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Firstmac Limited - strange offers?

Posted by on in Bankers A Law Unto Themselves
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I've have a copy of a document from Firstmac Limited which suggests there is something strange going on there.

Has anyone else had strange offers or experiences with Firstmac?

Do you think they might be headed into real trouble with the EDRs or the regulators?

Did anyone who wrote to the Firstmac Limited Chairman get a reply regarding their evidence of fraud and the necessity of freezing payments while this was investigated correctly?

Did everyone get their package from FOS for the submission of their complaint against Firstmac Limited and/or Tonto Home Loans Pty Ltd?

Please share your stories so we can get an idea of whether this is a one off error of judgement by their staff and management - or what...

Thanks for your assistance


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  • doyla66
    doyla66 Saturday, 29 September 2012

    According to a June article by Anthony Klan, "Major mortgage securitiser First Mac - which has issued $9.5bn in Australian mortgages since 2003"... if all those were insured they probably went into securitisation since 2005 e.g. the RMBS, Macquarie's Firstmac Bonds. These will be up for reclassification and possibly audit due to APRA tightening up based in part on ASIC stats from our letters, formal complaint submissions and the information coming from COSL and FOS. If Aust borrowing has dropped 65% in a year that could be affecting Firstmac's bottom line. Of course if anything happened to Firstmac Macquarie would mop them up... if they can ... but before it gets to that stage, with Perpets and Origin going (?) staff could be under a lot of pressure ... just speculating ...
    Further information about the company and key personnel:
    Each name takes you through to a lot of details including remuneration.
    Their Chairman, Andrew Kemp, was a director of Primelife (Lend Lease) ...

  • doyla66
    doyla66 Sunday, 30 September 2012

    Mmmm copy of a document that's suggests something strange!
    Yep I have several of those pieces of paper.
    Put in a complaint to Asic,(it went to the QLD branch)received customary will let you know letter,heard nothing as yet.
    Have written to the bank with several questions,and received more strange and confusing bits of evidence.
    I am unsure whether to do the same with FOS and COSL,any advice? it's so confusing.
    If ASIC have the complaint surely they can freeze loans,and do what FOS and COSL do,don't they have greater powers? I don't know I am just totally confused and utterly bewildered by the whole thing.

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