Goodbye GE home Loans, who is Pepper?

[Viking]

Pepper Australia buys A$5.1b of mortgages from GE Capital including the former Wizard Home Loans book

Posted in News May 25, 2011 - 05:47pm, Gareth Vaughan
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Mortgage lender Pepper Australia is buying A$5.1 billion worth of Australasian home loans from GE Capital in a deal that includes loans from the former Wizard Home Loans book and a total of A$800 million worth of mortgages in New Zealand.

http://www.interest.co.nz/news/53631/pepper-australia-buys-a51b-mortgages-ge-capital-including-former-wizard-home-loans-book

[NZComProp]

I hope they've done their due diligence. It would be interesting to see the detailed statistics on the level of impairment on those loans and whether Pepper paid book or a discount to take them off GE Capital's hands. Just finished reading the great sellout by charlie gasparino - great info on how all these sorts of mortgage deals caused strife in the global financial system.

[Nosferatu]

Pepper Australia buys A$5.1b of mortgages from GE Capital including the former Wizard Home Loans book

Posted in News May 25, 2011 - 05:47pm, Gareth Vaughan
Share
Mortgage lender Pepper Australia is buying A$5.1 billion worth of Australasian home loans from GE Capital in a deal that includes loans from the former Wizard Home Loans book and a total of A$800 million worth of mortgages in New Zealand.




http://www.interest.co.nz/news/53631...ome-loans-book

Credit conditions seem to be easing in Australia, with banks heavily discounting loans, and bringing back in high LVRs, raising the level that LMI kicks in etc etc...

Link... 'Who said credit was tightening? Aussie Banks in fierce competition'

Banks are literally throwing cheap money at borrowers. The problem is, borrowers don't seem to want it!

[drelly]

Banks are literally throwing cheap money at borrowers. The problem is, borrowers don't seem to want it!

I think it's gradually heading that way here too. House sales are still low. No one is building. The lending staff must be sat there twiddling their thumbs!

[speights boy]

The lending staff must be sat there twiddling their thumbs!

Unfortunately for the tellers Drelly, the bosses have other ideas.

Sales targets test Westpac tellers

Westpac staff in Christchurch say they are being forced to push loans and insurance policies on financially struggling customers in the wake of the devastating February earthquake.

Bank workers' union Finsec said staff have been told by management that "it is business as usual" in Christchurch and that they were required to meet their normal sales targets.

http://www.stuff.co.nz/business/rebuilding-christchurch/5062146/Sales-targets-test-Westpac-tellers

[TheLiberalLeft]

Pepper Potts. mmmmmmmmm

[Davo36]

Unfortunately for the tellers Drelly, the bosses have other ideas.

Sales targets test Westpac tellers

Westpac staff in Christchurch say they are being forced to push loans and insurance policies on financially struggling customers in the wake of the devastating February earthquake.

Bank workers' union Finsec said staff have been told by management that "it is business as usual" in Christchurch and that they were required to meet their normal sales targets.

http://www.stuff.co.nz/business/rebu...estpac-tellers

This is so wrong isn't it?

Staff being made to push credit down customers throats? I mean really. Isn't this how we got into such a crap situation in the first place!

[outspoken]

This is so wrong isn't it?

Staff being made to push credit down customers throats? I mean really. Isn't this how we got into such a crap situation in the first place!

Business as usual Davo.

[Viking]

Well emailed Pepper's to ask what their intentions were as I have $850k from Ge that I am considering refinancing.
What did they see as the likely interest rate going forward.
Reply; ask GE as we have nothing to say.
BNZ in the words of their man yesterday are very keen. 8.98 down to floating plus .5% . New valuations just over the 80%.
Sure that I will do a bit better yet.

[Contrail]

Our first mortgage last month was done with National Bank at floating less .2%

I guess investment properties wont be able to bargain that hard, but its surprising the differences between lenders.

[Perry]

Of Leopards & Spots?

Is it fair to wonder more deeply about GE? Wasn't it them who were heavily
intertwined with Mark Bryers and Blue Chip? If so, seems like a rehash of the
tale of a leopard who had difficulty shedding it's spots.

GE Money Admits To Misleading Ad
19/12/2011

Finance company GE Money has admitted misleading consumers with an
advertisement which claimed its consolidated loan product would leave
them "better off each month". The ad said consumers would have "more
cash left in their wallet."

However the Commerce Commission said the consolidated loan led to
reduced monthly payments for the first 20 months, the same monthly
payments for months 21 to 25, and substantially higher payments for
months 26 to 60.

The commission believed there would be a higher total cost of debt and
said GE had been unable to supply evidence that a customer would be
financially better off after taking out such a debt consolidation loan.

As punishment for the Fair Trading Act breaches, GE will pay a $60,000
donation to support budgeting services after reaching a settlement
with the Commerce Commission.

[Viking]

Pleased they got done for those adverts as I thought they were misleading. Mind you they are not the only ones using that particular line of crap.