Friday, Jul 27, 2007
the shoe hasnt dropped yet
smh: US mortgage debris has not fully hit Australia
Last week, Australian hedge fund operator Basis Capital hit troubles as a result of the US sub-prime mortgage meltdown and Absolute Capital temporarily suspended trading of its funds.
Fears are already emerging about the sub-prime market in Australia, with the principal solicitor for the ACT Consumer Law Centre, Amy Kilpatrick, saying "I am now more of a house repossession service than I am a general credit legal service."
Ms Kilpatrick said that about 70 per cent of the cases the centre sees involve non-banks, which are not regulated by the Reserve Bank of Australia or the Australian Prudential Regulation Authority.
Posted by chris :-)) @ 05:50 PM (143 views) Add Comment
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
No comments have been submitted.
Be the first person to add your comment by completing the form below.