18th September, 2018
Mortgage fraud is a time bomb under Australia’s housing bubble
The bank apologists at the Australian Financial Review went down the rabbit hole on 21 September with Christopher Joye’s claim that “droves of Aussies are indeed defrauding banks by lying on their home loan applications”.
The complete opposite is true. Denise Brailey of the Banking and Finance Consumers Support Association (BFCSA) and others have exposed that the banks committed the fraud, not the borrowers.
For the truth on mortgage fraud, watch Denise Brailey’s explosive presentation “Mortgage Fraud Explained”, delivered to a 30 June 2018 Citizens Electoral Council seminar in Perth. No borrower should take on a mortgage without seeing this presentation!
This is the most urgent issue in the Australian banking system today, with the most far-reaching implications. Mortgage fraud is a ticking time bomb under the housing bubble, set to detonate as borrowers default on loans they could never afford, and implode house prices that were never real, but were inflated by “demand” faked by the banks through mortgage fraud.
In September 2017 banking analysts at UBS estimated that $500 billion of the $1.7 trillion in Australian mortgage debt is from so-called “liar loans”, which were based on false estimates of the borrowers’ living expenses. As Denise Brailey has exposed, however, the liars were the banks, not the borrowers.
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