RAMS manages to extend funding

RAMS Home Loans Group, Australia's first high-profile victim of the sub-prime mortgage crisis, said it had executed documentation to extend A$750 million ($864 million) in funding that had been due to expire on December 31.

RAMS has been trying to refinance its debt after it failed to roll over A$6.17 billion of paper in August, when credit markets suddenly dried up and cut off its main funding source.