Yesterday, a Senate inquiry heard from consumer advocate Denise Brailey that in the past 6 weeks she has seen 400 low-doc or no-doc loans and each one had been fraudulently tampered with. Many were loans to the unemployed.
Today, the inquiry heard how the Westpac bank had lent $440,000 to a 98 year old nursing home resident so she could invest in a Queensland property developer. The developer who allegedly offered a 15 per cent return, has now collapsed.
Senator Williams said in the hearing, “I’m very concerned about these low-doc loans.”
» Westpac ‘lent’ $440,000 to 98-year-old, Senate hears – The Australian, 9th August 2012.
» Westpac ‘lent’ $440,000 to 98-year-old – News Limited, 9th August 2012.