Guardian Trust final payout
Wednesday, April 16th 2014, 1:50PM
Investors will receive the final payouts from the Guardian Trust Mortgage Fund and the Guardian CashPlus Mortgage Units Fund on Tuesday, April 29.
The funds have been frozen since 2008 and the final payment had been expected last year.
Investors in the CashPlus Mortgage Units Fund will receive 100% of their capital back and investors in the Mortgage Fund will get 91.25%.
A Guardian Trust spokeswoman said it was anticipated at the time of suspension that the process would take two or three years. “We did not foresee how deep the unprecedented global recession would be and therefore it has taken longer to wind up the fund. The large drop in property prices during the period often made it difficult for borrowers to re-finance with other borrowers, and made timeframes for selling properties much longer. Nevertheless, 50% of the fund was repaid to unit-holders within a year of repayments commencing. We believe this careful loan liquidation process combined with frequent repayments has best served the interests of unit-holders.”
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