Australian regulator says a major problem of home loan fraud in Australia

Author: Eamonn Sheridan | Category: News

ASIC chair Greg Medcraft speaking, Headlines via Reuters:

  • Australia corporate watchdog ASIC Chair Medcraft says a lot of hubris amongst Australian banks, management
  • Says surprised the banks by taking them on over BBSW, shows commitment to enforcement
  • Says penalties for banks have been too low, that's changing now
  • Says we want white collar criminals to be scared
  • Says having ability to go after managers, to ban mangers, would be worthwhile
  • Says "liar loans" in Australian market not comparable to US sub-prime, but concerning
  • Says still major problem with culture, accountability at Australian banks
  • Says mortgage pricing is a major problem, banks need to move to a tracker rate
  • Says there is a major problem of home loan fraud in Australia

Bolding is mine, Medcraft saying it's a major problem but not on the scale of US sub-prime.

So, she'll be right mate. Back to daytime telly then.