Lombard's United Home Loans stops writing new mortgages
17th Feb 09, 4:00pm
The still-listed Lombard Group Ltd said its United Home Loans unit had stopped new lending because it was unable to find funding. Lombard, which owns Lombard Finance (being liquidated), bought United Home Loans (UHL) from Hanover Finance. Lombard said it continued to receive some trail fees for its book, but that it had cut UHL's goodwill value to NZ$1.086 million from NZ$1.425 million. See the full statement here. * This article was first published earlier today in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.