An investigation into credit rating agencies in the US has uncovered major weaknesses in ratings practices, as well as conflicts of interest.
American International Group, the world's largest insurer, has fired chief executive Martin Sullivan.
Mortgage Next has added two specialist lenders to its panel to provide its brokers with a wider range of buy-to-let and sub-prime mortgage products.
Egg, the online banking brand owned by Citigroup, has pulled out of the UK mortgage market from today.
The Intermediary Mortgage Lenders Association (IMLA) has hit out at Lib Dem shadow chancellor Vince Cable for calling the sub-prime mortgage industry unscrupulous over arrears and repossessions.
Swiss banking giant UBS has revealed it will make one of Europe's largest ever rights issue calls, asking shareholders for CHF16m (£7.94bn).
The FSA has fined Thinc Group £900,000 for failures when selling and advising on sub-prime mortgages.
UK banking giant HSBC has been hit with a $3.2bn write-down in Q1 this year, taking its total US sub-prime related losses to over $15bn.
Sub-prime mortgages are still providing business opportunities for UK brokers despite major problems in the US market over the past year, according to BDS Mortgage Group.
Merrill Lynch has been hit with a $1.96bn net loss in Q1 this year, due to a further $4.5bn write-down in sub-prime and other bad debt.