MANCHESTER, England, Sept 30 | Mon Sep 30, 2013 8:53am EDT
"We expect the majority (of the) lenders will ultimately participate," the source, who spoke on condition of anonymity, said. "We expect other lenders to confirm in the weeks and months ahead - between now and January - that they will be participating - probably not all of them but the vast majority.
"House prices are basically flat in most of the country so this is a broad recovery from an extremely low base," the source said.
LONDON, Sept 28 | Sat Sep 28, 2013 4:54pm EDT
LONDON, Sept 28 (Reuters) - Britain will introduce a mortgage guarantee scheme aimed at helping people buy their own home three months earlier than planned, Prime Minister David Cameron said on Saturday.
"I won't stand by while hardworking people can't afford a home. That's why I'm bringing forward 'Help to Buy' scheme," Cameron said in a statement on the eve of the Conservative party conference.
Cameron said the scheme, which will offer guarantees for 95-per-cent mortgages for homes up to 600,000 pounds ($967,300), would start next week. It had been due to begin in January 2014.
Critics of the government have said it is stoking a housing bubble in London by backing mortgages.
CHICAGO, Sept 28 | Sat Sep 28, 2013 1:08pm EDT
CHICAGO, Sept 28 (Reuters) - JP Morgan Chase & Co could reach a multibillion-dollar deal as early as Tuesday, putting an end to the bank's woes from mortgage securities related investigations, the New York Post reported on Saturday.
The bank and government officials met earlier this week to try to negotiate a settlement in the $11 billion range to resolve many of the probes into how it sold mortgage bonds before the financial crisis, a source familiar with the matter told Reuters.
Negotiations have involved the possibility of JP Morgan paying up to $7 billion in cash and $4 billion in consumer relief - a large sum, but representing little more than half the bank's 2012 profit of $21 billion.
JP Morgan CEO Jamie Dimon met with U.S. Attorney General Eric Holder on Thursday. While it is unusual for a company CEO to meet with the head of the U.S. Justice Department, the bank is seeking to tamp down its legal difficulties.
The settlement, if it goes ahead, would likely include claims from the regulator of Fannie Mae and Freddie Mac, which has sought some $6 billion from the bank over risky mortgage securities sold to the government-sponsored entities, according to two people familiar with the matter, Reuters reported.
JPMorgan was saddled with about 70 percent of the debt in nonperforming home loans during the financial crisis.
