Another fund falls - Guardian Mortgage Fund

www.nzherald.co.nz/section/3/story.cfm?c_id=3&objectid=10524177

The scary thing is that these guys don't do the riskier 2nd or 3rd tier mortgages (above 60% of valuations) as others that have fallen have been doing:

"The fund invests only in first mortgages, where advances are restricted to a maximum of 60 per cent of valuations across the commercial, retail, industrial, farming and residential sectors."

Ouch. Under the mattress starts looking a better option as this is inching awfully close to the core business of banks as well... start to wonder where it will all end up...

Thank god I didn't have that one! but have just found out that I did have Dorcherter which froze on the 26th June and I evidently didn't get the letter about that (what letter)Bum Bum This email address is being protected from spambots. You need JavaScript enabled to view it.#@##!!

Cripes

Frankly, if I had any money, I'd be putting it in gold! at the moment tho I'm giving finance companies my money, not receiving it from them so I'm safe. If they go belly up I just don't have to pay them any more

Oh, Kiwi303, you might be wrong on that one. Debts are a tradeable commodity so as long as you are paying interest, your debt is worth something to someone[:0]