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Nov092013

02:13:44 am

Low Taxpayer Risk With Low-doc Loans








Australia Home-Loan Approvals Drop to 10-Year Low as Rates Deter Buyers






Mr Nicholl said the AOFM had no sub-prime loans among the mortgages underpinning the residential mortgage-backed securities (RMBS) in its portfolios. The parliamentary inquiry was examining the Australian banking sector in the aftermath of the global financial crisis. A sub-prime loan is one offered to people who don't qualify for a traditional loan due to low credit ratings or other factors. The collapse of the US sub-prime mortgage market in 2007 was the precursor to the global financial crisis. Mr Nicholls said the AOFM`s mortgages with at least 30-day arrears were just 1.1 per cent of its portfolio. He said this was less than that for full document and broader prime loans.
For the original version including any supplementary images or video, visit http://au.finance.yahoo.com/news/low-taxpayer-risk-low-doc-043740941.html










Property prices declined in the first quarter by the most since 2008 as floods in the nations east coast disrupted the market and homes listed for sale climbed alongside rates. The total value of loans fell 0.1 percent to A$19.3 billion ($20.4 billion) in March, todays report showed. Owner Occupiers The value of lending to owner-occupiers declined 1.1 percent, the report showed. The value of loans to investors who plan to rent or resell homes advanced 2.1 percent. First-home buyers accounted for 16 percent http://emanded.1colony.com/rich_text.html of dwellings that were financed in March, up from 14.9 percent in February and lower than 16.4 percent a year earlier, the report showed. An index measuring the weighted average of prices for established houses in eight major cities slid 1.7 percent in the first quarter from three months earlier, the biggest fall since the third quarter of 2008, a government report showed May 2. There was a decrease in transactions in Queenslands capital, Brisbane, it said. Prices fell the most in Melbourne and Brisbane, with declines of 2.5 percent from the prior quarter, while Sydney dropped 1.8 percent, the report showed. Prices advanced 0.5 percent in Perth and Hobart house prices gained 0.4 percent.
For the original version including any supplementary images or video, visit http://www.bloomberg.com/news/2011-05-16/australia-home-loan-approvals-drop-to-10-year-low-as-rates-deter-buyers.html




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