The Securities Commission, in June appointed Christchurch accountants David Crichton and Keiran Horne to take over management of $30 million of the broker's mortgages.
The commission said General Mortgage had repeatedly failed to comply with the law, including requirements to prepare and file financial statements on time and to provide information to investors.
About half of the 23 mortgages, involving about $15 million of investor's funds, were in default, or had critical issues demanding urgent resolution, The Press reports.
David Crichton says each mortgage is different, but he expects to get most if not all of the principal back and in some cases investors will get all of the interest back.
Morningstar expands research options
Select Equity research combines insightful assessments of a stock’s business and management profile with industry and competitor analysis, and proprietary stock profitability, growth, business risk, and financial health ratings.
New Zealand fund managers can use these to test their own in-house stock rankings, while financial advisers can access user-friendly, shorter reports for due diligence on US stocks in clients’portfolios, Morningstar says.
CDOs proving popular
The spate of high yield funds appear to be popular with investors (and will help this quarter's funds flow figures).
ING reports that its Diversified Yield Fund, which uses CDOs, has pulled in more than $29 million since it was launched just over a month ago.
Likewise flows into Macquarie's Generator Bonds are also reported to be strong.
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