More than 400 staff are just about to get fired after another bank from the USA has decided to shut its mortgage business.
Future Mortgages call centre in Doxford Park, Sunderland is next up for the chop.
The owners, Citigroup are shutting down Future Mortgages and CitiFinancial loans and have both now stopped lending.
So that makes 400 call centre staff redundant from the call centre and 270 more from their branches in the UK.
Tuesday, 20 May 2008
Friday, 2 May 2008
Here comes the crunch.....
Insolvencies in England and Wales are up, now there is a surprise.
Over 25,000 in the last three months, up over 1.5% on the last quarter when are creditors going to learn.
Speaking to credit managers daily it seems they are only just waking up to the fact that they MUST tighten limits and lending now to nip the crunch off in the bud but still I see reckless lending policies and credit limit setting, poor verification of a customers details and a fear that if they come down too hard they will loose business.
Wakey wakey !!!!
Tighten up those limits now. You're lending to people the banks won't touch.
Over 25,000 in the last three months, up over 1.5% on the last quarter when are creditors going to learn.
Speaking to credit managers daily it seems they are only just waking up to the fact that they MUST tighten limits and lending now to nip the crunch off in the bud but still I see reckless lending policies and credit limit setting, poor verification of a customers details and a fear that if they come down too hard they will loose business.
Wakey wakey !!!!
Tighten up those limits now. You're lending to people the banks won't touch.
Thursday, 1 May 2008
Crunching Fraud
The number of bank accounts being taken over has risen
CIFA the UK fraud prevention service says that fraudsters have changed due to the credit crunch.
Their work shows that more people have been lying on their applications for credit and loans in an attempt to cover up a poor credit history.
Fraud cases have increased by 10% in the first quarter of this year.
Don't believe everything you read........especially on an application form.
CIFA the UK fraud prevention service says that fraudsters have changed due to the credit crunch.
Their work shows that more people have been lying on their applications for credit and loans in an attempt to cover up a poor credit history.
Fraud cases have increased by 10% in the first quarter of this year.
Don't believe everything you read........especially on an application form.
Banking on credit ?
The Bank of England think that the losses from the current credit crisis could be overstated but at the same time have said that the worry of an impending financial meltdown might however become a self-fulfilling prophecy!
Well that's a comfort isn't it !
The Bank of England thinks that the worries are exaggerated, commenting that the credit markets "are likely to overstate significantly the losses that will ultimately be felt by the financial system and the economy as a whole".
"It will exaggerate to an even greater extent the potential damage to the real economy."
Interestingly, the LSE said that the bak's report might mean that the worst of the "crisis" was over but didn't give much reassurance as they then also went on to say "We now may be just moving into straight forward economic recession".
Is this some high level sitting on the fence? I think so. We're seeing the effects of consumer indebtedness and increased costs of borrowing translate to much higher levels of corporate debt. Don't get bitten or become complacent !
Well that's a comfort isn't it !
The Bank of England thinks that the worries are exaggerated, commenting that the credit markets "are likely to overstate significantly the losses that will ultimately be felt by the financial system and the economy as a whole".
"It will exaggerate to an even greater extent the potential damage to the real economy."
Interestingly, the LSE said that the bak's report might mean that the worst of the "crisis" was over but didn't give much reassurance as they then also went on to say "We now may be just moving into straight forward economic recession".
Is this some high level sitting on the fence? I think so. We're seeing the effects of consumer indebtedness and increased costs of borrowing translate to much higher levels of corporate debt. Don't get bitten or become complacent !
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