Rabobank fined €12m for extending "irresponsible" mortgages

The Dutch financial services regulator AFM has fined Rabobank €12 million for “not being careful enough” in extending tailor-made mortgages which deviate from the standard rules. The bank, the AFM said, gave a number of clients mortgages that were far too high and who then faced unnecessary financial risks. The mortgages were extended between 2019 and 2021. For the past 15 years, mortgages in the Netherlands have been subject to strict rules about income and the value of the property,...