The Conversation

Fraudulent loans point to due diligence problems at Australia's major banks

Author: The Conversation

Just last month, the US Department of Justice (DOJ), fined Goldman Sachs over AU$6.7 billion and Wells Fargo over AU$1.6 billion for “improper mortgage lending practices” specifically securitising and selling Residential Mortgage Backed Securities (RMBS) based on bad mortgage loans. For example, Goldman Sach’s due diligence...

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