Sub-prime in Aussie market?

Interesting analysis/ fact-finding from this phd student regarding fudged loan docs used to nullify loans and get the homes for free -

 

I stopped watching after a minute.

IMHO that camp generally, fundamentally, intrinsically, philosophically and spiritually operate in a different world.

Get caught up in their chaotic narrative and you'll never create wealth for a nice retirement. Ever.

 

Lost me at secret ...

 

More doom and gloom for banks ...

 

I wish I could give that video 1000 likes.

 

Ugh the whole presentation is either wrong, or at best, very misleading.

I don't know what that guy's Phd is on, but its obviously not law, because he completely misses the basis of the "Khorshaba Preceent" and then goes on to try and make a big deal about it.

 

I'm at a loss for words as too how bad and misleading this is.

 

I'm surprised you're surprised.

 

I've seen this previously - it all comes from a bearish pro-gold anti banking subset of the libertarian community. It's clear the speaker has a puddle of depth of knowledge in the area and is frantically trying to string together conclusions when he doesn't fully understand how the actual mechanics of the system works.

 

For starters, every example he cites is a loan more than a decade old.

Even then, lenders did verify income and they did decline loans if there wasn't enough income.

In 14 years I've never had any sort interaction where the banks taught or encouraged fraud.

Your LAF has been electronic for over a decade, it's not a paper document. It is very easy to get a hold of and to verify that it the same version that was submitted, even years after the fact.

Lenders do have anti fraud departments and God help the mortgage broker or banker that is caught. Consequences include being excluded for life from the financial industry and prison time.

I can guarantee that the presenter has never worked as a mortgage broker or a banker.

 

Spoon polishing?

 

Antivaxxers, spruikers, holocaust deniers and those that peddle e-books that endlessly predict doom, collapse and social disorder. Just a more professional group than the scum who call to tell you that your computer has a virus.

Fortunately the rubbish predicted in 2013 in the video didnt occur.

It gets very dull. Those that cant - teach. Or report and embellish with their own wild predictions.

 

just curious, did this guy end up getting his Phd degree?