FTSE and Dow drop despite US mortgage boost

As at 10:26am EST time it was slightly down by 0.08% at 7925 points. Early losers include Bank of America, JP Morgan Chase and Wal Mart which are down 3.75%, 3.59% and 1.99% respectively. In the UK the FTSE 100 was very slightly up by 0.02% at 3:30pm with financials putting a drag on the index. Lloyds, Legal & General, RBS, Barclays and Aviva are the top five losers so far shedding 28.60%, 8.96%, 7.08%, 6.48% and 5.83% by 3:30pm respectively. The falls in both markets have come despite initially improved sentiment following the US Government's plan to subsidise mortgage payments. Th...