Well I finally decided to stop waiting and realised my extremely...

Well I finally decided to stop waiting and realised my extremely disappointing losses.

http://www.smh.com.au/business/bank...tlight-after-asic-review-20160506-goo666.html

"Consumer groups have argued there is a culture in which some brokers encouraging home buyers to take on more debt than needed in order to get a bigger commission..."

"While commissions are being phased out elsewhere in finance, mortgage brokers typically receive an upfront commission from the bank of 0.65 per cent of the loan's value and a trailing commission of about 0.15 per cent a year over the loan's life."

It is unlikely that this will mean anything but bad news at least in the short.  This company's abysmal performance at realising value for anybody but its executives and its wholesaler means I have absolutely no stomach for additional risk.  A similar review was conducted in NZ and they banned commissions, making mortgage broking a fee-for-service contract.  The result decimated the mortgage broking industry there.

Given that Yellow Brick Road can't return a cent to its shareholders in sunny regulatory weather, there would seem to be absolutely no prospect of anything good coming out of it now.

I might glance at it again from time to time after the investigation is concluded if the findings and resulting regulatory changes seem favourable.

I am seriously disappointed and will look very carefully before investing in anything that has Mr Bouris on the board or executive.

Sentiment: Not Held anymore now