BFCSA Blog

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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ASIC IS A FRAUD and there is no doubt in anyone's mind.  In the Inquiry there were seven ASIC LUMINARIES including its Chief Muddling Medcraft.  Its not all Greg's fault as the public PERCEPTION OF ASIC's lack of capabilities, lack of understanding of its own laws, lack of proper investigations into consumer complaints have been going on since 1998.  Same form letters saying "bugger off, get a lawyer."  Commissioner admits this is unacceptable, but they continue in the same pattern of doing nothing.  Nice easy bludge job is ASIC.  No results, and when on the stand in front of the senators Medcraft was eager to tell everyone the blame lies with Brokers and its a cultural problem and its up to the Industry to fix and not our problem.  This is the essence of reading his monologue in Hansard......Not once did he mention: LENDERS AT FAULT, BANKS TO BLAME, SERVICE CALCULATOR...
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  • doyla66
    doyla66 says #
    It is obvious ASIC are lame ducks in the worlds of fraud. In 2004 we owned a petrol station. At that time you could get a replac
  • doyla66
    doyla66 says #
    ASIC, FOS and COSL must be put on notice to rectify this fraudulent scam before there are more conned borrowers effected and if fa
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ASIC silent on possible Macquarie whistleblower   ASIC deputy chair Peter Kell. 24 Feb 2014     http://www.financialobserver.com.au/articles/asic-silent-on-possible-macquarie-whistleblower By Kate Kachor  8  21     Related Articles: Macquarie rebuilding wealth division | Macquarie advisers caught out, wealth unit under review |     Senior members of the corporate regulator have refused to provide details about the possible existence of an informant within Macquarie Bank’s wealth management division. ASIC representatives, including chair Greg Medcraft and deputy chair Peter Kell, last week offered scant detail to a Senate committee in response to how issues within Macquarie Equities Limited (MEL) came to their attention.Macquarie’s banking and wealth division came under siege last year when MEL agreed to an enforceable undertaking (EU) with the regulator.The EU followed a nine-month ASIC investigation that uncovered a number of recurring compliance deficiencies “by and in the supervision of MEL’s advisers”.In response to a direct question on whether an informant tipped off ASIC about the “problems...
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  • doyla66
    doyla66 says #
    Well Denise I might be able to add a bit to your comment for red sports cars were in vogue when I last worked in the industry - th
  • Denise
    Denise says #
    Organza, Yep ASIC use the EU Method every time and pick up $1 million graft money for shoving everything under Medcraft's red car
  • doyla66
    doyla66 says #
    Wonder if Macquarie are one of the 2 major banks who "voluntarily confessed something to ASIC" mentioned on lateline business last
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If ever you needed proof of why these NCCP is unworkable its this:  Consumers are left at the end of dangling wrangling ropes between the Brokers, Bankers and Dumb ASIC.  Medcraft is in charge of this dog's breakfast and NO CONSUMER PROTECTION has taken place before, since or during the NCCP discussion and inception meetings.  Now one knows what they are supposed to be doing.  Buyers contemplating asking for a mortgage or refiannce: DON'T, as the RISKS will leave you utterly unprotected.   Read why the Broker Industry says so..............................and we agree:   "NO ONE KNOWS THAT THEY ARE DOING."  SO ITS BACK TO BUYER BEWARE................................DANGER AHEAD.  Whatever you do as a consumers never ever sign a Low Doc Mortgage High Risk, High Cost Loan...............................ITS A KILLER LOAN. Government given the hurry-up by MFAA by Calida Smylie | 20 Mar 2014   While the Treasury recently announced the government does not intend to proceed...
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ASIC runs a Literacy Program set up in 2007.  What a waste of money that has been and yes the usual ASIC gene-pool involved. Then VEDA ex Baycorp put out a report by ringing a number of people with credit cards to cross correlate whether they had been truthful in applying for a credit cards and they came up with the figure 2.7 million people did not understand credit and may have misled details for credit - well its a stretch at best.  All was to back up ASIC's mumbo jumbo to blame consumers to "fit" in with the marketing that "people are financially illiterate".  No you morons, ordinary Australians are being targeted by Banks to have multi credit cards thrust upon them.  VEDA said in defence of banks: well they cannot check details if they are not on credit system etc.....................you can see where this one was going but ASIC...
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  • Denise
    Denise says #
    Changes to Penalties? Its more of Medcraft's Muddle and mindblowing smoke screens: He wants parking ticket type fines increased.
