Macquarie Bank announced this morning that Macquarie Securitisation will wind-back its residential mortgage origination services for both retail and wholesale customers.
Head of Macquarie Bank’s banking and financial services group Peter Maher said the bank would begin substantially reducing origination of new mortgages as of this Friday 7 March.
“New mortgage business will continue to be written although it will be at much reduced volumes,” Mr Maher said.
The bank said the decision was due to the significant increase in the cost of funding mortgages and the deteriorating conditions in the global securitisation market.
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