Welcome Guest [Log In] [Register]


Reply
  • Pages:
  • 1
Shakeup in Oz over mortgage fraud coming?; PWC sued for $5.6bn US for not taking mortgage fraud seriously
Topic Started: 14 Oct 2016, 12:20 AM (1,468 Views)
Ex BP Golly
Member Avatar


http://www.bloomberg.com/news/articles/2016-08-09/pwc-fights-5-6-billion-fraud-trial-over-taylor-bean-s-collapse

"PricewaterhouseCoopers LLP failed to spot for seven years a multibillion fraud that led to the demise of Taylor Bean & Whitaker Mortgage Corp., a lawyer for the lender’s bankruptcy trustee told a Miami jury on Tuesday.
At issue is PwC’s work for Colonial Bank, which bought mortgages that Taylor Bean originated. Had PwC adequately vetted documents that Taylor Bean gave to the bank, it would have spotted a multiyear fraud by executives at both firms far earlier and put an end to it, the trustee claims. Instead, federal regulators uncovered it in 2009 and Taylor Bean and Colonial went bankrupt. The bankruptcy trustee sued in 2013 seeking $5.6 billion in damages.
“Year after year, Pricewaterhouse didn’t do their job, they didn’t follow the rules and they failed to detect the fraud,” Steven Thomas, an attorney for the trustee, said in opening statements....

PwC allegedly failed to spot the fraud when it audited the books of Colonial’s parent, Colonial BancGroup Inc., even though Taylor Bean was the bank’s largest client and a “stakeholder” in PwC’s audits, according to court documents. PwC allegedly certified the fake mortgage assets as “true sales” to Colonial and tried to cover up its negligence when federal regulators questioned the accounting, according to the papers...."
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
Profile "REPLY WITH QUOTE" Go to top
 
Sydneyite
Member Avatar


Yawn. Keep fantasizing Golly, as long as it helps you sleep better at night! :re:
For Aussie property bears, "denial", is not just a long river in North Africa.....
Profile "REPLY WITH QUOTE" Go to top
 
Ex BP Golly
Member Avatar


Sydneyite
14 Oct 2016, 06:27 AM
Yawn. Keep fantasizing Golly, as long as it helps you sleep better at night! :re:
Seems to be a lot of chatter, by ASIC, UBS, Genworth, PwC, etc about mortgage fraud in Australia.

I note Genworth saying that a market coming of the boil is the ideal time to address the issue- no doubt by revisiting applications looking for fraud so it doesn't have to pay out on LMI.

30% of mortgage holders have placed themselves at risk of not just default, but criminal liability for loses they might accrue in a falling market.

You can't make this stuff up lol.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
Profile "REPLY WITH QUOTE" Go to top
 
Rufus
Member Avatar


Ex BP Golly
14 Oct 2016, 10:43 AM
Seems to be a lot of chatter, by ASIC, UBS, Genworth, PwC, etc about mortgage fraud in Australia.

I note Genworth saying that a market coming of the boil is the ideal time to address the issue- no doubt by revisiting applications looking for fraud so it doesn't have to pay out on LMI.

30% of mortgage holders have placed themselves at risk of not just default, but criminal liability for loses they might accrue in a falling market.

You can't make this stuff up lol.
Why do you claim that this is a shakeup in OZ over mortgage fraud when this is an issue wholly contained within the USA. It was never about Australian loans - don't you read your links.

Are you going to post an article on Lithuania next?

Maybe Botswana?
Take risks - if you win you will become wealthy, if you lose you will become wise
Profile "REPLY WITH QUOTE" Go to top
 
Khaderbhai
Member Avatar
Wealthy Suburbanite

Ex BP Golly
14 Oct 2016, 10:43 AM
Seems to be a lot of chatter, by ASIC, UBS, Genworth, PwC, etc about mortgage fraud in Australia.
They certainly know how to generate clicks and publicity from easily excited bears.
Edited by Khaderbhai, 14 Oct 2016, 12:05 PM.
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."
Profile "REPLY WITH QUOTE" Go to top
 
Ex BP Golly
Member Avatar


Rufus
14 Oct 2016, 11:46 AM
Why do you claim that this is a shakeup in OZ over mortgage fraud when this is an issue wholly contained within the USA. It was never about Australian loans - don't you read your links.

Are you going to post an article on Lithuania next?

Maybe Botswana?


You don't understand the question "shake up in Oz coming over mortgage fraud?, with a link to an example of what is happening at an institutional level in a similar western industrialised rule of law society?

Damn you are thick.

This is a demonstration to all the big boys in similar countries, that mortgage fraud actually matters.

A bit actor like you needs to remove his dunce cap and look around a little, then he might learn that he isn't living in Botswana

Edited by Ex BP Golly, 14 Oct 2016, 12:52 PM.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
Profile "REPLY WITH QUOTE" Go to top
 
Rufus
Member Avatar


Ex BP Golly
14 Oct 2016, 12:25 PM


You don't understand the question "shake up in Oz coming over mortgage fraud?, with a link to an example of what is happening at an institutional level in a similar western industrialised rule of law society?

Damn you are thick.

This is a demonstration to all the big boys in similar countries, that mortgage fraud actually matters.

A bit actor like you needs to remove his dunce cap and look around a little, then he might learn that he isn't living in Botswana
Well one of us is thick enough to indulge in pointless personal abuse.

you can have that on your own.
Take risks - if you win you will become wealthy, if you lose you will become wise
Profile "REPLY WITH QUOTE" Go to top
 
Ex BP Golly
Member Avatar


Rufus
14 Oct 2016, 11:46 AM
Why do you claim that this is a shakeup in OZ over mortgage fraud when this is an issue wholly contained within the USA. It was never about Australian loans - don't you read your links.

