Australia banks sitting on $402 billion of 'liar loans': UBS
According to an estimate from financial services major UBS Group, Australia's lenders could be sitting on $402 billion (nearly â¹26 lakh crore) of "liar loans", or mortgages obtained on inaccurate financial information. The most common inaccuracies were overstating income and understating living expenses, the survey found. "Losses in a downturn could be larger than the banks anticipate," it said.