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Shanghai banks ordered to stop cooperation with rule-breaking mortgage brokers

Shanghai'sbanking regulator ordered commercial banks in the city to stop cooperating withrule-breaking mortgage brokers to prevent deterioration in banks' creditquality, Caixin reported Sept. 26.

Theorder comes after several mortgage brokers were found to have lent money tohomebuyers for down payments when applying for a mortgage, the Shanghai officeof the China Banking Regulatory Commission said in a notice.

TheCBRC said commercial banks should blacklist and discontinue business ties withmortgage brokers that have violated lending policies. The regulator also toldbanks to provide the names of mortgage brokers in violation of rules to theShanghai Banking Association.