ANZ, Westpac hit by hundreds of Chinese home loan frauds

Christopher Joye

Coolabah Capital

ANZ Banking Group and Westpac Banking Corp have discovered they have each approved "hundreds" of home loans backed by fraudulent Chinese income documents, which were allegedly manufactured with the help of dodgy mortgage brokers...The Financial Review understands that mortgage brokers associated with the spike in fraudulent Chinese income documents have been suspended by the banks pending further investigation. ANZ and Westpac have also informed regulators and the police...The AFR​'s investigation suggests the total value of ANZ and Westpac loans afflicted by fraudulent income information is likely to be less than $1 billion, or 0.12 per cent of their combined $837 billion of residential mortgages. Fewer than 0.4 per cent of these loans are more than three months behind on repayments. Read for free (VIEW LINK)


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Christopher Joye
Portfolio Manager & Chief Investment Officer
Coolabah Capital

Chris co-founded Coolabah in 2011, which today runs $7 billion with a team of 33 executives focussed on generating credit alpha from mispricings across fixed-income markets. In 2019, Chris was selected as one of FE fundinfo’s Top 10 “Alpha...

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