  • doyla66
    doyla66 says #
    Well word spreads fast! Interview tonight on Lateline with Professor Getsmart and I nearly fell off the chair when Tiki said the
  • doyla66
    doyla66 says #
    Thanks, Organza. I think that's the best interview I've seen Greg Medcraft give. ASIC is having staff cuts due to reduced govt f
  • doyla66
    doyla66 says #
    People like Jon Denovan who have the benefit of both EDR/COSL experience and Law like to soften down the nasties of life - like Fr
  • doyla66
    doyla66 says #
    I find reading this post rather disturbing in the fact that it would not matter what documents were or were not provided the Lende
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Farmers across Australia have had a gut full of Bankers covering up, hiding documents, lying to customers and bank staff falsifying documentation.   All Banks should be forced to immediately produce TWO specific documents. If Banks are telling the truth then produce these documents to show you adhered to s25.1 (now 27.1) of the Australian Banker Code. You breached the Code?  Its a regulation.  You intentionally broke the Law?  THOUGHT SO.   Hand over these two documents to every one of your victims please.......................................... The SERVICEABILITY CALCULATOR The ICW   INCOME CALCULATIONS WORKSHEET This email address is being protected from spambots. You need JavaScript enabled to view it....
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  • doyla66
    doyla66 says #
    Another repeat of our scenario. Corrupt Nab you are so blatantly obvious. Your fraudulent tactics prevail everywhere in your sord
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Ghosts of the Past will come back to haunt you Mr Narev - thousands of them........................BANK ON IT!  This email address is being protected from spambots. You need JavaScript enabled to view it. Another disturbing account from an elderly couple whom have signed our petition :- The Com Bank took our home, the committed Unconscionable Lending & are sweeping it under the mat...they stitched us up for $70.000 on top of the home loan, knowing we were on a pension & couldn't pay $2000 pm on a $330.000 loan..Mr Ian Narev..CEO of Com Bank you have no conscience. You ignore all my faxes & emails...I'm treated disgustingly when I ring the Customer Service...my calls get terminated rudely....you promised us in writing $8000 for 6mths rent in advance after u took our home of 15yrs...you took our payout, long service money & our super...all went into trying to save our home & you still took it, now because I pay my whole pension in rent, we...
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  • doyla66
    doyla66 says #
    It's sad knowing this. Well, i would say having a full knowledge of your rights would be a complete weapon.
  • doyla66
    doyla66 says #
    Hi Peter and Anne, I was wondering if you have signed our petition. Please don't forget to add the reason why you are signing and
  • doyla66
    doyla66 says #
    Mr Narev and your co conspirators.................how do any of you sleep at night. Do you have a modicum of conscience amongst y
  • doyla66
    doyla66 says #
    Please excuse my expression but Ian Narev is a pig of a man judging from the cruel treatment of his costomers. i have heard many
  • doyla66
    doyla66 says #
    Ian Narev could not give two hoots about anyone thrown out into the street. All he cares about is how much money he can make swind
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Senator Destaryi is in no doubt we need a new Federal Bureau of Consumer Protection.  New South Wales Labor Senator Sam Dastyari has called for a new "corporate cop" to replace the Australian Securities and Investments Commission, which he says should have its policing role revoked and instead be stripped down to a corporate regulator, The Australian Financial Review reports. According to the newspaper, Senator Dastyari says ASIC's mixed performance over the years in detecting and preventing corporate crime had informed his call for a new "cop". "We read about case after case where ASIC has simply failed to act, for unreasonably long periods of time," he said."Crooks have been given plenty of time to milk investors, without penalty." If ever there was opinion swinging wildly in favour of weeding out ASIC and its EDR supporters, this is the time in our history. This from a Reader: If they're going to...
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  • doyla66
    doyla66 says #
    Fos is well aware fruad on my lafs, they have all my tax returns and copies of my loan application forms. Fos should send all susp
  • doyla66
    doyla66 says #
    They are all aware of what they are doing and have no idea what to do other than obey orders and soldier on keeping their fingers
  • doyla66
    doyla66 says #
    When we all write to the Senators and also give them the facts of each of our cases, the sheer number of us should convince even t
  • doyla66
    doyla66 says #
    Great to see that some senators are aware of bank fraud on laf's, I for one have kept senators up to date with what excuses FOS ha
  • doyla66
    doyla66 says #
    exactly... take off those rose coloured glasses now. welcome to the real world... our world battling the fraudulent Australian ba
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To catch a Fraudster you need to look no further than the Board room of the Major Four Banks and their 85% share of Low Doc FRAUD.   In reply to the article below:   No-one really takes anything ASIC, GADENS or the MFAA take seriously....brokers or borrowers..........................Peter KELL of ASIC believes a "crack down" is when BFCSA start throwing documents into Parliament.... Denovan and his crystal ball suggests  "number of mortgage fraud incidents drop".  Getting yer stories in sync guys? KELL was still saying "no systemic issues," and now changed to a "significant decline in fraud."  Well Mr Kell that's very comforting to the victims! Then Kell suggests: "In a majority of cases, these matters concern loan applications to ADIs which have been identified and reported by the industry."  Oh so only a few hundred thousand is not endemic?  For the uninformed ADI's means FOUR MAJOR BANKS have 85% ownership of...
