Allied Farmers (ALF) is embroiled in yet another dispute over a former Hanover asset, this time over a $7 million guarantee it gave when it sold a Hanover loan in September last year but for which Allied still hasn't received payment.

Standard & Poor's has cut its ratings of Geneva Finance from “CC” to “SD,” or selective default, because of its debt-for-equity swap but is likely to upgrade the company again soon.

The Public Trust has started dealing with mortgage brokers again and is now targeting “middle New Zealand, the typical Ma and Pa” borrowers.

The government now expects its retail deposit guarantee scheme will cost it about $1.2 billion, up from its previous $900 million estimate, largely because of lower related party loan recoveries from the receivership of South Canterbury Finance.

Standard & Poor's has affirmed Fisher & Paykel Appliances' finance company's “BB” credit rating with a stable outlook.

The Dorchester Property Trust is trading better than expected, thanks to above-budget performances from its Goldridge resort in Queenstown and its Parkview on Hagley hotel in Christchurch which was only slightly damaged by the earthquakes.

Andrew L'Almont, who resigned last month after 12 years as chief executive of Mortgage Express, started this week in a new role developing business for the Baptist Savings & Development Society.

Geneva Finance's investors have approved a debt-for-equity swap which will stave off receivership.

HSBC's plans to re-grow its mortgage book stalled in the December quarter although its profitability grew strongly, largely as a result of growth in fees and commission income.

The Reserve Bank is considering a number of different tools it might use to moderate credit booms and resulting housing or other asset bubbles but warns none are “a silver bullet.”

Allied Farmers may have to write down a $23 million loan secured by undeveloped land at Silverdale, north of Auckland.

Mortgage holders are questioning why their banks are making them wait between two and three-and-a-half weeks to pass on Reserve Bank governor Alan Bollard's cut in official interest rates to their floating home loan rates.

AMP's life insurance business grew very sluggishly during the December quarter, despite it being the second largest player in the top three product categories.

Aon New Zealand has taken over the client base of Herbert Insurance Group from its receivers.

Standard & Poor's has cut its ratings of Geneva Finance and sister company Quest Insurance from “CCC” to “CC” and put them on negative credit watch.

The life insurance industry blames slowing growth in new business in the December quarter on legislative headwinds, significant merger and acquisition activity, economic uncertainty and the Christchurch earthquake.