SYDNEY, Dec 24 (Reuters) - Commonwealth Bank of Australia , the nation's third biggest lender, will acquire up to
A$4 billion ($2.7 billion) of home loans originated by local
finance company Wizard, it said on Wednesday.
The loans are all insured by mortgage insurance companies and have a maximum loan-to-value ratio of 90 percent.
CBA will acquire A$2 billion of loans at the end of February 2009, and is in talks over a further A$2 billion.
($1=1.469 Australian Dollar)
(Reporting by Cecile Lefort) Keywords: CBA/MORTGAGES (cecile.lefort@reuters.com; +612-9373-1234; Reuters Messaging: cecile.lefort.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The loans are all insured by mortgage insurance companies and have a maximum loan-to-value ratio of 90 percent.
CBA will acquire A$2 billion of loans at the end of February 2009, and is in talks over a further A$2 billion.
($1=1.469 Australian Dollar)
(Reporting by Cecile Lefort) Keywords: CBA/MORTGAGES (cecile.lefort@reuters.com; +612-9373-1234; Reuters Messaging: cecile.lefort.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.