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BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA Blog

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Recent blog posts
  Former Stingers and Underbelly actor Peter Phelps says his financial future is in ruins after claiming to have fallen victim to disgraced Queensland investment adviser Brad Sherwin. The Australian actor, who currently appears in the Network Ten series Wonderland, has claimed his 35 years' worth of superannuation - more than $400,000 - was "stolen" by former financial adviser Brad Sherwin, who chaired the now-defunct Wickham Securities. "Superannuation stolen by bankrupt 'financial adviser' Brad Sherwin," Phelps wrote on Facebook on Tuesday. "Was property investing super ... [and] the **** frauds us. "Kids future. Farm. Gone." More than 300 self-funded retirees lost up to $27 million after investing with Mr Sherwin's company Wickham Securities - a mortgage finance lender providing funds for borrowers buying or refinancing commercial property. Mr Sherwin ran Brisbane-based Wickham Securities with his brother-in-law Peter Siemons.   Wickham collapsed in December 2012, owing millions to investors. Related entities, including DIY Superannuation Service and Sherwin Financial Planners, went bust a month later, owing...
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  • Wayne
    Wayne says #
    Hopeless ASIC again & again & again shows their a dud....The doctor believes the regulators, the ASX and ASIC, failed to properly
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http://fos.org.au/news/news/fos-appoints-new-directors-to-its-board/   FOS appoints new Directors to its Board  Share on twitter 2 April 2015, 09:00 AM The Financial Ombudsman Service Australia today announced the appointment of two new Directors to its Board. The new Directors are Ms Carmel Franklin as a Consumers’ Director and Ms Louise Lakomy as an Industry Director. The appointments are in response to the retirement from the Board of Consumers’ Director Denis Nelthorpe AM, and Industry Director Russell McKimm at the end of May. The Board finalised the appointment of the two new Directors in accordance with its Constitution and Board Charter at its last meeting. Ms Franklin has been involved with consumer issues for a number of years, including as the Director of Care Financial Counselling and the Consumer Law Centre of the ACT (Care), as the Chair of Financial Counselling Australia (FCA) and through her role on the boards of the National Information Centre...
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  • Wayne
    Wayne says #
    just a shuffle around of the same old bankers, fos, asic, and so on buddies. Still wont help the consumer tho or the ones already
  • Duped
    Duped says #
    I wonder if they could possibly do a better job than the previous two who in terms of consumer protection, they failed miserably.
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Three reasons to worry about rampant house prices   Victoria Thieberger 15 May 2015 http://www.businessspectator.com.au/article/2015/5/15/property/three-reasons-worry-about-rampant-house-prices   Investors and speculators in Australia’s property market would be right to feel unsettled by the dramatic actions taken by the Reserve Bank of New Zealand this week to dampen the hot housing market in Auckland.  The central bank announced minimum deposit levels of at least 30 per cent for any investment loan to buy property in the Auckland area as it tries to cool what it describes as “very stretched” prices. The RBNZ faces a similar situation to the Reserve Bank of Australia: nearly all the action concentrated in one overheated market, with slow to sluggish growth in the rest of the country. House prices in Auckland have surged 17 per cent from a year ago; in Sydney they are up 15.5 per cent and Melbourne is lagging with a 7.6 per cent rise, according...
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    TJ says #
    The rampant increase in housing prices in Sydney will have purchasers in this market feeling like they are lucky to be 'on board'.
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Medcraft is suggesting people are placed (by bankers) in unaffordable loans because of low interest rate of 2%.  Greggie, you and I know and also the Cartel of Bankers you wine and dine with, that hundreds of thousands of people have been placed in this situation during the past 15 years and especially during your term of Chairman of the most useless Regulator in the world of white collar crime.  As Chairman of IOSCO, you knew we copied all the other countries where bankers were permitted unattended to flog toxic loan mortgage products to the vulnerable poor. Australia captured victims from the ARIP pool.....asset rich and income poor, raising the bar on the number of people now about to need housing post 65 years of age and after losing their own home to tricky bankers.  It is time to tell people the truth of what you knew was going on and...
