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Sub-prime woes hit Australian mortgages
RAMS Home Loans Group has become the second Australian lender to admit that it may have to raise interest rates to deal with the credit squeeze generated by the sub-prime mortgage crisis in the US.
“Given the current level of volatility in the global debt markets, the directors believe that it is premature to determine with certainty the extent of the likely negative financial impact on RAMs for 2007-08,” RAMS told the AAP news agency.
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