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Mortgage brands close for new business

Thu, 08 May 2008

The investment banking company Merrill Lynch have suspending UK lending through their mortgage brands Mortgages Plc and Wave. Whether the closure is permanent remains to be seen, but the brands will close for new business for the foreseeable future.

Other investment banks that own UK mortgage subsidiaries have already pulled the plug, including Lehman Brothers and Morgan Stanley. Market conditions have simply made it unfavourable for these businesses to continue offering mortgage loans .

Merrill Lynch have also released reports of almost $2 billion net losses, and it is expected that some 4000 jobs will go worldwide. Around 200 of these will be at Wave and Mortgages Plc, experts believe.

The head of communications for European Merrill Lynch affairs, Jezz Far, was reported as commenting: "Merrill Lynch has announced it is suspending lending out of its two wholly-owned mortgage businesses Mortgages plc and Wave Lending Limited for the foreseeable future in response to the continued dislocation in the mortgage markets . The mortgage businesses will continue to maintain their servicing operations."
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