26 November 2007
Chairman John Kinghorn told shareholders of RAMS Home Loans that the lender has secured credit approvals to refinance $4.25 billion of its US extendible commercial paper programs following the U.S. sub-prime mortgage crisis.
RAMS Home Loans was the only major Australian lender to fall victim to the U.S. sub-prime crisis which has shaken world markets with several major banks suffering huge financial losses while other lenders such UK bank, Northern Rock being brought to their knees.
Northern Rock seems to have been saved by a consortium led by Sir Richard Branson to avoid Englihs taxpayers footing a very large bill.
Refinance Loan