ABS

Duo of Australian Nonconforming Lenders Close Doors

Published June 23, 2008 8:44 AM EDT 1 Min Read

GMAC-RFC‘s Australian nonconforming branch, Capital First is looking to conduct a strategic review of its operations and has consequently ceased accepting new business,according to market reports. GMAC bought 25% of Capital First in 2005 and took full ownership in 2006.

Seiza Capital also announced that it will stop lending until the market stabilizes. The lender recently said it intended to cut back its lending operations and lay off staff but the costs involved in doing a small amount of origination has made plans to operate at a scaled back level difficult.

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