Foreclosures nearly double from year ago: report

WESTPAC is planning a major relaunch of the RAMS home loans brand after yesterday putting in place a new $500 million funding package that allows its franchisees to keep writing mortgages.

The completion of the new financing arrangement is part of the countdown to the bank taking control of the RAMS name and its ongoing business in the wake of the non-bank lender's crippling financial problems, which emerged during the global liquidity crisis in August.

Any new loans written from last Thursday by the company's 53 franchisees, who operate 92 branches under the RAMS name, become the responsibility of Westpac. The bank has since signed up all of the franchisees to give the brand a new start after summer.

The franchisees will continue to work with the RAMS management team, under chief executive Greg Kolivos, which is moving over to Westpac and will operate the company as a stand-alone business from January 4. read more