Risky loans hurt, but Australia still better off than US
Thu Mar 15 2007
The Age --- Page: B3 : 15 March 2007 Original article by Marc Moncrief
ABIX Summary
The proportion of high-risk borrowers in Australia who were over three months behind on mortgage loans rose to 6.32% in the 90 days to 31 December 2006. Analysts believe that rising interest rates and inflation caused difficulties in repaying non-conforming lenders. However, the figures should not cause concern compared with what has occurred in relation to the sub-prime lending sector in the US. There, foreclosure of outstanding mortgages grew to a record 0.54% in the three months to 31 December.
