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Macquarie: 'YBR' facilitates Mac's intent to "wilfully" steal AUS homes

Posted by on in Consumer Warnings
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Macquarie Group is barging back into the mortgage business with Mark Bouris' - [credited with opening up the non-bank lending market thru 'Wizard' which sold to GE for $500 million] - Yellow Brick Road as it's 'prop': Following a trading halt yesterday YBR announced a new deal with MacQ that will allow it to distribute $billions in mortgage funding and will see MacQ manufacture the loans, no doubt in a manner  "to make the [home-loan] deal fit"  --a practice known to include widespread falsification of prospective customer "loan application forms"[LAF] --a system engineered by MacQ to "wilfully" steal homes from our fellow Australians.

Home loans within the "non-bank" sector, are destined for securitization thru the secondary market{RMBS}, and sold as a purported "clean asset" to the Aust Govt [taxpayers] knowingly purchasing $billions of tainted RMBS thru it's AOFM entity, spuriously labelled as "AAA Rated" by the likes of Standard & Poors [Fitch & Moody's] ratings agenciy, whose laboratory concocted a particularly toxic form of "ratings' related to Residential-Mortgae-Backed-Securities. In fact, Justice Jayne Jagot of the Federal Court ruled against Standard & Poor’s contrived "services" only this week in a world first judgment pertaining to tainted securitization products

Furthermore, it found that ABN Amro had been knowingly concerned in S&P’s contraventions of various statutes proscribing such misleading & deceptive [ratings] conduct and had itself engaged in misleading and deceptive conduct and published statements that contained material information that was false.

US Senate committee hearings into the role of the ratings agencies after the crisis heard evidence from former employees of the big agencies that their senior management had become fixated with profits and market shares and the volume of ratings their firms were conducting rather than the performance of the securities rated.  

YBR will give the investment bank access to a strong retail brand, and a skilled marketer. MacQ brings to the table cheap funding and "proven risk management skills", which it plans to deploy through YBR's existing 137 licensed branches — a number that is expected to rise significantly.

It seems that Macquarie will manufacture the loans, with YBR accepting a fee to act as distributor. For now it's simply a partnership, which does not involve any equity.

The pair initially aims to lure customers with a home loan rate of 5.5 per cent for the first 12 months, and a 0.86 per cent discount on the standard variable rate for the remainder of the mortgage. Bouris has handy connections at Nine Network, where he hosted Celebrity Apprentice, which he plans to lean on to get the word out.

The alliance was clearly forged to take a shot at Australia's largest banks, but it remains to be seen whether it will make a dent in the market. Retail banking competition is already fierce, and the major banks enjoy favourable AA credit ratings, compared to Macquarie's A - A2. Still, the big four will be watching closely.


Mark Bouris ties up with Macquarie to fund mortgages in repeat of Wizard Home Loans success

Thursday, 08 November 2012 10:54
Patrick Stafford

Financial and banking entrepreneur Mark Bouris has teamed up with Macquarie Bank to deliver billions of dollars' worth of home loans through his own Yellow Brick Road network, in a repeat of his Wizard Home Loans success.

The financial entrepreneur built the company in the 1990s and eventually sold it to GE in a deal worth $500 million – he's credited with opening up the non-bank lending market.

The move has been welcomed by consumers and the government, painting it as yet another sign of more competition among the banking sector. Housing experts have also thrown their weight behind the announcement, saying it could help nascent consumer confidence.

"We see this as a development that has a lot of positive potential," Housing Industry Association chief economist Harley Dale toldSmartCompanythis morning.

"Clearly there's a lack of competition in the market right now, and there has been some noise made in the last 24 hours about the fact that household credit is slow. Any move that might engender further competition is a good thing."

Property is certainly improving. Clearance rates are besting last year's results, and building approvals increased last month. While lower consumer confidence is no doubt having an impact, economists such as Dale say more competition for loans can spur buying activity – especially during the summer months.

Another rate cut next month would no doubt enshrine the feeling that now is a good time to buy.

Following a trading halt yesterday, Yellow Brick Road announced the new deal with Macquarie Bank that will allow it to distribute billions in mortgage funding. There was a good reaction, too – YBR shares were up 25% after the release hit the market.

In a statement, Bouris said the deal would "bring back choice, access and competition like there was in the 1990s".

The big attraction – all mortgages will be offered with a 1.15 percentage point discount on new loans for the first 12 months of the loan.

It's certainly a repeat of Bouris' success. He created Wizard Home Loans in 1996, which is credited as cracking open the non-bank lending market.

The fact Bouris has returned to a similar financial scheme indicates the potential in the market. As Dale points out, with conditions in property improving, and confidence on the edge of a recovery, now is a good time to deliver value to buyers tempted by lower interest rates.

"Renewed competition emerging about the same time as we see a lift in confidence could be reflected in people's willingness to make a housing decision."

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  • doyla66
    doyla66 Thursday, 08 November 2012


  • doyla66
    doyla66 Friday, 09 November 2012

    Yellow Brick Road ... what happened to the sweetheart deal between Firstmac and Macquarie?
    And mentioning S&P & tainted securities... probably all securities are tainted as this segment of the "investment" industry lacks the necessary back end audits, records and regulation. Outlawing and phasing out securities would hurt some, Aust Govt included, but it would produce a more stable investing environment and safer more prudent borrowing. Securities as a licence to print money - no, just big numbers.

    Housing is another industry which does need a rethink and real market research on changing consumer needs and desires post-GFC and post-green compliances. Land and preliminary costs are still too high in some areas and this is impacting the building industry.
    Overall the preference is still for renovate not detonate, especially with a glut of older non-eco properties. Buy shares in Bunnings/Wesfarmers not Banks? :D
    Incidentally the last media release I saw from HIA was "sponsored" by the CBA.
    The HIA and the MBA receive financial assistance from the Govt. As industry advocates they are not truly independent nor are they representative of the views of Australian builders who no doubt would have some stories to tell about Australian Banks.
    Good information on the Australian housing industry: (read down the articles)

  • doyla66
    doyla66 Friday, 09 November 2012

    it's all like same story, kicking the can down the yella~belly~brick~road[wall]..."out" all of the crooks in home mortgage space..

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