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Article: RESI chief attack mortgage brokers as `agents for banks'. (News).(Peter James )(Brief Article)
- Article from:
- Australian Banking & Finance
- Article date:
- June 17, 2002
CopyrightCOPYRIGHT 2002 First Charlton Communications Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MOST MORTGAGE BROKERS ARE little more than de facto agents for the banks, channelling home buyers' money into propping up huge bank profits, one of Australia's leading non-bank lenders warns.
RESI Mortgage Corporation joint managing director Peter James said mortgage brokers are trying to develop a false image of providing an alternative to the banks when in fact they are directing the vast majority of their customers towards bank loans.
And this is despite the fact that independent industry experts are continually recognising that most of the best value home loans are provided by non-bank lenders.
"People who are fed up with the banks and are ...