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Mortgage fraud systemic in Australia UBS finds; ABC news- Michael Janda
Topic Started: 12 Oct 2016, 05:18 PM (4,034 Views)
Ex BP Golly
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Khaderbhai
12 Oct 2016, 11:14 PM
Nope. I'm very honest.
I am 99.9% confident that You are someone who has confessed to obtaining a benefit by deception.

If I'm wrong I am 100% confident that you hero worship Shadow, who has confessed to his mortgage crimes.


WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Khaderbhai
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Ex BP Golly
13 Oct 2016, 08:41 AM
I am 99.9% confident that You are someone who has confessed to obtaining a benefit by deception.

If I'm wrong I am 100% confident that you hero worship Shadow, who has confessed to his mortgage crimes.

I have not confessed to obtaining a benefit by deception, however I do worship The Mighty Lord Shadow as a God.
Banks can't repossess your home simply because the market value falls. Australia's Consumer Credit Code says consumers aren't liable for things ordinarily outside their control and can't be held to obligations that could only be met by selling their home. Click for details.

"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
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Rufus
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Ex BP Golly
13 Oct 2016, 08:41 AM
I am 99.9% confident that You are someone who has confessed to obtaining a benefit by deception.

If I'm wrong I am 100% confident that you hero worship Shadow, who has confessed to his mortgage crimes.

I've already told you that 99.9% of people fudge their applications and that it really just doesn't matter.

I would be willing to bet that you were one of the 99.9% when you last applied for a loan.
It's just a matter of understanding human nature.

They also look into the mirror and think they look great, and they consider themselves clever when they aren't.
Examples of that everywhere here.
Take risks - if you win you will become wealthy, if you lose you will become wise
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Ex BP Golly
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Rufus
13 Oct 2016, 08:55 AM
I've already told you that 99.9% of people fudge their applications and that it really just doesn't matter.

I would be willing to bet that you were one of the 99.9% when you last applied for a loan.
It's just a matter of understanding human nature.

They also look into the mirror and think they look great, and they consider themselves clever when they aren't.
Examples of that everywhere here.
It's a nice view for someone without moral fortitude such as yourself.

I'm fairly certain 99.9% are not like you and Shadow.




Rufus
13 Oct 2016, 08:55 AM
I've already told you that 99.9% of people fudge their applications and that it really just doesn't matter.

You really don't understand that it is a crime do you?

Nor that by uttering a false instrument, you have invalidated your contract, and as soon as the bank can show a negative consequence for them, they can, at whim, close down the loan, and demand an immediate default repayment.

And before you vomit our Shadows dumb arguments- lying to obtain access to hundreds of thousands of dollars is not the same as jaywalking.
Edited by Ex BP Golly, 13 Oct 2016, 09:16 AM.
WHAT WOULD EDDIE DO? MAAAATE!
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Khaderbhai
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Ex BP Golly
13 Oct 2016, 09:03 AM
lying to obtain access to hundreds of thousands of dollars is not the same as jaywalking.
Yes, well jaywalking puts lives at risk, so it's clearly much more serious than making a mistake on an application form.

Quote:
 
Nor that by uttering a false instrument, you have invalidated your contract, and as soon as the bank can show a negative consequence for them, they can, at whim, close down the loan, and demand an immediate default repayment.
Nonsense. They can only do that if they can prove the error was deliberate, and in any case the bank has a responsibility to verify income details against payslips and tax statements.

Seriously, do you and Rastus really believe banks can call in 30% of all housing loans on a whim? :lol
Edited by Khaderbhai, 13 Oct 2016, 09:24 AM.
Banks can't repossess your home simply because the market value falls. Australia's Consumer Credit Code says consumers aren't liable for things ordinarily outside their control and can't be held to obligations that could only be met by selling their home. Click for details.

"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
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Ex BP Golly
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Khaderbhai
13 Oct 2016, 09:20 AM
Seriously, do you and Rastus really believe banks can call in 30% of all housing loans on a whim? :lol
Yes, they can.

WHAT WOULD EDDIE DO? MAAAATE!
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Khaderbhai
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Ex BP Golly
13 Oct 2016, 09:29 AM
Yes, they can.
LOL, you guys. :lol
Banks can't repossess your home simply because the market value falls. Australia's Consumer Credit Code says consumers aren't liable for things ordinarily outside their control and can't be held to obligations that could only be met by selling their home. Click for details.

