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Economy

FOS admits its decision on widow’s loan repayments was ‘wrong’

A representative from the Financial Ombudsman Service (FOS) admitted that he was “wrong” when he ruled that a widow should pay her deceased husband’s business loans within 12 to 18 months

mortgagebusiness
Senators told bank customer he was ‘blackmailed’

The financial services royal commission has heard from a Bankwest customer who was left with “no options” but to declare bankruptcy and sell his profit-generating hotel development.

Senators told bank customer he was ‘blackmailed’
Non-bank closes $750m RMBS

A non-bank lender has settled a $750 million RMBS transaction, with assistance from NAB and Westpac.

mortgagebusiness
Mortgage industry could face massive class action

A massive class action lawsuit is being planned on behalf of “Australian bank customers that have entered into mortgage finance agreements with banks since 2012”.

Mortgage industry could face massive class action
iSelect share price picks up following IHA Group investment

The mortgage brokerage’s share price has increased by more than 10 per cent since IHA Group lodged a substantial shareholder notice on Friday, 25 May.

mortgagebusiness
Trump moves ‘too big to fail’ goal posts

US President Donald Trump signed a bill last week that will ease banking regulations implemented by the Obama administration following the global financial crisis.

mortgagebusiness
Premium housing market starting to soften

Australia’s premium housing market has softened more than its more affordable segment, according to the latest CoreLogic Decile Report.

mortgagebusiness
‘Negative’ credit conditions expected from RC: Moody’s

Global ratings agency Moody’s has joined a chorus of analysts forecasting tighter mortgage policies as a result of the royal commission’s intense scrutiny of bank lending.

mortgagebusiness
China’s debt a risk to Australia, warns RBA

Reserve Bank of Australia governor Philip Lowe has warned that China’s “highly indebted economy” poses a threat to prosperity in Australia.

mortgagebusiness
S&P flags risks of reduced access to refinancing

The ratings agency has warned that a further tightening in lending standards could limit borrowers’ ability to reduce financial stress by refinancing their home loan.

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