Fed:Swan says rogue lending not widespread

AAP General News (Australia)
04-01-2008
Fed:Swan says rogue lending not widespread

Federal Treasurer WAYNE SWAN says the case of Sudanese refugees being given unaffordable
personal loans .. is heartbreaking.

And he's told Fairfax Radio Network the matter must be dealt with immediately.

One of Australia's biggest banks has admitted giving unaffordable personal loans to
refugees .. including some with no job .. no English and no concept of finance.

But the Commonwealth Bank told the ABC's Four Corners program it's introduced a new
affordability policy .. following an internal investigation into the 18 loans to Melbourne
refugee families.

Mr SWAN says Australia's regulators say this sort of practice is not widespread.

AAP RTV cb/sb/rt/bart

KEYWORD: DEBT SWAN (CANBERRA)

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