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-CBRC urges banks to tighten home loans.

Global Banking News-March 11, 2011--CBRC urges banks to tighten home loans(C)2011 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 11 March 2011

The China Banking Regulatory Commission (CBRC) has urged banks to clear ambiguities and loopholes that could be manipulated by individuals looking to dodge restrictions on home purchases, reports Dow Jones.

'Having a third party sign a loan on behalf of another person is a serious offence, and banks and financial institutions have to inspect their own operations and investigate to find out who is responsible for these offences,' the banking regulator said.

Banks and financial institutions are required to strictly implement the government's tightening measures for the property sector, such as setting differentiated terms for mortgage loans according to the homebuyers' eligibility and property price levels in a given market and complying with local governments' directives on home purchase limits, CBRC said.

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Publication:Telecomworldwire
Date:Mar 11, 2011
Words:168
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