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Mortgage fraud systemic in Australia UBS finds; ABC news- Michael Janda
Topic Started: 12 Oct 2016, 05:18 PM (4,030 Views)
Rufus
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Ex BP Golly
13 Oct 2016, 11:21 PM
They seem to catch a few for it though.

This one racked up over $9m before being caught:
http://www.theadviser.com.au/breaking-news/29822-jailed-broker-blames-competition-for-offending

This one is pretty recent. http://asic.gov.au/about-asic/media-centre/find-a-media-release/2016-releases/16-186mr-former-aussie-home-loans-mortgage-broker-convicted-of-loan-fraud/

And do we have any fake payslip websites like they did in the UK? https://www.theguardian.com/money/2009/nov/15/fraud-borrowing-banks-payslips

Like I said, I've heard there are people you can pay who give you a shiny job history, and nice bank balance.

But you reckon it's just dumb f***s who don't know how much they get paid ;)


Where do you get your shit colored glasses from Shadow?








How much does a nice bank balance cost, and if someone can pay, don't they already have a nice bank balance?

Is this like a circular argument?
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, 11:13 PM

Don't be so dishonest, I clearly stated that 99.9% of people embellish their position, I didn't say it was commendable.
Sorry, you are right- you clearly said "it doesn't matter".
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Rufus
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Ex BP Golly
13 Oct 2016, 11:26 PM
Sorry, you are right- you clearly said "it doesn't matter".
And it doesn't because it all gets corrected.
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, 11:24 PM
How much does a nice bank balance cost, and if someone can pay, don't they already have a nice bank balance?

Is this like a circular argument?
Whoosh!

I understand its 5- 10% of whatever the balance you require.
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, 11:21 PM
I've heard there are people you can pay who give you a shiny job history, and nice bank balance.
A false job history isn't going to make your annual tax statement look any better.

At the end of the day it's primarily your income that determines how much you can borrow, and the bank can verify this information.
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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Rufus
13 Oct 2016, 11:28 PM
And it doesn't because it all gets corrected.
This is what ASIC had to say in Dec of last year:


"The Australian Securities & Investments Commission says false documents provided to lenders in many cases are of such quality that a lender would not be able to identify them.

It has also admitted it is unable to investigate allegations of false documents when there is no ­evidence of systemic misconduct or where it is not clear whether the consumer is involved in the falsification."

http://www.theaustralian.com.au/business/financial-services/asic-warns-of-sophisticated-mortgage-fraud/news-story/9559731bf3aa96f599e7f1e2f3e9bdf3#load-story-comments

Thank God APF has the mogadon brothers to hose down concerns about the high levels of fraud in the Australian property sector.

We wouldn't want to scare the sheep's away from the ponzi :to:
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Rufus
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Ex BP Golly
13 Oct 2016, 11:42 PM
This is what ASIC had to say in Dec of last year:


"The Australian Securities & Investments Commission says false documents provided to lenders in many cases are of such quality that a lender would not be able to identify them.

It has also admitted it is unable to investigate allegations of false documents when there is no ­evidence of systemic misconduct or where it is not clear whether the consumer is involved in the falsification."

http://www.theaustralian.com.au/business/financial-services/asic-warns-of-sophisticated-mortgage-fraud/news-story/9559731bf3aa96f599e7f1e2f3e9bdf3#load-story-comments

Thank God APF has the mogadon brothers to hose down concerns about the high levels of fraud in the Australian property sector.

We wouldn't want to scare the sheep's away from the ponzi :to:
No one said there was no fraud, but this article is about people fudging a little, it's NOT about fraud.
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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An interesting paper by Genworth:

"A strongly performing market
covers a multitude of wrongdoings.
That old adage describes perfectly
the experience of the Australian
mortgage market over the last
10 years. But it also hints at a
reckoning to come. Mortgage
market participants believe that
day is at hand in Australia as
changes in the market cycle give
the industry time to take stock.
With the market coming off
record highs, the industry is in
a position to see and address
the critical issue of fraud -
the use of deception for the
purpose of obtaining a financial benefit"....

"PricewaterhouseCoopers (PwC) points out in its recent report Fraud in the Mortgage Industry,
even a level of mortgage fraud of less than 1% represents
serious potential losses in a
multi-billion dollar industry
affecting both the industry and
the end consumer. It is therefore,
incumbent on the mortgage
market community to understand
the risk of fraud and to learn to
better manage that risk. "

http://www.genworth.com.au/downloads/4-2-3-Spotlight/spotlight-series-managing-fraud.pdf&ved=0ahUKEwjfo5my59fPAhXhsFQKHbn2AUEQFghBMAQ&usg=AFQjCNFn9wx02yzGEPbmRHrwx0gzyQv6eg

And we have a survey that suggests 30% of applicants are engaged in mortgage fraud.


As Rufus would say "doesn't matter maaaate!"


Rufus
13 Oct 2016, 11:56 PM
No one said there was no fraud, but this article is about people fudging a little, it's NOT about fraud.
I don't know why genworth the insurer is worried then! ;)


Rufus
13 Oct 2016, 11:56 PM
No one said there was no fraud, but this article is about people fudging a little, it's NOT about fraud.
Nothing much to a criminal like you.

Asic, Genworth, UBS etc seem concerned.

Maybe you and Shoddy can share your mogadon around?
Edited by Ex BP Golly, 14 Oct 2016, 12:10 AM.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Veritas
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Khaderbhai
13 Oct 2016, 11:40 PM
A false job history isn't going to make your annual tax statement look any better.

At the end of the day it's primarily your income that determines how much you can borrow, and the bank can verify this information.
Shadow,

Your line is basically this: house prices go up, then they go down for a bit, then up again.

Boil down every post you have ever written and that is your immutable law.

Others point to a whole raft of stuff that has changed in the last 20 years in relation to how the housing market operates but, basically, you just dismiss all that and go back to your immutable law.

So why not just respond to every single bearish indicator with your immutable law instead of wasting your own time with the spin and bluster?

Here, put this bad boy in your sig.

Shadows law: House price go up for a few years, down for a few years, and then up again (but really they pretty much go up)
Property acquisition as a topic was almost a national obsession. You couldn't even call it speculation as the buyers all presumed the price of property could only go up. That’s why we use the word obsession. Ordinary people were buying properties for their young children who had not even left school assuming they would not be able to afford property of their own when they left college- Klaus Regling on Ireland. Sound familiar?

The evidence of nearly 40 cycles in house prices for 17 OECD economies since 1970 shows that real house prices typically give up about 70 per cent of their rise in the subsequent fall, and that these falls occur slowly.
Morgan Kelly:On the Likely Extent of Falls in Irish House Prices, 2007
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Khaderbhai
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Wealthy Suburbanite

Veritas
14 Oct 2016, 12:38 AM
house prices go up, then they go down for a bit, then up again
Agreed, but that's not what this thread is about.
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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