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FSA orders sub-prime lender GMAC-RFC to pay £7.7m in compensation for mistreating customers who fell into arrears Sub-prime mortgage lender GMAC-RFC has been fined £2.8m for mistreating mortgage customers who fell into arrears and ordered to pay them up to £7.7m in compensation. The Financial Services Authority (FSA) has issued one of its biggest ever fines to the US-owned company for its …

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News Sources wrote an interesting post today on
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Q I have a seven-year fixed-rate mortgage with an interest rate of 4.99%, which is due to finish in October 2010. I also owe £6,000 on a two-year fixed-rate mortgage, which is due to finish on 31 December 2009. In addition, I have a credit card with an outstanding balance of £3,500 on which I now have to start paying interest. Should I take out a £9,500 mortgage at the end of December to cover …

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News Sources wrote an interesting post today on
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The number of mortgage defaults is set to rise, with the Reserve Bank almost certain to lift interest rates.

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News Sources wrote an interesting post today on
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The number of mortgage defaults is set to surge, with the Reserve Bank all but certain to lift interest rates on Melbourne Cup tuesday.

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News Sources wrote an interesting post today on
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Mortgage bank Alliance Financial Partners is relocating its U.S. headquarters to Colorado Springs, the firm announced Saturday. An office at 130 E. Kiowa St. opens Monday. Alliance, which specializes in residential and commercial lending, is an…

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