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Sunday, Australian Treasurer Wayne Swan announced an extension to the Government's investment in Australian residential mortgage-backed securities to further support competition in the mortgage market.
The Australian Office of Financial Management will be directed to give up to A$8 billion of support to new issuances of high-quality residential mortgage-backed securities or RMBS, depending on market conditions, said Swan. The investment would assist small business owners who access finance using loans secured against residential property.
This decision follows the near completion of the Government's A$8 billion investment in RMBS announced on September 26 and October 12, 2008. So far, this measure helped five non-major Australian banks, four building societies and credit unions, and four other lenders to raise over A$10.4 billion in funding.
Swan noted a considerable improvement in investor sentiment in both primary and secondary RMBS markets in recent few months. "However, the RMBS market continues to be affected by the fallout from the global financial crisis, and pricing and volumes have not yet improved enough to support affordable new issuance from a variety of smaller lenders," Swan added.
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