Nedbank home loans detoxed
http://moneyweb.co.za/mw/view/mw/en/page292516?oid=548900&sn=2009+Detail
JOHANNESBURG – Nedbank (JSE:NED) is making progress in narrowing its losses in its home loans business, thanks to a better macro-economic environment and the better quality of loans the bank is now writing.
Nedbank Chief Operations Officer Graham Dempster (pictured) said previously the risk for reward in home loans was not balanced and now the bank had made an adjustment.
“We are now writing better quality home loans and not at a loss,” said Dempster.
CEO Mike Brown also mentioned that Nedbank on average might lose some market share in the home loans market as it was selective on the loans it wrote.
(via Instapaper)
This just proves exactly how important it is to maintain your credit record. Nedbank is not the only bank with stricter credit criteria these days. All four major banks in South Africa has implementent stricter criteria and the banks are not trying to achieve the highest share of the market like before. This is also part of the reason that banks seldom offer interest rates below prime except for extremely good customers.
Related posts:
