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ISCOVER
Staff Reporter
Bluestone has once again flagged its intentions to return to the mortgage market in the near term.
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A report in Australian Financial Review today quoted Bluestone’s chief executive Peter McGuinness as saying the company would look to re-enter the market in the second half of 2011.
In November last year, Mr McGuinness told The Adviser that the company would re-enter the market when conditions in the securitisation market improved.
“The market has improved slightly in the last 12 months, but it is not where we need it to be. Ideally, we would like to see the level of non-AOFM transactions outweigh AOFM transactions before we make any decisions about lending,” he said.
Mr McGuinness said the company could easily re-enter the market when the right opportunity presented itself.
Last November Macquarie Bank took a 17.5 per cent stake in the Bluestone business.
“We have been eyeing up the market for some time now. We just want to make sure we play our cards right. We have the team in place to move quickly when the time is right, but that time is yet to arrive,” he said.
