THe Hearald Sun reports that Westpac Banking Corporation has an exposure of more than $500 million to a Sydney-based mortgage securitisation company known as Calibre Financial Services.
Calibre which is a wholesale funder of home loans marketed through financial planners and brokers and is also 14 per cent owned by City Pacific, a Queensland property investment company City though Calibre is run as a stand alone business and reports as a separate entity.
Last week also revealed that Commonwealth Bank had provided a $550 million lending facility to troubled home loan provider Mortgage House. The Australian Securities and Investments Commission is yet to comment on why a Mortgage House subsidiary was granted a financial services licence last year after the group's auditor cast doubt on its ability to continue as a going concern.
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