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MFAA CEO Phil Naylor interesting statement.!

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Clarity on low doc loans scandal - M&FB online, 22 August 2012

Assertions that borrowers were coerced into low doc loans by lenders and brokers during the GFC is now the subject of a Senate inquiry. These claims were brought to light by complaints by some politicians that low doc borrowers had allegedly been badly treated by their lenders engaging in fraudulent income documentation.

MFAA CEO Phil Naylor has already commented in the trade media regarding borrower treatment. Naylor pointed out that, since 2004 when the MFAA Disciplinary process was established, it has dealt with hundreds of complaints and very few have involved low doc fraud.

If this was as rampant as has been suggested, it would be expected that the MFAA Tribunal would have been over-run with such complaints - clearly this is not the case.  

Subsequently, an Australian Democrats spokesperson has called for a Royal Commission to investigate what he calls 'Australia's sub-prime scandal'. Apart from confusing 'low doc' with 'sub-prime', the spokesperson has jumped the gun.

All issues are being considered by the Senate Committee and its recommendations to Government on all information before it (including the MFAA's proposal for the Canadian model to be adapted to Australian circumstances) will be the subject of its report due by the end of October.

The Government will then consider the recommendations, but based on public statements to date there does not seem to be any appetite for a Royal Commission.

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  • doyla66
    doyla66 Monday, 03 September 2012

    MFAA members' appetite for change is surely growing tied of CEO MR Naylor acting as a "Bankster-Puppet" against members true interests!!!

  • doyla66
    doyla66 Monday, 03 September 2012

    If this was as rampant as has been suggested, it would be expected that the MFAA Tribunal would have been over-run with such complaints - clearly this is not the case.

    Why would people be sending the complaints to MFAA? Much as it might amaze Phil Naylor most people have probably never heard of MFAA unless someone told them about it.
    MFAA hurt brokers. People are getting the picture that it's the lenders' fault, which is probably what ordinary commonsense thinking would have told them anyway. Broker is only the middleman/agent for the lender who pays them commission. Only some complicated legal fix could possibly make it the brokers' fault. I bet Phil Naylor isn't ever going to admit how many lo doc loans crossed his desk anyway.

  • doyla66
    doyla66 Monday, 03 September 2012

    If we sent our complaints to him - what kind of investigation could we expect? His statements over the last few years are very inconsistent and swing!

    EDITORS: Yes indeed - a real big swinger!

  • doyla66
    doyla66 Tuesday, 04 September 2012

    Well I did discover the MFAA's existence & when I contacted them, they could not get rid of me fast enough. They did not want to know & were just as quick as ASIC to give me that great big 'handball' to contact another. They did not have a complaint process that would have provided me with any benefit what so ever!
    As I state repeatedly, self-regulation does not work. What good are Codes of Conduct when they simply keep their problems 'in house' & hushed up away from the real world? This is just another one of those issues that ASIC has devolved & divested itself of!

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