Global investment bank UBS is being reckless with its analysis of so-called ‘liar loans’ because it is based on implied presumptions, according to the Finance Brokers Association of Australia (FBAA).
UBS claims mortgages loaned on incorrect information provided by borrowers amount to $500bn, but FBAA executive director Peter White said that’s based on their interpretation of their own research and he is calling on them to prove their data.
“I want to see their data analysis,” said Mr White. “We need to see the questions they asked participants and we need to know how much and under what conditions they were paid.
“UBS must prove there is no steering of answers or influences to produce outcomes which are not factual or fair or commercially sound.”
Mr White also questions the validity of the data.
“They’re not a lender in the home loan space, so there needs to be clear transparency of their supposed results.
“This is not their data and not data from a bank/lender, so the question must be asked as to the accuracy and integrity of the research, which is fundamentally divorced of market broker and lender marketplace data.”