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  1. stjeanluc
    December 8th, 2017 at 9:43 am

    Our credit market is not the only one with problems:

    https://www.reuters.com/article/us-china-risk-mortgages-specialreport/special-report-hidden-peril-awaits-chinas-banks-as-property-binge-fuels-mortgage-fraud-frenzy-idUSKBN1DY1AS

    In August and September, the central bank asked lenders to be wary of borrowers channeling personal loans into property, according to reports carried by state media and official documents seen by Reuters. Regulators also ordered banks to crack down on yin-yang contracts and over-valuations, according to official notices sent to the banks and seen by Reuters last month.

    Property market insiders see little prospect of an effective crackdown on fraud unless banks cooperate, however. Xuan Hong Xia, the lawyer for Lei Yarong, cites a case last year in which her firm represented a seller in a property deal. The buyer and agent had overvalued the property. Xuan’s law firm advised the bank of the deception, but the lender ignored the warning.

    “It seems banks don’t consider the issue a serious one,” she said.



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