It was interesting the article did say these loans were given to foreign interests and that compensation may end up being given. Not a good look at all and I think all the big banks will be colored by this.
Apparently information on borrowers was given by third parties for these loans.
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The scandal surrounds the bank’s so-called Introducer Program. Under that program, NAB pays commissions to businesses, such as financial planning and real estate agencies, that refer customers who then take out a mortgage.
The information provided for the loan-approval process often came from the third-party referrers rather than the customers, Business Daily believes.
Many of the loans in question are believed have been given to overseas investors who bought property in the red-hot Victorian and New South Wales housing markets.
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