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  • Wayne
    Wayne says #
    it's not going away Gregie....You have more to come yet....The doctor believes the regulators, the ASX and ASIC, failed to properl
  • Wayne
    Wayne says #
    the day of the TRUTH is coming, it is so blatantly obvious, it's not going away gregie
  • organza
    organza says #
    It's shocking, it's really shocking," Mr Medcraft said.......http://www.afr.com/real-estate/residential/nsw/asics-greg-medcraft-q
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The issue of fraud and maladministration in lending is big money for Bankers and unlikely to go away until a Royal Commission into Banking & Finance is called for by Government. Consumers are no longer blaming the Brokers. Have you noticed that on the documentaries?   The victims see the actual documentation clearly now:  Bankers approving the 30 year INTEREST ONLY MORTGAGE loans is the evil in our midst.  Brokers do not approve loans.  Evil Bankers approve loans. Consumer were made to look stupid by Bank Engineers at CEO level of Major Australian Banks.  Stupid no more now savvy BFCSA members have demanded their hidden documents!   This constant denial from staff who say "we had no idea of the fraud" is in fact truth.  The Staffers were alos kept in the dark like mushrooms. The discopvery of over 2000 fraudulent LAFs, (100% of all those looked at) PROVES the evil Bank...
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Q&A with Greg Medcraft Date: 01 Sep 2012 Type: Company Director Magazine http://www.companydirectors.com.au/Director-Resource-Centre/Publications/Company-Director-magazine/2012-back-editions/September/Interview-QA-with-Greg-Medcraft   ..............CD: How do you believe ASIC’s structure and focus have changed since the start of GFC? GM: Before the GFC, my predecessor, Tony D’Aloisio, launched a restructure of ASIC following a report by McKinsey & Company. That positioned us very well for the future. ..............   read more http://www.companydirectors.com.au/Director-Resource-Centre/Publications/Company-Director-magazine/2012-back-editions/September/Interview-QA-with-Greg-Medcraft     Is McKinsey & Co. the Root of All Evil ? by Barry Ritholtz - March 2nd, 2011, 7:13am http://www.ritholtz.com/blog/2011/03/is-mckinsey-co-the-root-of-all-evil/ “Enron has built a reputation as one of the world’s most innovative companies by attacking and atomising traditional industry structures.” -McKinsey report, published a few months before Enron’s collapse. >  Rajat Gupta was more than a mere board member of Goldman Sachs, Procter & Gamble, and others. He ran McKinsey & Co. from 1994 to 2003, and was a senior McKinsey partner until 2007. When the Securities...
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Straight from the horses’ mouth!    Rekindling Europe's repackaged debt market will take years Economy | Tue Sep 2, 2014 8:22am EDT LONDON | By Huw Jones  http://www.reuters.com/article/2014/09/02/us-eu-abs-idUSKBN0GX18020140902  ..................Greg Medcraft, chairman of the International Organization of Securities Commissions (IOSCO), a global body of regulators, said scaling back capital charges is not a silver bullet for a lasting revival that will take time to put in place. "We have got to think a bit more holistically than that," Medcraft told Reuters. "A focus on capital charges is probably the old world. The new world needs to be focused more on how do we build a sustainable market." The old world was about banks creating securitized debt and shovelling it into off-balance sheet vehicles, while the new world will be about non-bank originators and real economy investors, such as big asset managers, Medcraft said..........  read more  http://www.reuters.com/article/2014/09/02/us-eu-abs-idUSKBN0GX18020140902...
