Bluestone Group yesterday announced that it would materially reduce its residential origination levels and suspend commercial originations due to continued deterioration in global credit markets.
Bluestone founder and chairman Alistair Jeffery said it
would be irresponsible to continue to lend at high volumes given there was
currently little sign that credit market conditions would improve.
“The securitisation markets on which we rely on for term funding are now highly illiquid, and whilst Bluestone is continuing to access these markets, most recently in December, our expectation is that market capacity will remain low and pricing high,” Mr Jeffery said.
He said the group would reduce origination levels “until
the securitisation markets reopen fully or alternative sources of term funding
Bluestone now plans to focus on expanding its servicing and arrears management business, Bluestone Servicing.
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