Realtor: “Even in the GFC, it was nothing like this”
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Via The Australian comes Same White, chairman of mortgage broker Loan Market and deputy chairman of the Ray White real estate group:
…even the banks’ credit teams were unsure of their lending standards.
“There’s no upside in saying yes, only downside, so it’s easier to say no,” he told The Australian. “For most of the major lenders — the big four banks — the decline rates would be above 40 per cent at the moment.”
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.