The stock exchange-listed NZF Group is having to renegotiate its wholesale mortgage funding facility with Westpac early because international ratings agency Moody’s Investor Services lowered its rating of re-insurer Genworth Financial Australia.

Community trust-owned TSB Bank’s mortgage market share was little changed while net profit fell 6% in the December quarter, reflecting unrealised losses in the fair value of derivatives as a result of Alan Bollard slashing his official cash rate, as well as a slight increase in impairment provisions.

Economists are expecting a worsening global outlook will see Reserve Bank governor Alan Bollard slash rates again in March, the only question being by how much.

While its parent company has a debt problem, Fisher & Paykel Finance is flourishing since it received its government guarantee of its debentures.

AMP Financial Services’ New Zealand business lifted operating earnings 22% to $66.5 million in calendar 2008, attributing the rise to increased life insurance profits and cost control.

AXA New Zealand’s operating earnings drop 28% to $42.8 million in calendar 2008 as funds under management and new business fell.

The National Australia Bank-owned Bank of New Zealand’s net profit for the December quarter jumped 52%, partly on foreign exchange and interest rate trading gains, although its mortgage book and its share of the mortgage market shrank.

Bank of New Zealand’s net profit for the December quarter jumped 52%, partly on foreign exchange and interest rate trading gains, although its mortgage book and its share of the mortgage market shrank.

United Home Loans is unable to originate new mortgages because it hasn’t been able to find new funders to replace GE Money, its owner, Lombard Group, told the stock exchange late on Monday.

Bank of New Zealand’s asset quality is under pressure with the recession accelerating during the December quarter with unemployment rising, investment falling and business and consumer confidence at historic lows, its parent, National Australia Bank has warned.

Bank of New Zealand’s asset quality is under pressure with the recession accelerating during the December quarter with unemployment rising, investment falling and business and consumer confidence at historic lows, its parent, National Australia Bank has warned.

Reserve Bank governor Alan Bollard slashed interest rates by more than most had expected but few were surprise at the magnitude of the cut, given the deteriorating global outlook.

A number of the former Wizard Home Loans are working on forming a new mortgage broking group following Wizard’s owner GE Money’s decision late last year to pull out of New Zealand.

Economists are expecting another humungous cut in the official cash rate (OCR) on Thursday as the economic outlook continues to get murkier.

The New Zealand Mortgage Brokers Association has axed its first full-time chief executive as a cost-cutting measure.

Community trust-owned TSB Bank’s profit jumped 15% in the September quarter while its mortgage book was little changed.