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  • ( ) New bank mortgage approvals tumble to 10-year low

    New mortgage approvals by UK banks fell to a 10-year low last month as tighter lending standards and uncertainty over house prices hit demand, the British Bankers Association said yesterday.

    The number of mortgages approved for house purchase fell from 43,944 in November to 42,088 in December, nearly 40 per cent below their level a year earlier and the lowest since the BBA's records began in 1997.

    "This confirms that demand for, and supply of, mortgages has been severely affected by falling buyer confidence and the prolonged effect of the credit crunch," said Brigid O'Leary at Capital Economics, noting that mortgage approvals in the last quarter of 2007 were 40 per cent below the previous year.

    Net mortgage lending also remained weak at £4.7bn, compared with November's £4.6bn and a previous six- month average of £5.2bn. More>>

  • ( ) Mortgage crisis presents opportunities for smaller lenders

    It's hard not to notice the newspaper ad that blazes, "WANTED ALL BORROWERS," across the top.

    The company, American Trust Mortgage Co. Inc. in Mount Pleasant, has "subprime loans available," the ad states, and financing for home buyers with credit scores as low as 530. A score of about 700 is considered good.

    Two or three years ago, such an ad wouldn't have raised an eyebrow. In today's market, it sticks out like a sore thumb.

    Barely 12 months ago, the local mortgage market was awash with some of the country's largest lenders offering an array of financing options. Today, most have either vastly scaled back their operations or closed down.

    But in their wake, some local companies have found that the world suddenly is their oyster. It's as if Wal-Mart went out of business and left only small gourmet grocery stores. More>>

  • ( ) Vicarious George

    Political spin: Never mind abortion—the ruling will be axed because it defies stem-cell research. ... 6:00 p.m. PT

    Friday, Feb. 4, 2005

    The Food and Drug Administration may approve an electronic implant for depression. The implant, which was made to treat epilepsy, sends pulses to the brain. One expert calls it "a pacemaker for the brain." Similar implants already treat chronic pain. Patients would have to try drugs and other therapies before getting it. Implication: We're increasingly treating the mind as part of the body.

    Cops are fingerprinting speeders in Phoenix, Ariz. Sheriff's deputies are asking for a thumbprint when they ticket a driver. Critics say drivers don't know they can refuse. Sheriff's spin: We're doing it to protect the innocent. More>>

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