BFCSA Blog

http://www.mortgagesettlements.com.au/downloads/Mortgage%20Fraud%20Article.pdf With lax lending compliances and checking systems, such as exist with No Doc and Lo Doc loans, there maybe borrowers who were taught to take advantage of the opportunity to tell the Bank exaggerated detail, or so it seems.  This opportunity was created by the banks themselves, by offering a product that didn't involve the prudent checks and balances that any reasonable person would expect from a Bank or Lender in Australia.  Then there are the borrowers in our situation: we told the truth and even offered our documentation for checking, only to discover later that our honestly declared financial facts had been changed by bank staff or brokers. Without Lo Doc and No Doc loans it would be well nigh impossible to create a fraud loan... unless I've missed something?  Strict enforcement of all codes, regs and Laws should eliminate 99% of loan fraud. Banning of Lo Doc and...

The Senate Inquiry, last week, was told that Australian is losing its taste for credit. The demand for home loans is probably dropping as well. Borrowers are paying off their home loans more quickly. So where are the lenders going to find more clients willing to sign up for credit to keep their bottom line? And are the lenders getting the message yet: more Australians are a wake up to credit rorts these days and are shopping around for better - and straighter - deals. It was too much to expect that all dodgy deals and credit tactics would stop last week when the banks got a collective attack of conscience over their lending "mistakes"! It's still going on ... in other credit markets ... This story is not about a Lo Doc Home Loan. It's about a vehicle leasing agreement with similar problems. Steve, the maintenance guy, went to replace...