ABC’s The Business slams Australia’s giant mortgage “control fraud”

In the wake of yesterday’s explosive revelations by UBS about systemic dodgy mortgage lending practices by Australia’s second biggest mortgage lender, Westpac, the founder of LF Economics, Lindsay David, was interviewed by ABC’s The Business to discuss the ramifications.

Comments

  1. Yeah – nah, mate! You’ve got it *ALL* wrong! Here’s how to kick ass!

    Also, it’s all good, check predictions, ey?

    https://binvested.com.au/nathan-birch-property-predictions/

    Quoth the blogger blagger:

    Why Nathan grew a beard.
    According to Nathan, he locked himself away for most of the last year trying to understand the deeper workings of the global economy.

    Hence, the beard.

    Well – he’ll probably have to grow his pubes next, about the time he understands that both he, and the economy are f*cked.

  2. TailorTrashMEMBER

    Gail Kelly got paid tens of million of dollars over many years because she ran a “world class bank” and set it ion rock solid footings when she left .
    When the RC is extended and it’s terms of reference are expanded ,she and others like her should be hauled in for questioning and asked to explain why what they did was not theft .

  3. SoMPLSBoyMEMBER

    NAB, CBA and ANZ better get a rescue chopper pretty quick to copy Westpac. It’ll be near impossible to run a ‘lawless’ lending business from now on without one.

    • ::sad::

      I tried but failed to draw an ASCII ROFLcopter that would’ve been so appropriate here!

  4. reusachtigeMEMBER

    Isn’t that the business bird that falsely claimed that her bank forged her loan docs only to have to retract her rubbish? This segment has already been done and no one cares.

  5. My “private” Big4 banker used to invite me to these……
    _________________

    Invitation to Property Investment Seminar
    02/09/2015 3:51 PM
    To

    Dear Karl,

    BIG4 Premium in partnership with Cohen Handler is pleased to invite you to our Property Investment Seminar.

    When: Wednesday 30 September 2015
    Time: 5.30pm for 6.00pm to 7.30pm

    Where: Big4

    (Please arrive at the foyer for registration and to receive your guest pass)

    Speakers: Walter Nanni – Property Investment Expert with Jeremy Bedwani and Simon Cohen of Real Estate Buyers Agents, Cohen Handler

    9 Properties in 10 years & Counting: Walter will discuss who should invest, how to invest in the current market and how to avoid loss.

    Meet the Investor who came to Australia with a suitcase and $1000 and find out how he grew a portfolio worth $5.5M with $180,000 annual income in 10 years. “Retirement is for old people, I don’t want to retire… I want a passive income to live now and well into my future”

    Walter writes for the Australian Property Investor Magazine each month – click here to read more and here to subscribe to his newsletter.

    These seminars have proven very popular with many of our customers going on to engage Cohen Handler in buying property not available to the wider market. Walter will be sharing these customers’ experiences and will also run a Q&A session on conclusion.

    Light refreshments will also be available and places are limited. To join us at this event please RSVP without delay.
    _______________

    I wonder how these investments will end…

  6. Just watching commission proceedings – I think police will have to act – AMP execs will be first but not last to be escorted in handcuffs.

  7. Have a financial advisor email me this morning with research claiming to buy WBC. Time to fire the financial advisor and sell all banks.

    • Double-plus-ungood if your “financial advisor” is moonlighting as shoe-shine boy and taxi driver Uber driver

  8. https://www.smh.com.au/business/banking-and-finance/royal-commission-recommends-amp-for-criminal-charges-20180427-p4zc0y.html

    “The commission’s recommendation came after Treasurer Scott Morrison suggested AMP and its executives be recommended for criminal charges.”

    Although not directly related to mortgage fraud, it is an indication of where things are going. Institutions face consequences for regulatory breeches and misleading the regulator. The banks would have to be pretty nervous watching this unfold.

    I can only imagine that banks will clamp down on credit – which seems to be what is happening.

    Easy credit puts up prices – especially when interest rates are low. People needing credit to buy property will be squeezed. It won’t be what they are willing to pay, but rather how much the bank will lend.

    • TailorTrashMEMBER

      Nathan hunkered down and broadcasting from the corner of a balcony on one of his savvy investor properties ………just like a war corespondent ( he needs a Kevlar helmet and blue vest ) ….before a shell lands and shreds him ……..this dickhead just has no sense of background does he ? ……but he sure is an expert on “the property market “