FNB: We're Cancelling Approved Bonds

Here's a bit of a bombshell. FNB are going to be cancelling approved bonds on a 'large scale'. Realestateweb reports:
Home loan shocker: FNB pulls plug on property credit

Property deals are set to crumble, leaving developers, estate agents and conveyancers scramble to cover costs, as one of the biggest banks withdraws approved mortgage offers "on a large scale".

It's not just service providers who will be knocked financially: buyers and sellers with deals from other banks could find themselves high-and-dry where FNB pulls the plug on a key buyer in the chain.

FNB, one of the big four and part of the FirstRand group (JSE:FSR) listed on the JSE, confirmed to Realestateweb.co.za today that will withdraw home loan approvals "on a large scale".