http://www.abc.net.au/news/2012-08-1...-banks/4195920Originally Posted by ABC News
It seems as though the Australian banks have been engaging in the same practices as their US counterparts. They have supposedly been involved in issuing loans to applicants who have little to no income after co-operative mortgage brokers falsified the applicants details.
I believe that this was presented (and is still being presented) to the Senate during the past week by Denise Brailey, a financial/RE consumer advocate. It is not only interesting to find out that our banks have been engaging in fraud, but also that our government is now holding ~$50 billion in RMBS - 10% of which could be fraudulent and/or worthless.