As Australia’s government indulges in another round of bank bashing, brokers could get caught in the crossfire, writes MPA editor Sam Richardson
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Banks benefit from mortgage fraud by growing their portfolio in record time, and selling off loans as residential mortgage backed securities (RMBS) rated as AAA rather than B+ or whatever they really should be rated at. Banks sit at the pinnacle of the system and drive broker practices. In fact, the brokers really represent the banks because the banks pay the commissions. The banks are where we need to look. William Black's work on control fraud in the USA provides a good start in understanding any model being used in the mortgage 'industry' in Australia.
Well don't just hide behind your on-line survey, share the respondents details with the appropriate authorities so the Brokers can be investigated and licences withdrawn/cancelled, we don't want crap Brokers in our industry. Additionally don't forget, borrowers sign a declaration confirming all the information in the application is true and correct, everyone needs to be accountable. In todays environment I find it hard to believe people can overstate their incomes, remember Banks still need to do their due process in verification and if they aren't how can you blame the Broker?
One need to look at the names of the people found guitly of fraud in the industry and you start to notice a common trend .
Has anyone actually seen the online survey, who it was sent to, and how the questions were phrased? The only information produced in the media has been interpretations and the so-say of the survey's originator's. Until any bias of the proposition and validity of results has been examined, it's simply speculation purported as fact from anonymous responses. For example, can you imagine what you might answer if you received a survey on a competitor?
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Shocking ME survey reveals mass ignorance regarding interest rates, credit cards and personal loans
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