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New Zealand is the latest country to get a glimpse of the impact of a major market correction, with the sale of an Auckland property by the country’s biggest mortgage lender to an American family bringing the total amount of home loans outstanding to more than $1 billion.
The New Zealand Mortgage Finance Corporation (NMFC) has sold its Auckland property, which is in a residential development, to American businessman Donald Trump and his wife, Melania, who are expected to move into a five-bedroom mansion in the New York suburb of Trump National Golf Club, about 40 miles (64 km) east of New York City.
“We are extremely happy to have secured the financing for the Trump family and are delighted that the Trump Organization has secured this purchase,” NMFC CEO Tim Ritchie said in a statement.
“The sale will allow us to continue to operate a thriving mortgage business for our customers.”
The Trump Organization said in an emailed statement that the purchase of the property was a “huge milestone” for the company.
“Our goal was to achieve a return on our investments, and we have been able to achieve that,” the statement said.
The Trump family has a total of more than 70 properties across the US, including the Mar-a-Lago resort in Florida, the Palm Beach resort, and the Trump National golf course in Virginia.
The family has also acquired a string of golf courses in Canada, including in Canada’s Pacific Northwest.
The new Trump National resort in Vancouver is one of the most expensive in the world.
In March, the Trump administration said it would begin reviewing mortgage rules for people buying new homes in the US to prevent the market from falling further.
A new report published on Wednesday by a group of academics said that if a big correction were to occur, the risk of a severe economic downturn in the United States would likely increase, which could lead to the government imposing stricter regulations on the home loan market.
The study said that a correction of up to five per cent was expected to occur if the market continued to slide.
The report said that “if the mortgage industry is to stay solvent, the federal government needs to step in and make it easier for borrowers to refinance their mortgages.”
The government said it will also be looking to reduce interest rates on mortgages.
The price of the sale was not disclosed, but it is thought to be well above the market’s median price of $1,200 per square foot.
The median price for a similar property in the Sydney area is $2,300 per square metre.
The value of the home is estimated to be $1 million.
The property is part of a large development on a parcel of land at Trump National, which includes a golf course, a residential community and a luxury hotel.