Worst IPO of the Year..... RAMS

Rams really deserves the award "Honey, I Shrunk The Company". What an IPO.....

Rams verdient in der Tat den Titel "Honey, I Shrunk The Company" . Was für ein gelungenes IPO...... Rams is blaming like Northern Rock the freezing of the commercial paper market for the trouble. But when i look at their products.......

Rams schiebt wie z.B. Northern Rock die Probleme ausschließlich auf das einfrieren der Kreditmärkte. Wenn ich mir allerdings die Kreditangebote ansehen sind wohl berechtigte Zweifel angebracht....

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If you are buying your first home, refinancing, self-employed; you have no deposit, want to purchase an investment property or if you simply want to cut years off your loan and manage your money better - there's a RAMS home loan to suit you.

RAMS offers flexible, competitive and innovative solutions to suit a wide range of home loan needs. How can we help you?

RAMS 100% Home Loans – The faster way to buy your first home
RAMS Limited Deposit – No need to save a full deposit
RAMS Easy Start – Enjoy a 3 year home loan honeymoon!
RAMS SmartWay Pro Pack – To help you own your home sooner
RAMS Standard Pro Pack – Enjoy a discounted rate for the life of your loan
RAMS Fast Track – Buy your first home sooner with NO deposit and NO
mortgage insurance
RAMS Basic – The no fuss, low rate home loan
RAMS Zero – A great rate with zero account keeping fee
RAMS Investor – A low rate home loan for property investors
RAMS SmartWay – The “smarter” all-in-one home loan
RAMS Standard Variable – Enjoy 100% Offset facility and free redraw
RAMS Fixed Rate Options – Protect against rising interest rates
RAMS Self-Employed (SE) Pro Pack – A discounted rate and low paperwork for the self-employed
RAMS Low Doc – The easy, low paperwork home loan for the self-employed
RAMS Low Doc 500 Plus – A preferential rate and low paperwork for the
self-employed
RAMS SmartWay Low Doc – Low paperwork and smarter money management
RAMS Low Doc Line of Credit – Convenient access to equity for the self-employed

Westpac to Rescue Rams, Refinance Debt, Buy Branches
Oct. 2 (Bloomberg) -- Westpac Banking Corp. agreed to take over Rams Home Loans Group's branch network and provide A$1.5 billion ($1.3 billion) in funding after the Sydney-based lender failed to refinance its short-term debt.

Westpac, Australia's fourth-biggest bank, will pay A$140 million for the 92 outlets and assume all future loans, it said in a statement today. Rams will retain its current A$14.5 billion of mortgages and remain traded on the stock market, it said in a separate statement.

Rams shares slumped 19 percent today and have declined by two-thirds since listing on July 27, making it the worst- performing initial public offering in Australia this year. Shares of Westpac, which will expand its mortgages business by 10 percent through the deal, rose 2.6 percent to a record.

``They're effectively buying Rams future loans and customers for A$140 million, versus Rams's market value of around A$260 million,'' said Michael Birch, who helps manage the equivalent of $133 million at Wallace Funds Management in Sydney. ``There's nothing much left for Rams now as a viable ongoing concern.''

Rams has sold top-rated Australian mortgage-backed bonds at yields almost three times the premium it paid on debt in June after failing to refinance A$6.1 billion in short-term loans after buyers fled the U.S. commercial paper market. The A$1.5 billion provided by Westpac will be used to help refinance this debt, which covers Rams's current loan book.

`No Deposit? No Worries!'
Rams, which isn't a deposit-taking institution, obtained more than 40 percent of its funding for mortgages from the U.S. commercial paper market. It touts loans for as much as 100 percent of the purchase price of a home under the slogan ``No deposit? No worries!''

Rams shares started trading the same day that the risk of owning corporate bonds soared to the highest on record in the U.S. and Europe. The company began in 1991 as a wholesale finance provider for lenders and expanded its network to serve individuals in 1995.