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City Link Finance

Posted by on in Toxic Mortgage Loans
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Has anyone heard of or had dealings with City Link Finance?

I have an Originator Number 19 on the documentation.

The year of the application is 2003.

I've been trying to locate the company on the off chance that they may have the originals (wet ink) of our LAFs.

I have copies of just a few pages from First Mac/Tonto, but they were copies from the faxes received at Tonto in Brisbane.

I've already asked the broker but had no reply. He was a friend/colleague of my late partner.

Otherwise I'll have to work off the faxed and scanned copies.

Thanks

Lisa

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  • doyla66
    doyla66 Saturday, 11 August 2012

    https://www.firstmac.com.au/Pages/About-Us.aspx
    Lisa, This page above was scary to read. They brag about the RMBS in glowing terms.
    I've had a look through the internet 'Wayback Machine' archiver ( www.archive.org/web/web.php ) but the 2003/2004 pages will not load into IE (needs IE6 & obviously the present versions we have are not backward compatible, neither will Firefox load them). Perhaps, your local library may have some old newspapers archived from that era - they're very good to scan when all else fails.
    From what I could pick up, is that either Tonto or Citylink might have been one of their brokers or mortgage originators.

  • doyla66
    doyla66 Saturday, 11 August 2012

    Thankyou so much, I'll check it out.

  • doyla66
    doyla66 Saturday, 11 August 2012

    From the First Mac info page.
    "We've publicly issued over $9.5 billion in Residential Mortgage Backed Securities (RMBS) since 2003, and the Australian Office of Financial Management (AOFM) has been a cornerstone investor in $1.5 billion of our bonds since November 2008.
    That's supposed to make us feel more secure about investing with First Mac???
    My loan is so small that they probably won't even notice it going lol!

  • doyla66
    doyla66 Saturday, 11 August 2012

    Tonto Home Loans Pty Ltd - I think they may have changed their name to First Mac part way through the Streetwise case during 2004. Denise may be able to shed some light on that for me.
    As far as I can see City Link may have been involved in small finance like car loans.
    The broker was a "finance broker" and I remember he knew someone in Tonto and spent the day on and off the phone getting everything right on the forms. I gather it was approved straight away and then the form work was done and sent.
    The Originator number 19 - who keeps a register of the originators?
    Maybe I should contact the car firm and see how I go from there.

  • Denise
    Denise Saturday, 11 August 2012

    Yes Tonto Home Loans Pty Ltd was headed up by Queenslander (ex ANZ exec) KIM CANNON around the early 00's. In 2003 I lodged a complaint with ASIC regarding 50 families and fraudulent loan application forms, most of whom had loans with Tonto. I used to call them "hi ho silver away with the loot." Perhaps I am so old that I still remember the Lone "Loan" Ranger. ASIC predictably permitted Tonto to change their name in late 2003 to FIRSTMAC PTY LTD during ASIC's investigation......how did that happen? I also found glowing reports on Macquarie Bank's website re Cannon and Firstmac. It appears some of the funds came from Origin (sub of ANZ).
    I complained to ASIC Chairman again...they did their usual nothingness and responded to my claims of public interest to run a test case that "it was not in the public interest to take action."

    [email protected]

  • doyla66
    doyla66 Saturday, 11 August 2012

    Thankyou, Denise.
    Who is the keeper of the Originator Register? I'm looking for OID 19.
    Origin was one of the lenders on the pair of loans on my LAF collection for First Mac.
    As well, using Lindie's suggestion of the Wayback Machine I've gotten into the old Tonto website. Brings back memories - I remember the Loan Arranger :)
    They were offering loans with very high LVRs in 2003, credit cards on their Flexi Loans, and insurance products.
    http://web.archive.org/web/20030618042337/http://www.tonto.com.au/default.asp

  • doyla66
    doyla66 Sunday, 12 August 2012

    Save a copy of the page

    Lisa, if you can access the page, PRINT a copy to .pdf & save it on your machine in the same folder where you store your financial paperwork.
    (There are freeware .pdf creators you can use - I've found Bullzip to be quite simple, http://www.bullzip.com/products/pdf/info.php - it is very simple, clean & user friendly).
    Also, from the same page you have been able to access, the links should still work. Is there a page to a Broker or a Mortgage Originator? Try it & see what you dig up but whatever you do, print a copy of anything you discover relevant to your situation to .pdf as your backup. That is the beauty of this Internet Archive.

  • doyla66
    doyla66 Saturday, 11 August 2012

    Same person owns or is managing director of Queensland State Home Loans,First Mortgage Company Ltd,Tonto Home Loans Pty Ltd,Firstmac,and the new one Loans.com.au, Firstmac Fiduciary services Pty Ltd,and another hundred or so more,tell me how does that work? This practice needs to be stopped,if a company has nothing to fear or hide,why do they need to change their name? How does the ATO keep track of it all? must be an accountancy nightmare!!!!

  • doyla66
    doyla66 Sunday, 12 August 2012

    With som many companies being involved, I certainly hope these are not the dreadful $2 shelf companies. That would be how they duck the ATO side of things. The ownership structure of these & how intertwined they are needs to be looked at. ASIC do their job? Not this century!

  • doyla66
    doyla66 Sunday, 12 August 2012

    Thanks for the help! that's wonderful :)

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