Broker blows whistle on sub-prime scandal

A WA mortgage broker who got rich by fudging figures has blown the whistle on the banks that conspired in Australia’s own sub-prime mortgage scandal.

In 2007 Kate Thompson was WA mortgage broker of the year. Now she is facing fraud charges.

It is alleged Mortgage Miracles, in Canning Vale in Western Australia, obtained investment loans for customers by using falsely inflated earnings and assets.

Ms Thompson admits that is exactly what she did.

I would get upfront commission, I would get a trailing commission. I was probably earning about $5 million a year. It was great. It was wonderful. But it was all a lie, she said.

But she was not alone — via redwolf.newsvine.com

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