Mortgage Choice in ASIC inquiry - 2004-03-05
One of the country's biggest home-loan brokers, Mortgage Choice, which last year had a loan book worth $13.5 billion, is under investigation into whether it practiced "unconscionable conduct" and accepted secret commissions to recommend and sell particular loans.
The Australian Securities and Investments Commission is inquiring into whether Mortgage Choice broke the law by demanding lenders pay an annual "sponsorship fee" of up to $200,000 each to have their loans offered to the broker's clients.
Read the full story at Melbourne Age