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Article: High cost of cash sees Macquarie trim its mortgage business.
- Article from:
- Australasian Business Intelligence
- Article date:
- March 6, 2008
CopyrightCOPYRIGHT 2008 News provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Leon Gettler
Mar 06, 2008 (The West Australian - ABIX via COMTEX) -- The global credit crisis has started to hit Australia, with the cost of money rising. Macquarie Bank has decided to wind back its domestic residential mortgage business. The company will continue to service existing customers, but will not write new loans. The winners from this move will be the big four banks, which will become even more powerful as the competition dwindles away. The big banks have a large deposit base to source money from. Macquarie Securitisation will continue ...