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Securing a growing future  http://www.hccdesign.com/1999/soc/january/feature1.html  SG’s Greg Medcraft knows an opportunity when he sees one.  In early 2001 he re-organized the US Securitization department in order to capitalize an increasing interest in the product from both investors and issuers  Not coincidentally he also aligned his strategy with that of the new Debt Finance (DEFI) division, which is largely to provide clients with innovative solutions and products through an integrated origination, structuring and distribution process. Securitization is a technique that involves transferring risk from one party to another by applying various legal, cash flow modeling and risk mitigant techniques that allow for rating and sharing of risk among the risk seller and risk buyers/investors. The financing product was first used by a corporation in 1985 and SG arranged and led its first European term securitization deal in 1989. Today SG is active globally in both the conduit and term securitization business and...
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Greg Medcraft – Head of ASIC runs with the hares and hunts with the hounds. Report : Ted Baxter Tuesday, 22nd November 2011 http://www.commonwealthbankdeception.com/?p=34 In a tragic twist of fate the banking industry manages to insert as the head of ASIC a dyed the in wool 30 year merchant banker who was active in the origination, structuring, distribution and investment in securities backed by among other things residential mortgages – the very instruments that led to the sub-prime crisis and consequent Global Financial Crisis. Hi all. It’s Teddy again (by the way that’s not my real name). It wasn’t my turn to post something today but I begged my editor to let me jump the queue and he did, bless his soul. I just couldn’t help myself. I am so angry knowing about ASIC’s boss, Medcraft. Before we expose him it’s important to give you background on the Global Financial Crisis...
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Greece debt crisis: Desperation sets in as talks grind on By Chris Morris BBC News, Brussels 12 May 2015  http://www.bbc.com/news/blogs-eu-32710724  So Greece has successfully completed its latest €750m (£538m) debt repayment to the International Monetary Fund (IMF), but even that news has a twist in the tail. Greek officials say most of the money was taken from a buffer account held at the IMF itself - an account that is only meant to be used in cases of emergency. In such circumstances it is hardly surprising that Greek Finance Minister Yanis Varoufakis used his visit to Brussels on Monday to re-state the obvious - the liquidity situation is "terribly urgent", he said, and a deal to release further funds was needed in the next couple of weeks. A word of caution. If every warning from either Athens or Brussels that Greece was about to run out of money had proven to...
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DoJ ratchets up pressure on UBS over Libor scandal Gina Chon in Washington May 13 2015 http://www.ft.com/intl/cms/s/0/c0068f96-f906-11e4-8e16-00144feab7de.html#axzz3a0m0MZAe  The US justice department is considering scrapping a 2012 agreement to not prosecute UBS for allegedly manipulating Libor in the latest sign that US authorities are ratcheting up pressure on global banks.   UBS had agreed in 2012 to a non-prosecution agreement (NPA) to resolve allegations it rigged the benchmark rate, saving it from a guilty plea if the Swiss bank avoided other alleged wrongdoing for two years.   The deal was recently extended for an additional year to the end of 2015. But now that settlement is under threat as part of the wide-ranging probe of potential manipulation of foreign exchange markets, which the DoJ is hoping to resolve with UBS and four other banks as soon as next week.   The threat of scrapping the 2012 NPA for the Libor settlement is...
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ANZ may need another $2.4b in capital: Credit Suisse   May 12 2015 at 9:30 AM Updated May 12 2015 at 4:45 PM   http://www.afr.com/street-talk/anz-may-need-another-24b-in-capital-credit-suisse-20150512-ggzfmi   by Sarah Thompson Anthony Macdonald Jake Mitchell National Australia Bank's $5.5 billion rights issue has put the market's focus firmly on the other big banks to see if they will also raise equity to boost capital levels due to regulatory pressure. Westpac Banking Corporation launched a $2 billion partially underwritten dividend reinvestment plan last week because its equity tier 1 ratio has softened to the lower end of its target range. Credit Suisse banking analysts Jarrod Martin and James Ellis said ANZ Banking Group appeared to be $2.4 billion short of its peers in terms of its equity tier 1 ratio. The bank could reap proceeds of around $1.5 billion from the sale of its Esanda Dealer Finance unit, which was first revealed by The...
