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...Capital One agreed in February to acquire Discover in one of the banking industry’s biggest deals since the 2008 financial crisis. The takeover is now undergoing scrutiny by banking regulators....
...The business was viewed as one of the bank’s most successful units, but took up too much capital and was jettisoned as part of a final restructuring plan....
...Venture capital fund Silverstripe backs mortgage lender Perenna, rather than Silverstream as incorrectly stated in an analysis on April 23....
...Bassman: You have arbitrage entities out there, like AGNC or Annaly [two mortgage Reits that buy mortgage-backed securities]. They are levered seven to one. They can’t have a 35-year duration....
...This item has been amended since publication to correct the name of the venture capital firm that has backed Perenna and clarify that Liam O’Hara is head of mortgages at First Direct...
...Capital One Financial agreed to buy Discover Financial Services for $35bn in stock....
...Collectively, portfolio companies have adapted to a higher cost of capital and are funding their future growth....
...Prices rebounded in the capital in the first three months of 2024, rising at an annual rate of 1.6 per cent, up from a contraction of 2.3 per cent in the final quarter of 2023....
...A merger between Virginia-based Capital One and Illinois-based Discover would shake up the US credit card landscape and mark one of the industry’s biggest deals since the 2008 financial crisis....
...Brexit and mortgage regulatory changes also played a role, according to Richard Donnell, executive director at property consultancy Houseful....
...The index tracking expected default over the next three months stood at 34.2, a slight fall on the previous quarter and the lowest in more than one year....
...Zirkle said it was illegal in the US to take an application fee if one is not a licensed lender, which most are not in advance-fee scams....
...Capital One’s acquisition of Discover values its smaller rival’s stock 27 per cent above Friday’s closing price....
...Early last year, one in four new mortgages was a tracker, according to mortgage broker John Charcol....
...It represents one of the largest fundraisings by a VC since a downturn in the sector began about two years ago....
...Discover Financial’s chief executive has resigned just weeks after the credit card company reached an agreement to be sold to rival Capital One....
...Ashley Webb, an economist at Capital Economics, said the BoE figures suggested “the drag on consumer spending and the housing market from higher interest rates [was] easing”, adding: “The recession will...
...US mortgage applications for home purchases rose by the most in a year in January, according to analysis by Capital Economics of data from the US Mortgage Bankers Association on Wednesday....
...Activist investor Elliott has built a 5 per cent position in Scottish Mortgage Investment Trust, whose early bets on tech groups such as Amazon turned it into one of the UK’s most popular investment vehicles...
...“One major lender [NatWest] dropped its rates [on Wednesday] and we’d expect to see more of that during the coming fortnight....
...Many are having to focus on paying off their mortgages instead of considering taking on a new one. Older borrowers are also cutting back on taking out mortgages for discretionary spending....
...Imogen Pattison, economist at Capital Economics, said price gains will only slow in the near term....
...in which one prisoner is banned from speaking.)...
...“The Prudential Regulation Authority could have concerns about banks’ exposure to 99 per cent loan-to-value mortgages, even if partially underwritten by government, and could look for additional capital...
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