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Mortgage & Finance Association of Australia (MFAA) has released its response to the banking royal commission interim report, which denies any systemic wrongdoing. From Australian Broker:
The detailed document from the Mortgage & Finance Association of Australia (MFAA) picks up on concerns over commissions and the fact the report said loans written through mortgage brokers have higher leverage, more interest-only loans, higher debt-to-income and loan-to-value ratios, higher interest costs and an increased likelihood that borrowers will fall into arrears.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.