Yes, this site is Lenderwatch, but we have a report on Australia. Our point is simple – running hog wild in the United States is hurting other countries. Look for a detailed report from one of our analysts in the near future. In that report it seems our own government knew there would be problems. Still under wraps, our report guarantees to show who was hung out to dry and who protected their own interests. Meanwhile, on to Australia.
Macquarie Bank of Australia revealed last night that two of its funds faced losses related to the US subprime mortgage crisis of up to 25 per cent. The bank is not involved in subprime lending in the United States. Instead, it received margin calls on two of its funds. Macquarie said it had been forced to sell some of the loans in the portfolio in a subdued market after receiving margin calls on the funds, which are highly geared at six to seven times.
This website started out as Mortgage Blues, and changed the name when the global financial crisis grew. Little did we know that eight years after the U.S. mortgage crisis was over the same tactics would cause problems in subprime auto sales and financing. I think LenderWatch turned out to be a fine name for this website.