| US financial group GMAC to freeze German operations
US financial services group GMAC will freeze German real estate activities owing to effects of the US subprime home loan crisis, a press report said Wednesday. GMAC specialises in loans to people who cannot make a significant down payment on a home and granted loans in 2007 worth around one billion euros (1.48 billion dollars). But a spokesman told the daily Handelsblatt that business would be frozen starting next week. "We want to focus on refinancing activities in specific markets around the world," he said. GMAC would continue its business in Britain, but had already cut Spanish activities by more than half since late 2007. The collapse of the US market for high-risk home loans has made life more difficult for GMAC.
RAMS smashed despite Westpac buy
Westpac Bank will take over the future business of RAMS Home Loans Group, swooping on the assets of the lender which struggled to refinance its debt following the US subprime mortgage crisis. RAMS shares tumbled as much as 22 per cent today after Westpac, Australia's fourth-largest bank, said it would buy the RAMS franchise and brand for $140 million and refinance some of its debt, but not take on its existing mortgage book. The deal was hailed as a cheap buy for Westpac which is seeking to expand its mortgages arm, but will leave RAMS as an operation with no new business from November that will service only existing loans. "RAMS looks like a business in run-down, it doesn't have much of a future at all,'' said Argo Investments Managing Director Rob Patterson.
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