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Two non-bank lenders exit marketTwo non-bank lenders are pulling out of the home loan market because of a lack of funding.Tuesday, July 13th 2010, 9:24PMOne is Christchurch-based Moorhouse Mortgages. Its managing director Louise Ledger says although this is a disappointing result for the company and the broker community, "we have reluctantly been forced to make this decision". Moorhouse Mortgages has been running for four years and Ledger says the market, the recession and the lack of wholesale funding has meant that it can't accept loans as there is no money to lend. She told Good Returns that more information will be provided next week. Also Number 8 Mortgages, run by Rob Tucker, is pulling out of the market. Tucker says its funders had tightened lending criteria so much that the company no longer had a point of difference in the market. No 8 was now having to turn down applications it would have been able to approve previously. Tucker also says the court case between GE and a Blue Chip lender had also killed the no doc and lo doc market. If this ruling stands lenders will be required to know much more about borrowers and their circumstances than has been previously required with these sorts of products. Comments from our readersNo comments yet Add your comment: |
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Earthquake to rattle rates
The effect of the Christchurch earthquake has even rattled mortgage rates heralding a turning point to the current trend of a flattening yield curve with floating and short-term rates increasing and long-term fixed rates falling. Expect from here on to see the graph in front of you flipped, as economists expect the yield curve to steepen. The reason for this is that the 7.1 magnitude earthquake that hit Canterbury and the collapse of South Canterbury Finance last week has eliminated any remaining chance of a September Official Cash Rate (OCR) hike according to economists. Most are now not expecting monetary policy tightening until 2011. MORE » |
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