CONSUMERS HAVE WOKEN UP: IT THE BANKS THE BANKS THE BANKS
Consumer Groups around the Nation are realising the DEPTH OF DEPRAVITY re sol called LIAR LOANS generated by BANKS................. thise set of comments from BRN.
Customers did not lie: and Sellers did not realise the Income Fudging Calculators were spring loaded with FRAUD.
The ANZ is warning mortgage brokers that residential loan applications must be a "source of truth" in what appears to be a response to regulatory and investment bank claims that borrowers had qualified for about $500 billion in "liar loans"......if you haven't fallen off your chairs laughing folks, read on.
The majors are demanding more financial information from property borrowers in response to growing regulatory concern about spiralling household debt, static incomes and t...he increasingly likelihood of rising interest rates!
Earlier this month Australian Securities and Investments Commission chairman Greg Medcraft warned a broken mortgage broker remuneration model and irresponsible home lending practices raised the possibility of a subprime mortgage crisis......YES ASIC, YOU'VE ALLOWED THE BANKS AND BROKERS TO WORK TOGETHER FOR THE LAST DECADE TO CAUSE THE SUBPRIME CRISIS THAT IS DAMAGING AUSTRALIANS ACROSS OUR COUNTRY!
The audacity of these muppets to continue to point the finger at the brokers as having sole responsibility for this systemic and illegal conduct just shows what cowards this lot are, they are up to their necks in this intrinsic web of fraud and dishonesty.
The bankers were actually responsible for creating many of the broker models used to create these loans that were, by design, engineered to fail so enough of the whitewashing rubbish, the public are no longer buying it!
This statement below just about sums up the broker scapegoating to a tea!
"ANZ is also seeking confirmation from the broker that they have discussed and verified all details of the loan application" .......... and the peasants are seeking confirmation of your jail cell numbers!!