ASIC cracks down on mortgage brokers NOT BANKS who approve loans....what is going on?
Posted Thu 23 Jan 2014
The ABC reported "ASIC cracks down on Mortgage Brokers."
"The corporate regulator is cracking down on fraud in the mortgage broking industry. The Australian Securities and Investments Commission says investigations into at least 20 brokers are underway. Mortgage brokers shop around for the best deals, usually for no charge, because they're paid a commission by the lender. But ASIC has accused some of falsifying loan applications."
READ THE TRANSCRIPT: be prepared for nausea!
http://www.abc.net.au/news/2014-01-23/asic-cracks-down-on-mortgage-brokers/5215098
Yes embarrassingly for our Nation, ASIC is cracking down on Brokers BUT NO BANKS who approve the dirty loans. Brokers are not qualified, nor licensed to approve loans. Dirty Lending Policy starts with approvals of unaffordable mortgage loans to older Australians. ASIC have given GREEN LIGHT to Banksters to continue with glee.....and immunity from charges being laid.
Borrowers...
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Maybe Maurice Blackburn might want to take on a class action for all the victims of loan application fraud. Let's hope one small v -
Today's million dollar question Tom - surely not themselves!
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Not too many brokers in the Credit Cards fees rort --= who is ASIC going to blame -- surely not the banks
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Where was ASIC when they banks were charging exorbitant penalty fees , hard to argue that with over 140,000 in one bank affected
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ANZ was today unsuccessful in the courtroom trying to stop charges laid against them of inflated fees and charges (dishonour and l