What's Making Headlines – Mortgage fraud arrests

A former broker was charged this week with alleged involvement in the Penthouse Syndicate's mortgage fraud ring. The Adviser senior journalist Charlie Tchetchenian and commercial content writer Ben Squires uncover the latest in the mortgage fraud investigation and the ongoing work being done to stamp out criminal activity. The duo also review the fallout from the incoming negative gearing and CGT changes, looking at which lenders are moving quickly to strip negative gearing benefits from their serviceability calculators, and new dramatic projections warning of a sharp drop in investor activity. This week, they discuss: The major NSW Police update on the "Penthouse Syndicate" mortgage fraud investigation, which has seen a Sydney broker and bank manager arrested over tens of millions of dollars in fraudulent loans. How major lenders – including NAB, ANZ, Macquarie, and Suncorp – are rapidly updating their serviceability calculators to eliminate negative gearing benefits for established properties following the federal budget announcements. The federal court ordering Westpac to pay a $26 million penalty for repeatedly failing to properly process borrower hardship requests over a six-year period. And much more!