The reason, why the Housing Finance properties put on auction do not make sense, is because of pure corruption.
There was a collusion between Customers, Valuers and staff, a source from within the Housing Finance group has confirmed to the editor of this site.
The property valuation prices would be deliberately inflated by the Valuers through collusion with customers staff and management.
The customer would buy a property at an inflated price, pay the seller the actual price and keep the difference. The staff and management would thereafter get their cuts from the difference.
Of course, the customers would not have any intention to pay these loans.
In cases where customers were taking loans using their properties as security, the Valuers were used to give a high valuation for the property hence the customers would in a way dispose their properties to Housing Finance and later on fail to pay.
Relevant authorities should investigate the Valuers, staff and customers involved.
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