Four Corners - Debtland
Mortgages doled out to people on disability support pensions; loans to refugees with no English and no jobs that leave their families with next to nothing to live on; home loans so large they push borrowers below the poverty line...This isn't America's sub-prime meltdown – it's Australia's debt debacle, the legacy of a credit binge that's sent household debt through the roof and lending standards through the floor. Now the hangover is kicking in.
Reporter Stephen Long surveys the human wreckage of the household debt crunch and looks at the key players and tactics behind recent aggressive lending. Long's disturbing report also throws doubt over the data that banks rely on to make crucial lending decisions.
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