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Aussie suffers further scrutiny

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Australian Broker | 05 Oct 2012, 08:00 AM Agree 0
Aussie continues to be the subject of intense scrutiny from the national media about its involvement in low doc lending in the pre-GFC period
  • Broker | 05 Oct 2012, 10:56 AM Agree 0
    What's the big deal? I shred paper work on a daily basis, doens't mean i am trying to hide anything. Could just mean I run a soft office. The contraversy is over rated.
  • Mark Hewitt | 05 Oct 2012, 11:02 AM Agree 0
    I agree Broker, this is just a media hyped beat up.
  • ozboy | 05 Oct 2012, 11:10 AM Agree 0
    It pay to ask! Unless your asking Aussie. Why should banks have it all their own way? When you can shred your way out of it.
  • Incognito | 05 Oct 2012, 11:10 AM Agree 0
    I hope The Australian keeps sniffing around as something seems to be up here
  • Bill | 05 Oct 2012, 11:12 AM Agree 0
    Boring.. Moving on.
  • Coast Broker | 05 Oct 2012, 11:19 AM Agree 0
    Maybe a media beat up however Aussie may well have done wrong. I am not sure that Aussie cannot say they did not play in Sub prime lending. I have worked in the past for the 2 main sub prime lenders and I approved loans for Aussie consultants. I am not sure if Aussie can get away with saying that it was upto the Lender for other lender loans to keep a copy of the file. Sorry but why should Aussie get away with not keeping a file for an application to other lenders including Sub Prime Lenders when I have to keep a copy of the file I submit to a Lender. IN any case don't Aussie want to keep hold of their clients that they have submitted applications to other lenders. If not I am happy to take them and provide ongoing service. A copy of a Loan application and supporting documents is like gold and forms part of the value of a trail book.
  • Country Broker | 05 Oct 2012, 11:49 AM Agree 0
    My original comment still stands from last time, the reporter and paper is on a witch hunt here and have absolutely no idea , the lenders MUST keep the application sent in by any broker , once a deal is submitted , the records are open , this is a beat up. I am NOT and never have been an Aussie broker . Looks like my subscription to what was once a really good paper will be under scrunity , all brokers should stop buying the paper if they are still buying it.
  • Keith Bridges | 08 Oct 2012, 11:10 AM Agree 0
    I can't see any issues here ~ before NCCP & GFC, banks were happy to accept loans on self certificaton from borrowers'. The Banks' were happy to write the risk, and we as brokers were able to rely on income figures offered by would be Low Doc borrowers'. Prior to GFC Banks' had a massive appetite for this risk & sought no other form of income confirmaiton. This only become a big deal because change of policy and legislation let's move on as Low Doc's as we used to know them are essentially no longer
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