offer the administration of fee-based services for […]

Premier set for specialist sector

Premier chief executive Mike O’Shea says the company will be aiming at the specialist sector after gaining approval for its management buyout last week.O’Shea believes that for Premier – and the market in general – the specialist market is still in its infancy with a number of untapped opportunities to take advantage of.He says: “We […]


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