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  • organza
    organza says #
    ANZ must be treading on water to now do this http://www.2gb.com/article/alan-jones-%E2%80%93-bob-katter-and-charlie-phillott
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QUALITY OF BANK HOME LENDING ALREADY placing Australian economy at risk.  WE all need to WAKE UP! Australian banks exposed to rising house price 'correction' risk: Moody's May 13 2015 Clancy Yeates   http://www.watoday.com.au/business/banking-and-finance/australian-banks-exposed-to-rising-house-price-correction-risk-moodys-20150513-gh10w7.html     Australian banks face challenges from the rising likelihood of a long-term "correction" in the housing market, credit ratings agency Moody's has warned. As the regulator told banks it expected slower growth in lending to property investors, new research from Moody's Investors Service on Wednesday said the combination of rising house prices and indebtedness was a "threat" to banks. The research note argues there is a growing likelihood of an eventual house price "correction" – which refers to a fall of 10 per cent from peak levels – because of "imbalances" in the market. These include the dominant role of investors and pressures on affordability. Analysts Ilya Serov, Patrick Winsbury and Stephen Long argue that although...
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Sharp increase in debt write-down deals - Irish Mortgage Holders’ Organisation says it is dealing with 2,000 AIB or EBS clients Eoin Burke-Kennedy 20 March 2014 http://www.irishtimes.com/business/personal-finance/sharp-increase-in-debt-write-down-deals-1.1730844 A group involved in brokering deals between banks and distressed mortgage holders has reported a sharp increase in activity.   The Irish Mortgage Holders’ Organisation (IMHO) said it had recently negotiated 97 deals involving customers of Allied Irish Banks that included some form of debt write-down. In one case, involving a couple in Cork, the bank had written off €195,000 in mortgage debt while allowing the couple and their two children to remain in the house.  The deal is believed to be one of the largest mortgage write-downs agreed by the State-owned bank. The couple had borrowed €478,000 to buy their home. Under the terms of the deal, the family will have to service a new 30-year variable rate mortgage of €200,000, with an additional...
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The RBA has a secret weapon to rein in Australian banks and their 'risky' lending Greg McKenna Mar 17 2015 http://www.businessinsider.com.au/the-rba-has-a-secret-weapon-to-rein-in-australian-banks-and-their-risky-lending-2015-3   Australia’s housing market, or at least some parts of it such as Sydney, are on a tear. Developers are paying what appear to be prices well over the odds and prominent real-estate agents, such as Kingsley Yates of Ray White Lower North Shore, are saying things like: “I have never seen anything like it – it was like the Easter Show, and more unusual.” If you are a regulator, like APRA, or the institution charged with standing in the market as the lender of last resort, like the RBA, this is a worrying liftoff in prices. It’s a liftoff which the RBA continues to warn threatens Australia’s economic stability. It’s led to the imposition of local macro-prudential rules to slow certain types of more speculative lending.   But while macro-prudential...
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Consumers are upset with banks approving unaffordable and unverified 30 year Interest Only loans.  Brokers are taught to look for market selling equity loans with lenders saying we will approve every application put before us.  Older people with poor income levels are still being targeted and sold average $300k loans which end up $450k loans in four years.  Then those people lose their homes.    Now victims of banker crime from 2013 are coming through our cyber door.  Same old processing. Lenders lend extra buffer loans to maliciously mask rampant unaffordability in lending, so loans being serviced by more debt.  These are bank taught strategies sold to brokers, along with technique and target markets.  We have the proof via emails between lenders and brokers.  That's why this controversy stays in the media limelight until woeful practices by Major Banks cease to be.  A Royal Commissioner will open up the truth and...
