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From: FOS Circular Autumn 2012: http://www.fos.org.au/centric/the_circular_9_home/lenders_mortgage_insurance.jsp Lender's Mortgage Insurance Our Terms of Reference and LMI policy claims Previous communication about LMI policy claims Terms of settlement FOS receives a number of disputes in which the applicant is in financial difficulty, the sale of a property securing their loan from the financial services provider (FSP) does not repay the loan in full and an unsecured shortfall debt remains. If there is a lender’s mortgage insurance (LMI) policy in place, the FSP may have made, or may intend to make, a claim on the policy after settlement of the sale of the security property. This article outlines FOS’s view on an FSP’s obligations in dealing with a customer in financial difficulty when the FSP has made a lender’s mortgage insurance claim or may potentially do so after the sale of the customer’s property.   Our Terms of Reference and LMI policy claims Under...
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I've just browsed through documentation from the LMI.  No sign of the additional LAF documents or LSC. The original LMI was with GE. Now it's with a different company. Surely when it changed companies something should have been sent to me as the borrower? How about "Terms and Conditions", contract documents, etc?  Would this tendency of credit providers like banks to change insurers and not let me know what the changes to the conditions etc are come under Insurance Act? Insurance Ombudsman? I checked my loan documents and I can see where the LMI premium was paid on the loan statements. I have yet to find out what the time limit on claiming for hardship - plenty of equity left in security property.  COSL mentioned that as well. As well we seemed to be paying a higher interest rate than the standard rate for that lending product.   Mortgage Insurance Proposal...
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  • doyla66
    doyla66 says #
    Dear All, I am preparing a submission to the FSO to reclaim LMI as I repaid a mortgage after 2 years. The CBA says they won't pay
  • doyla66
    doyla66 says #
    Quite likely, Andy. My gut feeling is yes. Reassurance - like another back door bank bailout. Banks want it from everywhere! Poor
  • doyla66
    doyla66 says #
    or BFCSA so we can start to clean up the havoc caused by their excess!!!
  • doyla66
    doyla66 says #
    US(2012)Genworth caught illegally funnelling $billions(re-issuance)back to originator/banks(@ hyper-rates) effective "kick-back";
  • doyla66
    doyla66 says #
    Interesting .... http://www.macrobusiness.com.au/2012/09/is-kohler-right-about-hiking-rates-to-protect-the-dollar/ "... nurse the
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  This is an interesting historical article on perceptions about Australian RMBS. It certainly pays to be informed about risk in the marketplace.   by Hardeep Dhillon     In terms of collateral, the Australian residential mortgage-backed securities market has performed better than its peers for several years, thanks mainly to its blemishless default history. After a post-crisis slump, a revival of domestic issuance is under way; but it could take much longer for cross-border transactions to follow.   The peak came in February 2007 with the A$7 billion ($5.5 billion at time of issue) multi-currency transaction by Commonwealth Bank of Australia, via its Medallion programme. As well as being the largest RMBS by an Aussie borrower, the deal set a new pricing benchmark, with the most senior US dollar-denominated notes offering a pick-up of just 4 basis points over Libor. Around that time, spreads on deals from the three other banks...
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  • doyla66
    doyla66 says #
    This bank has publicly issued over $9.5 billion of RMBS since 2003. Through our RMBS program we currently manage the collections
  • doyla66
    doyla66 says #
    "Australian Banks have full recourse to the borrowers" yep they sure do,they can take our houses,this is unconscionable,and they h
  • doyla66
    doyla66 says #
    I'm looking forward to seeing the list. There is no excuse for politicians who might think they can avoid the issue. There are c
  • Denise
    Denise says #
    Brilliant find LISA Yes we are all receiving an amazing education over all these banking products and skull-duggery. We are also
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