Opinion is divided over the impact Macquarie Bank’s exit will have on Australian securitisation, according to the latest Mortgage Business straw poll.
Of those surveyed 43 per cent agreed the implication for securitisation would be ‘insignificant’. A further 16 per cent described it as ‘welcome’.
According to Lisa Montgomery, Resi’s head of marketing and consumer advocacy, Macquarie’s withdrawal is a benign event for the industry.
Ms Montgomery believes that there are plenty of other funders available in the market place to fill the gap left by the bank.
“Macquarie had a strong product line but nothing particularly unique that the market will miss,” she said.
CEO and managing director of Mortgage House Ken Sayer admits that whilst Macquarie was seen as a minor player in the securitised lending market, the industry may nevertheless suffer as a result of its departure.
“I would agree with the majority of respondents that the implications on the securitisation market as a whole would be insignificant – but it does cast a grey cloud over the securitisation industry,” said Mr Sayer.
However, 41 per cent of the straw poll’s respondents considered the bank’s exit ‘disastrous’. Murray Cowan, managing director of Better Mortgage Management, believes the bank’s withdrawal does not bode well for securitisation as a whole.
“While I think disastrous is too strong a term there is no doubt that Macquarie’s move is another blow to securitisation’s reputation as a safe and secure source of residential funding,” said Mr Cowan.