"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
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Rufus
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Ex BP Golly
13 Oct 2016, 09:03 AM
It's a nice view for someone without moral fortitude such as yourself.

I'm fairly certain 99.9% are not like you and Shadow.





You really don't understand that it is a crime do you?

Nor that by uttering a false instrument, you have invalidated your contract, and as soon as the bank can show a negative consequence for them, they can, at whim, close down the loan, and demand an immediate default repayment.

And before you vomit our Shadows dumb arguments- lying to obtain access to hundreds of thousands of dollars is not the same as jaywalking.
I'm absolutely certain that it's always been the case and it always will be.

It's not a crime to think your assets are worth more than they are, it's absolutely normal.

Everyone I see tells me that they own household goods worth $40,000 to $200,000 when I know it would fetch $5000 at the local second hand store, and that their car is really worth less than they stated, or their house isn't worth what they think it's worth, or their art collection isn't worth the $200K they say it's valued at, or the value of their caravan or jet ski, etc etc etc, and trust me you would be no better than them.

So put your false moral compass away, it's leading you down the wrong path. It's making you reach the same idiotish deductions that others have made.
Edited by Rufus, 13 Oct 2016, 09:41 AM.
Take risks - if you win you will become wealthy, if you lose you will become wise
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Rastus2
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Khaderbhai
12 Oct 2016, 08:07 PM
Considering mortgage default rates are a fraction of a percent, I don't think 30% of borrowers are accessing more money than they should.

Even if a borrower makes a mistake on their application, the bank will verify these details against tax and employment records, so there's nothing to worry about.
Well that is clearly a qualitative assessment.

The borrowers are accessing more money than they should based on the numbers that are meant to be used to gauge how much they are meant to access... simply not having them default does not substantiate that they should have had access to that extra money.

There is only so much a bank can verify... for example, someone who continues to mislead their bank about the use of their mortgage such as yourself can get away with it for quite a long time it seems.


Rufus
13 Oct 2016, 09:40 AM
I'm absolutely certain that it's always been the case and it always will be.
Yup, and some people doing the finance also bump up things to 'assist'...

Just this week, I accidental had an email from the finance broker sent to me regarding the valuation on our PPOR and new IP.... The estimate they had for the PPOR was about what we had said, however the IP was inflated 20k on one email, and by another 30 k from the lender's estimation ... this was all before the actual valuation had been done (happening this week).

On challenging him on those numbers, he cited that the Valuation will always lower their estimates, so they often boost in anticpiation.


Sooo... once you add up all of the little white lies, the true asset tally is clearly over inflated in this environment where money is cheap, and white lies are glossed over.


Anyway, the truth of the matter will not appear until things turn sour, whenever that may be down the track.
Edited by Rastus2, 13 Oct 2016, 10:49 AM.
Shadow - Defrauded his Bank ? 2015 I have 9 different loans and my bank had no idea which ones were personal and which were investment. They had half of them classed incorrectly. When this change came in they asked me to tell them if any personal loans were incorrectly classed as investment, which I did, and they switched them to personal for the lower rate. They also had a couple of investment loans incorrectly classed as personal. They didn't ask me about those. So they stay on the lower rate too. Worked out pretty well. :)
Shadow - 2008 Sydney Median House Price 1.25M by 2014-2015

Shadow : I think this boom has already begun in several cities. My prediction :
Peak of boom: 2014-2015. Sydney Median Price: $1,250,000 Bottom of bust: 2017-2018. Sydney Median Price: $1,100,000

Shadow's Original 2010 House Boom and Crash prediction http://s836.photobucket.com/user/rastus22/media/shady-orig-2010-chart.png.html?sort=3&o=0

Shadow's attempt to edit his 2010 chart in 2015 and replace it with one that does not show a crash in 2013 http://s836.photobucket.com/user/rastus22/media/Screen%20Shot%202015-06-06%20at%207.12.52%20pm_1.png.html
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Khaderbhai
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Rastus2
13 Oct 2016, 10:44 AM
The borrowers are accessing more money than they should
No they're not. Income is very easy to verify, and is the main factor used to determine how much the bank will lend. If you really believe banks can call in 30% of all housing loans on a whim then you're very much mistaken.
Edited by Khaderbhai, 13 Oct 2016, 10:51 AM.
Banks can't repossess your home simply because the market value falls. Australia's Consumer Credit Code says consumers aren't liable for things ordinarily outside their control and can't be held to obligations that could only be met by selling their home. Click for details.

"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
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