The RBA has put a bit of the kibosh on any Looming mortgage default worries ..........
"I don't see signs of fundamental disequilibrium between supply and demand now in the market, in some parts of Sydney maybe there are a few too many apartments but, if you look at Sydney as a whole, I don't think we've built too many dwellings."
Instead, the RBA governor talked up the positives of falling house prices, arguing that "as prices come down, new households can form."
"This adjustment in the housing market is not expected to derail the economy," he said"
from...
https://www.abc.net.au/news/2019-02...lip-lowe-parliament/10836828?section=business
It is the RBA Governor Dr P. Lowe before the House of Representatives Economics Committee, on Friday.
NAB, Banks and Looming Mortgage Crisis, page-58
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