The largest investment bank in Australia is rapidly expanding its presence in the mortgage market, a market in recent years dominated by the giant national banks. The banks are reporting record profits as real estate values increase year after year. Meanwhile, the central bank and other authorities are dismissing worries about a bubble in the real estate market. Smaller banks too are trying to get in on the action. The Reuters story:
Aside from the location, it all sounds terribly familiar, doesn’t it?
