JPMorgan Chase has been subpoenaed by the U.S. Securities and Exchange Commission over mortgages issued before the real estate collapse that have since soured, Bloomberg News reported. The move comes amid an SEC probe into the mortgage practices of several U.S. banks, including Credit Suisse, which was subpoenaed last week. The JPMorgan subpoena is seeking information related to Bear Stearns mortgage practices, after bond insurers alleged that the bank, which JPMorgan acquired in 2008, had demanded refunds from originators but then failed to share those refunds with sellers. Meanwhile, the Credit Suisse investigation was disclosed yesterday by the bond insurance unit of MBIA, in a filing in New York State Supreme Court.
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There are many different types of debt solutions available these days for people that are struggling to keep up with their repayments on debts but do not want to bury their heads in the sand and pretend that there is not a problem. Some of the options that are available for those that have debts that they are struggling to repay include Individual Voluntary Arrangements and Debt Management Plans. Another, more recent, option that has become available is DROs or Debt Relief Orders.
Debt Relief Orders are a debt relief option for people that meet specific eligibility requirements and they come with both pros and cons. In order to be eligible for a Debt Relief Order you need to have debts of no more than £15,000, you must have no more than £50 disposable income after all bills and living costs have been paid out, you must own assets worth no more than £300, and your car must not be worth more than £1000.
With Debt Relief Orders the orders last for twelve months, during which time your creditors cannot chase or pursue the debt or take any action without court permission. You
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The promise made by a mortgage company in San Diego could not have been more blunt. “Accredited Home Lenders offers an unusually broad line of subprime mortgage products for wholesale mortgage brokers,” the company’s Web site boasted in its heyday. “Send us your toughest loans, and let us earn your business.”
Those were the days: from 2005 to 2007, Accredited made $29 billion in subprime loans.
Published: April 28, 2011
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It has been claimed that a rising number of buy to let buyers are coming onto the market and that this is resulting in an even greater number of first time buyers being ousted from the market. There have been signs of improvement in the property market of late, but it appears that those benefitting the most are investors who are buying to let.
According to reports banks are far more keen to lend to buy to let investors compared to first time buyers for a number of reasons. Buy to let investors often have a lot of experience in the market, they have proven credit history and records, and they usually have a meaty deposit to put down, all of which helps to reduce the risk to banks. Many first time buyers, on the other hand, have little in the way of deposits, are purchasing property for the first time, and sometimes have little in the way of credit history.
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