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