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Ongoing deterioration in global credit markets and the continued increase in the cost of funds have forced Macquarie Mortgages to suspend its reverse mortgage product range – with no definitive plans to introduce the products in the future.
“No one can predict when global mortgage credit markets will stabilise,” a Macquarie spokesperson told Mortgage Business yesterday afternoon.
The announcement came just two months after the bank announced it would significantly reduce its origination of wholesale and retail residential mortgages.
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Moving forward the spokesperson said the bank would focus on servicing its existing borrowers and honouring contractual commitments with existing partners.
Published: 09-05-08
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