Jones v Kaney
The legal press seems to be fixated with comment on the Jones v Kaney, [2011] UKSC 13, decision where after hundreds of years of expert immunity, the position was reversed. Some commentators have even predicted that the decision will lead to the end of expert witnesses as we know them. So we thought you might […]
Fraud on a lenders mortgage book
The recent findings from the Financial Services Authority’s mortgage fraud review indicated that although some lenders have adequate checks and controls in place, Tracey McDermott, acting director of enforcement and financial crime at the FSA, was concerned that not all lenders were embracing the findings of their review. A key aspect that was highlighted, was […]
Proper risk assessments?
Nearly three years before statutory mortgage regulation John Tiner, the then Managing Director of the Financial Services Authority, said during a speech at the Council of Mortgage Lenders conference “We would not wish to see, for example, a relaxation of loan to value or rental cover without lenders first making a clear analysis of the […]
Controlling mortgage forbearance
The recently published FSA consultation paper on forbearance (loan modification) and impairment provisions in relation to mortgages has attracted a vast amount of comment about how it could lead to greater clarification on the issues of forbearance for lenders. However, on a basic level we wonder if all lenders know just what percentage of their […]
ESG mortgages, FCA ups the stakes!
In our last blog we focused on the fact that RMBS investors are genuinely becoming more ESG focused. This is partly because of the premium that underpins a green transaction (the ‘greenium’), but also because regulators are starting to drive green issues. The latter was brought back into focus in a recent FCA ‘Dear CEO’ letter to Retail Mortgage Lenders.
The FCA has helpfully refreshed its ESG strategy, setting out its target outcomes and the actions that it will take in 2022. The tightening of FCA requirements will not only affect the manufacturers of mortgages, but the enhanced requirements will also influence future investors and investment strategies. Where ESG is concerned lenders and investors can no longer sit on the fence.
The risk of sole supplier audits
In the 2009 government review into banks corporate governance, led by Sir David Walker (former chairman of Morgan Stanley) one of the views expressed was that banks and other financial institutions should set up a separate risk committee with responsibility for oversight and advice to the board on current risk exposures and future risk strategies. […]
An investment opportunity or millstone?
Research shows that there has been a 184% increase in the availability of buy-to-let (BTL) products over the last six months. Another recent survey revealed that 74% of mortgage intermediaries felt that BTL investments would provide attractive returns over the next five years. Their enthusiasm to ‘talk up’ this sector is understandable, with many self-certification […]
Capita v Drivers Jonas
The recent Capita -v- Drivers Jonas decision seems to have been largely missed by the mortgage trade press despite receiving some coverage in valuation related publications. However, in our view, the decision (unless overturned on appeal) has significant ramifications for lenders (residential and commercial) as well as for valuers. The claim related to a substantial […]
