Good morning, early birds. Tensions mount on Manus Island as asylum seekers refuse to leave the detention centre, and yet another senator has been identified as a potential dual citizen. It's the news you need to know, with Max Chalmers.
If they haven’t already, the members of the Senate committee should ask RAMS Home Loans founder John Kinghorn to appear before it to explain why RAMS, followed subsequently by most of the non-bank lenders, hit a brick wall and effectively collapsed at the very onset of the financial crisis.
Non-bank lenders are having a poor time in the mortgage market, with October ABS data showing bank loans accounted for 75.1 per cent of owner occupied lending, the banks’ largest percentage market share since December 1998.
Home lending by non-bank lenders fell in a heap in September, with raw figures showing a 22% plunge in the number of home loans made, writes Glenn Dyer.
Shareholders in Rams Home Loans group who have been gutsy enough to hang onto their shares are entitled to feel a bit miffed about the way they have been stiffed by gutless management and founder John Kinghorn, writes Glenn Dyer.
Before skiting to Australia’s biggest selling newspaper that you’re about to sell $500 million in mortgage-backed securities – labelled a “lifeline” by the Herald Sun yesterday morning – it’d be a good idea to have the investors committed.
A vulture fund, a bank or promoter John Kinghorn buying back the company he floated at $2.50 a share at less than $1 a share after the unfortunate events of August? Whatever the reason, RAMS Home Loans Group rose almost 17% yesterday, writes Glenn Dyer.
Troubled home lender, RAMS Home Loans Group has failed to finance more than $6 billion dollars in short term debt two days after it warned that the subprime mortgage mess and credit market strains would have a "material" impact on the company's earnings.
The gathering crisis in the US and in Europe has spread quickly, and has arrived here in force today with a widespread slump in bank share prices because of a warning from the newly listed independent mortgage group, Rams Home Loans Group.
Every lender in Australia and every private equity entity known to humanity has already cast an eye over Rams Home Loans over the course of an on-again/off-again sales process that’s taken about three years.