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Blue Chip mortgagee meeting positive, Dalziel says

Hon Lianne Dalziel
Minister of Commerce, Minister for Food Safety,
Associate Minister of Justice, MP for Christchurch East

10 September 2008 Media Statement

Blue Chip mortgagee meeting positive, Dalziel says

Commerce Minister Lianne Dalziel said today she had had a 'very positive and extremely helpful' meeting with GE Money, one of the companies which lent mortgages to some of the purchasers in failed Blue Chip companies.

"I am relieved to hear that GE Money is not taking action against vulnerable consumers such as pensioners who took out loans against their own homes but who have no income to support repayments.

"I am advised that GE Money have issued only 7 Property Law Act notices, and those only to people who have defaulted on mortgages held over investment properties which actually exist as opposed to those not yet built, and none to anyone who has mortgaged their own home with GE Money.

"I look forward to being given the opportunity to speak with other mortgage lenders who also find themselves victims of the Blue Chip debacle," Lianne Dalziel said.

"It is clearly in the interests of those Blue Chip victims who have mortgages with GE Money to meet with them to look for solutions. Doing nothing is not an option. There are multiple Blue Chip arrangements, and every investor's situation is different, so one size does not fit all and GE Money understands this very well."

Lianne Dalziel had earlier pleaded with mortgage lenders in the Blue Chip case to exercise restraint in insisting on their rights until some of the complex Blue Chip arrangements could be unravelled by investigators, and said GE Money's approach to her for a meeting was a constructive one.

"I was heartened by the compassionate approach they have taken to dealing with the situation some people now find themselves in," Lianne Dalziel said.

Lianne Dalziel is encouraging Blue Chip investors with GE mortgages to call the company's freephone help line (0800 281 998) to find a workable solution.

The Companies Office is continuing to run a freephone line (0508 197 510 during office hours) which will put investors in contact with lawyers and accountants who are offering free initial consultations for Blue Chip victims seeking advice.


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