Are you going to post an article on Lithuania next?

Maybe Botswana?
Hmmmm? Did I hurt your feelings d.f.
Edited by Ex BP Golly, 14 Oct 2016, 01:32 PM.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
Profile "REPLY WITH QUOTE" Go to top
 
Rufus
Member Avatar


Ex BP Golly
14 Oct 2016, 01:31 PM
Hmmmm? Did I hurt your feelings d.f.
Why on earth would you think that?
Take risks - if you win you will become wealthy, if you lose you will become wise
Profile "REPLY WITH QUOTE" Go to top
 
Chris
Default APF Avatar


Rufus
14 Oct 2016, 12:56 PM
Well one of us is thick enough to indulge in pointless personal abuse.

you can have that on your own.
Denigration is not a firm of abuse? Golly responded in kind is all, and he had a good point given the parellells he was drawing between the two countries were incredibly obvious.

If mortgage fraud created the perfect housing storm clearly this is something that will have significant impact on the system and its viability if wide spread. It is clear there has been a sizeable shift in banks routing people through brokers. I have even heard stories where people have gone to the bank directly only to be guided by staff into looking at a broker for greater loan amounts.

Peter has given us anecdotal evidence that banks write the majority of there own business with minimal reliance on brokers. Whether this is a correct assessment of the mortgage landscape remains to be seen. It would be nice to have done official data on it, if the suggestion (as it appears to be) that brokers with little or no regulation have fraudulently constructed loans through the banks then I for one would love to know how much of the mortgage market is written through them.
Profile "REPLY WITH QUOTE" Go to top
 
1 user reading this topic (1 Guest and 0 Anonymous)
ZetaBoards - Free Forum Hosting
Fully Featured & Customizable Free Forums
Learn More · Sign-up Now
Go to Next Page
« Previous Topic · Australian Property Forum · Next Topic »
Reply
  • Pages:
  • 1



Australian Property Forum is an economics and finance forum dedicated to discussion of Australian and global real estate markets and macroeconomics, including house prices, housing affordability, and the likelihood of a property crash. Is there an Australian housing bubble? Will house prices crash, boom or stagnate? Is the Australian property market a pyramid scheme or Ponzi scheme? Can house prices really rise forever? These are the questions we address on Australian Property Forum, the premier real estate site for property bears, bulls, investors, and speculators. Members may also discuss matters related to finance, modern monetary theory (MMT), debt deflation, cryptocurrencies like Bitcoin Ethereum and Ripple, property investing, landlords, tenants, debt consolidation, reverse home equity loans, the housing shortage, negative gearing, capital gains tax, land tax and macro prudential regulation.

Forum Rules: The main forum may be used to discuss property, politics, economics and finance, precious metals, crypto currency, debt management, generational divides, climate change, sustainability, alternative energy, environmental topics, human rights or social justice issues, and other topics on a case by case basis. Topics unsuitable for the main forum may be discussed in the lounge. You agree you won't use this forum to post material that is illegal, private, defamatory, pornographic, excessively abusive or profane, threatening, or invasive of another forum member's privacy. Don't post NSFW content. Racist or ethnic slurs and homophobic comments aren't tolerated. Accusing forum members of serious crimes is not permitted. Accusations, attacks, abuse or threats, litigious or otherwise, directed against the forum or forum administrators aren't tolerated and will result in immediate suspension of your account for a number of days depending on the severity of the attack. No spamming or advertising in the main forum. Spamming includes repeating the same message over and over again within a short period of time. Don't post ALL CAPS thread titles. The Advertising and Promotion Subforum may be used to promote your Australian property related business or service. Active members of the forum who contribute regularly to main forum discussions may also include a link to their product or service in their signature block. Members are limited to one actively posting account each. A secondary account may be used solely for the purpose of maintaining a blog as long as that account no longer posts in threads. Any member who believes another member has violated these rules may report the offending post using the report button.

Australian Property Forum complies with ASIC Regulatory Guide 162 regarding Internet Discussion Sites. Australian Property Forum is not a provider of financial advice. Australian Property Forum does not in any way endorse the views and opinions of its members, nor does it vouch for for the accuracy or authenticity of their posts. It is not permitted for any Australian Property Forum member to post in the role of a licensed financial advisor or to post as the representative of a financial advisor. It is not permitted for Australian Property Forum members to ask for or offer specific buy, sell or hold recommendations on particular stocks, as a response to a request of this nature may be considered the provision of financial advice.

Views expressed on this forum are not representative of the forum owners. The forum owners are not liable or responsible for comments posted. Information posted does not constitute financial or legal advice. The forum owners accept no liability for information posted, nor for consequences of actions taken on the basis of that information. By visiting or using this forum, members and guests agree to be bound by the Zetaboards Terms of Use.

This site may contain copyright material (i.e. attributed snippets from online news reports), the use of which has not always been specifically authorized by the copyright owner. Such content is posted to advance understanding of environmental, political, human rights, economic, democratic, scientific, and social justice issues. This constitutes 'fair use' of such copyright material as provided for in section 107 of US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed for research and educational purposes only. If you wish to use this material for purposes that go beyond 'fair use', you must obtain permission from the copyright owner. Such material is credited to the true owner or licensee. We will remove from the forum any such material upon the request of the owners of the copyright of said material, as we claim no credit for such material.

For more information go to Limitations on Exclusive Rights: Fair Use

Privacy Policy: Australian Property Forum uses third party advertising companies to serve ads when you visit our site. These third party advertising companies may collect and use information about your visits to Australian Property Forum as well as other web sites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here: Google Advertising Privacy FAQ

Australian Property Forum is hosted by Zetaboards. Please refer also to the Zetaboards Privacy Policy