MB Fund podcast: Phil Soos exposes Australian mortgage fraud

This week on the MB Fund podcast we have a timely chat to friend of MB, Philip Soos, who is an independent economist, PhD candidate investigating bank crime and mortgage control fraud and co author of the book, Bubble Economics – Australian Land Speculation 1830 to 2013 with Paul Egan.


Below is the performance of the MB Fund since inception:

 

If the ideas above interest you then contact us below. 

Tim Fuller

Comments

  1. (I didn’t watch the video (yet))

    – In the 1980s the US had a mortgage fraud scandal (like in the 2000s). One of the regulators who helped to squeeze all that fraud out of the financial system in the 1980s was a person called William Black.
    https://en.wikipedia.org/wiki/William_K._Black

    There are a number of videos available (YouTube) in which Bill Black describes how the mortgage fraud works. Two videos I like best are the following two:
    https://www.youtube.com/watch?v=Rz1b__MdtHY
    and
    https://www.ted.com/talks/william_black_how_to_rob_a_bank_from_the_inside_that_is

  2. Banks, ASIC and APRa’s hope they could subvert the RC outcome doesn’t look likely.

    As the commission’s work has gone on, entities and regulators have increasingly sought to
    anticipate what will come out, or respond to what has been revealed, with a range of
    announcements. These include announcements about new programs for refunds to and
    remediation for consumers affected by the entity’s conduct, about the abandonment of
    products or practices, about the sale of whole divisions of the business, about new and more intense regulatory focus on particular activities, and even about the institution of enforcement
    proceedings of a kind seldom previously brought. There have been changes in industry
    structure and industry remuneration.

    The law already requires entities to ‘do all things necessary to ensure’ that the services they
    are licensed to provide are provided ‘efficiently, honestly and fairly’. Much more often than
    not, the conduct now condemned was contrary to law. Passing some new law to say, again,
    ‘Do not do that’, would add an extra layer of legal complexity to an already complex
    regulatory regime. What would that gain?