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Mobius repurchasing leases: 12 December 2007 6:53am

More skeletons emerged from the cupboard at Allco Finance Group’s specialist white label lender Mobius yesterday. Ratings agencies Moody’s and Fitch downgraded the mezzanine and junior notes of Mobius ELR-01 Trust. » read more »

Allco minimising Max: 05 December 2007 6:54am

Allco Finance Group has put the finishing touch to a difficult year with the announcement that it will rebate its fees for managing its listed offshoot, Allco Max Securities and Mortgage Trust, for two years. » read more »

Columbus shuts the books: 13 November 2007 6:47am

Mortgage funder Columbus Capital has notified the 16 brokers it deals with that it will not be doing any more origination business until 2008. The brokers will have to get their funding from other sources. » read more »

Liberty adapts to maintain returns: 29 October 2007 7:27am

The credit crunch is testing business models in the lending market. One financier evaluating its model and its priorities is Liberty Financial. » read more »

Non-conformers tighten the belt: 29 October 2007 7:06am

Non-conforming lenders continue to make adjustments to their business operations as they position themselves for what they believe will be tight funding conditions for some time to come. » read more »

Allco puts Mobius under the microscope: 26 October 2007 6:43am

Allco Finance Group chief executive David Clarke told shareholders at the company’s annual general meeting yesterday that he had called for a strategic review of the group wholesale lending business, Mobius. » read more »

Mobius drops no doc loan: 28 August 2007 6:41am

Stung by criticism that its lending standards are too loose, the mortgage wholesaler Mobius has dropped its no doc loan from its product range.
» read more »

Mobius portfolio acquisitions a mistake: 22 August 2007 7:04am

Allco Finance group chief executive David Clarke said yesterday that certain loan portfolios acquired by the company wholesale mortgage business Mobius had been mistakes. » read more »

Mobius not a sub-prime lender: 13 August 2007 6:51am

A year ago Allco hired Steve Davey, a former credit market senior executive at ANZ. One of Davey’s jobs was to look at the structure, credit processes and compliance activities at Mobius.

Davey said he had done a lot of work at Mobius over the past year to “tighten the business model.” » read more »

Mobius portfolio has 23 per cent arrears: 06 August 2007 6:44am

Asked at a credit market conference last week whether Australia had sub-prime lenders of the type that were getting into trouble in the United States, Standard & Poor’s executive Leah Rhodes said the average arrears rate on portfolios securitised by local non-conforming lenders was 14 per cent.

The non-conforming lender with the best arrears rate was Pepper Home Loans, with seven per cent of its loans 30 days in arrears. The worst was Mobius, part of Allco Finance Group, with a 23 per cent arrears rate.
» read more »

Losses mount from sub-prime mess: 03 August 2007 7:00am

There’s probably more overnight, sub-prime related news than on any day since the present mess began to rattle US markets in early March, and then alarm them courtesy of the failure of a couple of hedge funds managed by Bear Stearns. » read more »

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