Friday, November 18, 2011

Low-doc loans “a concern” to ASIC

image But apparently not to the AOFM.

The AFR today includes a piece relating to ASIC’s first review of mortgage brokers’ compliance with new responsible lending rules.

It’s stated that low-doc loans represent the area of greatest concern to the corporate regulator, which is why it makes it all the more puzzling that another arm of government, the Australian Office of Financial Management, is happy to buy these things as part of its RMBS support arrangements. Low-doc loans were certainly on their shopping list in 2010 (see Low-doc loans? Ship ‘em in!).  Is this still the case? If so, why?

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