ANZ CEO Concerned About Mortgage Defaults
Further Reading
Feeble house prices and a rise in mortgage arrears are a cause of concern and likely to remain, said ANZ Bank (ASX:ANZ) chief executive officer Philip Chronican on Thursday.
"Household arrears are a concerning trend; yes, you want to watch it, but it is not disaster," Chronican told reporters at a business conference on Thursday.
"It's a problem that's going to stay with us for a while. I don't know if it will get worse or not.”
The once robust property sector is showing a record jump in mortgage delinquencies in the first quarter, according to a report from rating agency Fitch. Chronican said that the mounting arrears were partly due to an increased cost of living in Australia.
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