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.
Moving forward the spokesperson said the bank would focus on servicing its existing borrowers and honouring contractual commitments with existing partners.
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