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Warning: low-doc furore is a ‘contagion’

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Australian Broker | 15 Aug 2012, 08:00 AM Agree 0
A leading financial figure is concerned rumours of low doc scams could result in a government investigation into all forms of lending
  • Maya Pavlovski | 15 Aug 2012, 09:31 AM Agree 0
    The questionable lending reported in the media was prevalent to some extent in the pre-GFC days. Why conduct a "witch hunt" following implementation of NCCP?
    This legislation was introduced to specifically deal with unscrupulous lending.
  • Alan | 15 Aug 2012, 10:18 AM Agree 0
    Please seek from John Williams his qualifications as we are totally fe up with inexperienced Politicians delving into areas that they have no knowledge or work experience.
  • Ray C | 15 Aug 2012, 12:12 PM Agree 0
    Maybe there should be an inquiry into the education and training industry. They seem to be the only ones making any money from the finance industry at the moment. They continue to push their own borrow without disclaimers.
  • Daniel Blaine | 15 Aug 2012, 02:00 PM Agree 0
    We wouldn`t be having this discussion if the same people who willing signed up for these loans were sitting on significant capital gains. This is the usual screaming from greedy people who want someone else to carry the blame for their investment risk. Also how many genuine borrowers who feel on hard times were saved by low doc loans which enabled them to get things in order and move forward. Where are those stories because they do exist?
  • Peter | 15 Aug 2012, 02:12 PM Agree 0
    I was a broker for a very large non bank lender and I am willing to be a witness at any enquiry to confirm that low doc and no doc loan applications were tampered with by lenders and back office staff so loans met servicing and purpose requirement set by credit.The sales area of our business would make statements like "just get the loan on the books"
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