AUSTRALIA’S financial institutions have lent billions of dollars to home buyers who were not subject to basic credit checks and had a history of defaults, putting them in the “sub-prime” category that continues to terrorise world financial markets.The revelation, contained in research conducted by Dun & Bradstreet exclusively for The Weekend Australian, will add to investor fears about Australian banks’ exposure to the global turmoil caused by the collapse of the sub-prime mortgage market in the US.
» Billions lent in Australian sub-prime deals – news.com.au, 8th March 2008.