resourceboom - article from Sydney Morning Herald
MOBIUS FINANCIAL SERVICES, a division of Allco Finance Group, is the worst-performing subprime lender in Australia, with more than 15 per cent of its $680 million loan portfolio in technical default.
In the latest statistics released for $7 billion in securitised Australian subprime mortgages rated by Standard & Poor's, problems in Mobius's loans portfolio grew in the three months to June 30.
The lender, which offers its loans under other brokers' brands, recorded a technical default rate of higher than 15 per cent on its securitised loan book for the first time.
Mobius's rate of technical default is more than double the average 7 per cent technical default rate among securitised subprime loans offered by non-bank lenders, including Bluestone, Liberty, Pepper and Challenger.
copy of reply to my query to afg of today, page-15
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