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Federal budget 2015: $1.7b for rural Australia, govt to sell ASIC register May 9 2015 at 12:15 AM Updated May 9 2015 at 12:15 AM http://www.afr.com/news/policy/budget/federal-budget-2015-17b-for-rural-australia-govt-to-sell-asic-register-20150508-ggxch2   The federal government has decided to sell the Australian Securities and Investment Commission's share registry, but baulked at selling the Royal Australian Mint and Defence Housing Australia. Next week's federal budget will also include an extra $330 million for drought and related rural assistance which will be part of a total of $1.7 billion in new initiatives that have been secured for regional and rural Australia through the Agricultural White Paper and the Northern Australia White Paper. This new spending comes on top of the $500 million cash handout granted to the Western Australian government his week after it complained about its share of the GST revenue. The government has promised to offset all new spending with cuts. It is also believed the government...
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IMF to probe Australia's record property and debt levels http://www.afr.com/business/banking-and-finance/financial-services/imf-to-probe-australias-record-property-and-debt-levels-20150501-1mxjmi   by John Kehoe The International Monetary Fund is sending an economic team to Australia to examine the risks posed by property speculation and record-high household debt as part of a broad health check-up of the sagging domestic economy.  The IMF's mission chief for Australia, who will lead the trip next month, James Daniel, told AFR Weekend that unless tax reform was enacted, Australians' living standards were under threat from slower economic growth and lacklustre productivity as the resources boom ends. "My first impression from 30,000 feet is that house prices have gone up a lot in Australia, so that will be a big part of the discussion," Mr Daniel said from his Washington office. "Even if you were to take the view that house prices are frothy or overvalued, what is the policy response?" Mr Daniel's comments illustrate how Australian...
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Banks dodging APRA restrictions: report   Staff Reporter 23 April 2015 http://www.businessspectator.com.au/news/2015/4/23/financial-services/banks-dodging-apra-restrictions-report The Australian Prudential Regulatory Authority’s lending restrictions are being circumvented by some of the major banks amid a race for market share, The Australian Financial Review reports. The report alleges that APRA’s stress testing guideline – which urges banks to ensure new borrowers can afford to repay the loans on all their properties should rates climb to 7 per cent – is not being properly adhered to, noting a confidential National Australia Bank mortgage calculator does not apply such a rate to existing real estate investments of those seeking new mortgages. "We know that some of our competitors are not applying APRA's minimum 7 per cent interest rate servicing assumption to all borrowers' debts because we are losing customers due to their much more generous borrowing capacity limits," a chief financial officer at a second-tier bank told the AFR....
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Are mis-sold mortgages on the ASIC watch list?  If not why not???   Key repossession ruling opens door to mortgage mis-selling complaints Ombudsman's verdict offers hope for homeowners who are battling to keep a roof over their heads. Neasa MacErlean reports Sunday 22 March 2009 11.01 AEDT http://www.theguardian.com/money/2009/mar/22/repossessions-mortgages A remarkable ombudsman victory for a householder who had his home repossessed after being mis-sold a hefty mortgage could set a precedent, preventing others from losing their properties as the recession bites, lawyers say. This year an estimated 75,000 families - against 40,000 last year - will lose their homes, according to the Council of Mortgage Lenders (CML). But many who face handing back the keys could be helped by rules covering "suitable advice" for borrowers, buried in the handbook of the Financial Services Authority (FSA), the City regulator. Andrew Brown (not his real name) struggled to repay his mortgage but subsequently took...
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Banks push farmers to the brink May 11, 2015, 9:47 p.m http://www.northweststar.com.au/story/3072005/banks-push-farmers-to-the-brink/  WHEN she closes her eyes, Cate Stuart can see the first light at Mount Morris Station. Being woken by the brolgas singing and dancing under the sprinkler, taking her coffee onto the verandah to watch an emu bringing his chicks up from the river, watching the kangaroos and wallabies going about their business. ‘‘I would go outside and watch the sun rise,’’ she recalls of the station outside Charleville in south-west Queensland, about 700 kilometres west of Brisbane. ‘‘The colours are just indescribable. No photograph could ever do the beauty justice. I was just in awe. I would think, ‘We are the luckiest people alive on the land because we get to see our coat of arms everyday’.’’ Stuart no longer lives at Mount Morris and she can’t speak of her morning ritual without emotion. The bank evicted the...
