Opinion
The higher potential exposures indicate deep and ingrained issues within the home loan market, and the time for a concerted industry response is now.
The detailed mortgage fraud and loan irregularity reviews being conducted by banks across the sector have uncovered ballooning levels of potential exposure, and the estimates are nothing but conservative.
Across the major banks and Macquarie, loans identified as suspicious or fraudulent so far have swelled to about $3 billion, people with knowledge of the investigations told this columnist on the condition of anonymity.
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