Fed: Labor supports crack down on high-risk loans

AAP General News (Australia)
08-19-2007
Fed: Labor supports crack down on high-risk loans

KEVIN RUDD says Labor would support a crack down on mortgage providers .. who issue
low-documentation loans to people who can't afford them.

He says Labor flagged some time ago the need for greater supervision of mortgage brokers.

Mr RUDD has told the Nine Network he's been advised mortgage brokers represent a substantial
portion of Australia's overall mortgage market.

Treasurer PETER COSTELLO today called for the states to crack down on mortgage providers
.. or refer their powers to the commonwealth.

He's told Network Ten the states should fast track plans for national regulations covering
licensing of mortgage brokers .. greater obligations to disclose information to borrowers
.. and uniform lending rules.

AAP RTV jb/ibw

KEYWORD: MARKETS LOANS RUDD (CANBERRA)

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