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Third arrest in $100m home loan scandal

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Australian Broker | 30 May 2014, 10:58 AM Agree 0
Victorian detectives have just arrested a third man in a complex $100 million home loan fraud scandal which involves six banks
  • Clarke Kent | 30 May 2014, 11:10 AM Agree 0
    One has to ask how a fraud of this nature go undetected for some 10 years if there are innocent victims involved losing their homes?
  • John Robbo | 30 May 2014, 11:11 AM Agree 0
    Classy work CBA - foreclosing on the victims when you knew of the scam. REALY classy!
  • Perth Broker | 30 May 2014, 11:16 AM Agree 0
    Let me guess - the CBA are busy trying to find a way to blame the brokers - as per usual.
  • Broker | 30 May 2014, 11:17 AM Agree 0
    This coupled with the Financial Planning scam also at CBA - do CBA have any internal standards - or are they just for Brokers????
  • yay | 30 May 2014, 11:26 AM Agree 0
    Good old cba strikes again
  • Regional Broker | 30 May 2014, 11:27 AM Agree 0
    The CBA again , if they have been foreclosing after there were aware of the fraud , ASIC MUST seriously at the CBA behaviour in this case and review the CBA licence conditions . This along with the recent financial planning scandal shows they have NO decent internal controls or fraud detection unit at all .

    It is time for ASIC and APRA to act quickly against all the banks involved.

    This also shows broker deals are not as suspect as many think and the APRA assertions about Broker Loans of this week now look very second rate. Were they getting this case somehow mixed up as broker sourced deals which they were not ?
  • Bush broker | 30 May 2014, 11:29 AM Agree 0
    CBA caught with its nose in the trough again..
  • Brisbane Broker | 30 May 2014, 11:30 AM Agree 0
    CBA & BoQ, again.
  • Brissie Broker | 30 May 2014, 11:48 AM Agree 0
    what there were no Brokers, Former Brokers or car finance people involved, I am sure the headline would have been different if there was
  • CANT'S | 30 May 2014, 12:08 PM Agree 0
    What a surprise CBA involved in another fraud, I bet the employees at the bank were up to their eye balls in it and they have now just sacked them and swept it under the carpet. Where is Cummings now to blame everyone other than the complicit bank
  • Dan - Melbourne | 31 May 2014, 03:09 PM Agree 0
    Been a broker for 10 years now - own business for 7 years. Have the full panel - except CBA. Not one loan with in that time and never suffered because of it - stuff them! May god curse me if I ever complete an application of theirs....
  • Bankvictimsdotcomdotau | 15 Jun 2015, 01:37 PM Agree 0
    The Senate should investigate who changed FOS' rule that previously, I verily believe, said the broker was the agent of the bank. Things went haywire. Also who in ASIC lets its approved EDR scheme look like the Mini Me of the ISDR Arbitration that was binned from the TPP by the US Democrats and Republicans. Heck, if the Dems & Reps think something is that bad, Dastyari & Senators better look into the mini-me arbitrations.
  • Michael Kent | 15 Jun 2015, 04:26 PM Agree 0
    I too am not accredited with CBA or Bankwest for that matter. I have not had one instance in 12yrs where I have said "wish I was accredited with them"

  • Bankvictimsdotcomdotau | 15 Jun 2015, 05:51 PM Agree 0
    The Senate should investigate who changed FOS' rule that previously, I verily believe, said the broker was the agent of the bank. Things went haywire. Also who in ASIC lets its approved EDR scheme look like the Mini Me of the ISDR Arbitration that was binned from the TPP by the US Democrats and Republicans. Heck, if the Dems & Reps think something is that bad, Dastyari & Senators better look into the mini-me arbitrations.
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