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Clients look for compensation after mis-selling wealth manager goes bust By Katherine Denham   28 April 2015   http://www.international-adviser.com/news/1019164/clients-look-compensation-mis-selling-wealth-manager-goes-bust   A Scottish-based wealth management firm has gone bust after it was unable to pay back clients who were mis-sold high risk investments, and customers are now turning to the Financial Services Compensation Scheme to get their money back. The Financial Ombudsman Service (FOS) ruled that Turnberry Wealth Management had sold unregulated investment schemes which were unsuitable for clients in four separate cases. But clients now have to make a separate application to the FSCS to try to get compensation after Turnberry went into liquidation at the end of last month. This means those clients with investments in excess of the FSCS’s £50,000 limit will lose money. Regulatory Legal Solicitors, which represents one of Turnberry's clients, said it suspects there are other people who have been mis-sold investments by the wealth manager....
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NAB is cleaning up its mess – but it hurts Date May 8, 2015 Adele Ferguson  http://www.smh.com.au/business/comment-and-analysis/nab-is-cleaning-up-its-mess--but-it-hurts-20150507-ggwf0e.html   ·         NAB seeks $5.5bn to fund exit from Clydesdale and Yorkshire ·         Victims unimpressed at NAB exit plan for UK   After a series of scandals, a string of losses, a damning parliamentary report and a damaged reputation, National Australia Bank has run  the white flag up in Britain. It is surrender that will come at a great cost. The bank will raise $5.5 billion through a highly dilutive capital raising. It will result in a reduction in the group’s earnings per share by 4.5 per cent and shave 140 basis points off its return on equity. It has also sliced 21 per cent off its retail advice insurance book and $25 million off earnings. The reality is the bank didn’t have much choice.   For years NAB’s British banks, Clydesdale and Yorkshire,...
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Judge finds Japanese bank lied when it sold mortgage-backed securities to Fannie Mae and Freddie Mac   11 May 2015 Jonathan Stemple Reuters   http://www.businessinsider.com/judge-finds-japanese-bank-lied-when-it-sold-mortgage-backed-securities-to-fannie-mae-and-freddie-mac-2015-5?IR=T   NEW YORK (Reuters) - A U.S. judge on Monday ruled that Nomura Holdings Inc made false statements in selling mortgage-backed securities to Fannie Mae and Freddie Mac ahead of the 2008 financial crisis. U.S. District Judge Denise Cote in Manhattan ruled for the Federal Housing Finance Agency, the conservator for Fannie Mae and Freddie Mac, in a ruling that could allow the U.S. regulator to recover around $450 million. Cote, who presided over a non-jury trial, said the FHFA was entitled to judgment against Nomura and the Royal Bank of Scotland Plc, which underwrote some of the $2 billion in mortgage-backed securities, in light of misstatements they made in offering documents. "The offering documents did not correctly describe the mortgage loans," the judge wrote in...
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Property valuations under scrutiny.(mortgage valuation system of Commonwealth Bank of Australia )(Brief Article)   December 20, 2004 | Clout, Jason; Boyd, Tony | Copyright http://www.highbeam.com/doc/1G1-126324103.html Some Australian banks have been found to be approving loans without inspection of property sites.   Financial institutions have become "complacent" about property valuations, according to John Laker, the chairman of the Australian Prudential Regulation Authority (APRA). The move to review valuation practices comes amid concerns credit standards are falling.   Commonwealth Bank of Australia (CBA) plans to trial a desktop mortgage valuation system.  Lenders are resorting to such audits to reduce the costs of valuations.   The Australian Valuers Institute said desktop valuations could leave borrowers at risk.     Sloppy valuations worry APRA. May 23, 2005 | Copyright http://www.highbeam.com/doc/1G1-132688948.html There are fears in Australia that some financial groups are not doing enough on-site valuations of property.  They are lending money for real estate on the basis of...
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