US banks are holding more mortgage loans on their balance-sheets rather than send them to the government-backed housing agencies for securitisation.
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US banks are holding more mortgage loans on their balance-sheets rather than send them to the government-backed housing agencies for securitisation.
More loans held by banks could be a sign of renewed confidence in the housing market, but it could also reflect higher fees being charged by US housing giants Fannie Mae and Freddie Mac, as well as
London: Bank lending to Britain’s property market is at its tightest since the collapse of US investment bank Lehman Brothers.
Though lending has picked up, the protracted Eurozone debt crisis and shaky domestic economic data has hit confidence among banks, making them more wary of offering new loans to property companies.
The proportion of banks
New York: The risks facing the Eurozone have been reduced since the summer, when a Greek exit looked imminent and borrowing costs for Spain and Italy reached new and unsustainable heights. But, while financial strains have since eased, economic conditions on the Eurozone’s periphery remain shaky.
Several factors account for the reduction in risks.
It has been an unusually volatile year in terms of activity, starting off with a significant amount of interest from buyers and many competitive bidding situations.
Then came the UK Budget and the shock implantation of an increased rate of stamp duty land tax (up from 5 per cent to 7 per cent) on properties over £2 million.
At the same time a
Washington:US homebuilding permits touched their highest level in nearly four and a half years in November, pointing to strength in the housing market, even though groundbreaking activity dropped.
The Commerce Department said building permits increased 3.6 per cent to a seasonally adjusted annual rate of 899,000 units, the highest since July 2008.
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