It’s amazing that only six months after the Hayne Royal Commission exposed prolific criminality in mortgage standards that chief mortgage broker rentier, Aussie John Symond, has “urged the government to intervene to ease the pressure on banks over how stringently they must check customers’ living expenses”:
[Symond is] pushing for regulators to take a more “realistic” approach to banks.
“I think regulators are going too hard. I think government’s got to get involved and say that look we just want to have responsible lending”…
“It’s got to the point where lenders and credit people are running scared. At least 20 per cent of loans that normally would stake up and get approved are getting rejected,” he said.
And just like that, it’s as if the Royal Commission never happened, erased from history.
Mortgage criminality is back in vogue and nobody should expect Australia’s Property Council Prime Minister or our captured prudential regulator to stand in the way.
