| Australians 'need to rethink borrowing habits'
MORTGAGEE companies say Australians will have to rethink their borrowing habits after the central bank today lifted interest rates. The Reserve Bank of Australia (RBA) hiked rates by 25 basis points to 6.50 per cent to head off inflationary pressures in the economy.Mortgage broker Mortgage Choice says some borrowers have been resting on their laurels when it comes to managing their mortgage. "This month's widely predicted rise should be the jump start many need to seriously reconsider their current mortgage situation, which should be done every year anyway,'' national manager, corporate affairs, Warren O'Rourke said. "Some people will be quite shocked at the increase because they havent been keeping in touch with industry commentary and predictions."And for the large number of people who have secured their first mortgage in the last 12 months, it will be the first time they have had to budget extra dollars per month for their property repayments. "This will take some adjustment.''Mr O'Rourke said borrowers should consider debt consolidation, fixing some or part of their loans, or refinancing.Housing Industry Association (HIA) managing director Ron Silberberg said the rise in interest rates will make it much harder for those with mortgages and for those trying to enter the housing market.Dr Silberberg said the rise was a double whack for average Australians looking to buy a home, with house prices also higher. "Too many are being locked out of the market, which is having some disturbing consequences for the private rental sector which is already strained,'' Dr Silberberg said.
Royal Consultants Provides Many New York Mortgage Options
A second New York mortgage is a great way to consolidate debt or even do some home repairs. Royal Consultants can provide fixed payment second mortgages or an equity line of credit, both of which are offered at competitive rates. Syosset, NY (PRWEB) August 10, 2007 -- Royal Consultants (http://www.royalhomeloans.com) is proud to offer consumers up to 95% financing on a second mortgage. The company specializes in New York mortgage services including home equity, debt consolidation, first time buyers, and more. Now the company is excited to offer second mortgages for those that are qualified. The mortgages can be obtained relatively easily, with a full income check or stated income for the self employed borrower. Many homeowners find that a second mortgage is a great way to update their home or make major repairs.
UPDATE 3-Bendigo to buy Adelaide Bank in $1.6 bln stock deal
SYDNEY, Aug 9 (Reuters) - Australia's Bendigo Bank Ltd. (ASX: BEN.ax) plans to buy rival regional lender Adelaide Bank Ltd. (ASX: ADB.ax) in an all-share deal worth about A$1.9 billion ($1.6 billion) that could trigger further consolidation in the sector. The proposed deal comes less than two months after Bendigo rejected a sweetened takeover offer from fellow regional lender Bank of Queensland Ltd. (ASX: BOQ.ax) , and sent Adelaide Bank shares surging as much as 25 percent to a record A$18. Investors betting on more takeovers among Australian banks pushed up Bank of Queensland shares by 7.6 percent to A$17.84. "Someone is thinking that it's going to shake a St. George Bank or a Suncorp-Metway to make a play on Bank of Queensland," said Ken Hanton, an analyst with nabCapital.
Macquarie Infrastructure Company Reports Second Quarter 2007 Financial Results
NEW YORK, Aug. 9 /PRNewswire-FirstCall/ -- Macquarie Infrastructure Company (Nachrichten) , a leader in the ownership and operation of U.S. infrastructure businesses, reported consolidated revenue for the second quarter of $177.2 million. Revenue increased 67% over the second quarter in 2006.
The Company reported an operating loss for the period of $22.9 million. The operating loss reflects a performance fee of $43.0 million for the quarter payable to the Company's manager, Macquarie Infrastructure Management (USA) ("MIMUSA"). MIMUSA has elected to reinvest the payment in additional LLC interests. The fee and reinvestment in additional shares will have no impact on MIC's distributable cash.
MIC reported a 67.6% year over year increase in estimated cash available for distribution ("CAD").
Mixed views on market
PETALING JAYA: Analysts and fund managers have mixed views on the market. While some are optimistic that Malaysias strong fundamentals and local catalysts will help the local bourse endure external risks, others are less sanguine, as they feel the KL Composite Index's (KLCI) movement closely mirrors the continuing uncertainty on the Dow Jones and the US situation. SBB Securities Sdn Bhd senior analyst Ng Jun Sheng said currently global markets were bruised with investors having fragile sentiments. He said the local market would need to get worse before it gets better. .
MGIC Says It Can Back Out of Radian Deal
MILWAUKEE (AP) — MGIC Investment Corp. said Tuesday it does not believe it has to complete its purchase of Radian Group Inc., after their joint interest in a mortgage investor became all but worthless. The stock deal was originally valued at nearly $4.9 billion, but shares of both companies have lost more than half their value since it was announced Feb. 6. The deal would exchange 0.9658 share of MGIC for each Radian share, and it valued Radian at $60.78 per share, three times the current price. Trading of both companies' shares was halted Tuesday on the New York Stock Exchange. MGIC rose $1.60, or 4.8 percent, to $34.88 before the halt, while Radian slipped $2.38, or 10.3 percent, to $20.85. Last week, private-mortgage insurer MGIC Investment and credit risk manager Radian Group revealed their investments in subprime mortgage investor C-Bass LLC could be worthless.
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