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  • doyla66
    doyla66 says #
    If they're going to try to bury FRAUD like that they'd better get their stories in line. Apparently Jon Denovan had to reach for
  • doyla66
    doyla66 says #
    When you read these reports it's almost laughable, they will blame everyone but themselves. We are talking big money here and with
  • doyla66
    doyla66 says #
    As for fraudulent LAFS... I can (and FOS and RAMS) clearly see that in house fudging of my information was done after my signature
  • doyla66
    doyla66 says #
    So FOS is under the pump.... We knew this..... But so much that they have 2 administration positions advertised on seek......
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Does this mean that NAB will clean up the debris?  Pay out Compensation to everyone its hurt financially? OR are the NABBERSs planning to "cut and run."  clueless NAB says no impact for customers....................what about the financial destruction of people's lives this has caused? It means the fourth pillar of the banking world simply says its STAR product is "unpopular!"  YES BFCSA members have kept up the public pressure over products you Nabbers engineered, manufactured, promoted and profited from.  Yes NAB, you have been publicly exposed for selling a deliberately fraudulent loan system that kept you in BIG FAT BONUSES, whilst you kept your customers IN THE DARK like bleeding mushrooms!   So MR CAMERON CLYNE, in the recent Board Room Meetings I hope you have a very big COMPENSATION BUDGET put aside for the longer suffering NAB customers to benefit from.................................Oh and I believe Homeside ran similar products in the...
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  • doyla66
    doyla66 says #
    They'll just rename low doc loans to "NO LOANS REFUSED JUST LET US FILL IN THE INCOME FOR YOU LOANS".
  • doyla66
    doyla66 says #
    True or Easy Loans or Flexi Loans or Homesafe Loans or whatever their crafty marketing bods come up with. Dressing up a pig to loo
  • doyla66
    doyla66 says #
    I don't believe a word of what Nab are indicating. Come on Nab, this will not deter you from LOW DOC loans. What is the definiti
  • doyla66
    doyla66 says #
    I smell a brand re-badge of same foul product, Low Doc loans not popular any more so NAB pulled it??.. pull the other one NAB! Ke
  • doyla66
    doyla66 says #
    Finally an admission such loans are too hot for Mr. Cameron Clyne to handle! Wonder if NAB has done what banks have been doing in
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The fisherman caught out by the low-doc loan DateMarch 13, 2014 - 1:29PM 43 reading now Read later Su-Lin Tan and Michael West   inShare submit to reddit "I am in a desperate situation now": Graham Filmer has fielded four letters from the Commonwealth Bank, which is trying to repossess his home. Photo: Supplied Graham Filmer used to earn a living 30 kilometres off the coast of Corny Point in South Australia long-line fishing for sharks – mostly bronze whalers, gummies and schoolies – and catching snapper. It was a hard life. Things had been better years before when he still had a licence to catch rock lobsters. The deep sea fishing took its toll on Filmer, physically. Five years ago, he developed rheumatoid arthritis in both wrists. Now he can't even reel in a hand-line. The boat Graham Filmer was forced to sell. Photo: Supplied Around the same time he was inveigled into...
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  • doyla66
    doyla66 says #
    Do you know that the fraudsters will have the cheek to say by giving you all this extra money. "We were helping you" Thats a good
  • doyla66
    doyla66 says #
    Yes we know the broker is the agent, we get that bit ..but at the final hour the banks approved 100's of 1000's of dollars to peop
  • doyla66
    doyla66 says #
    Yes indeed it is still happening. My loans are 2011 and 2012 And I defaulted in 2013 And $40k run up on credit cars to stop the s
  • doyla66
    doyla66 says #
    The customer/borrower relies on the bank to do the right thing... what CBA is telling Graham is exactly what all the banks are tel
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As if our farmers don't have enough to deal with -a lady from Walgett signed and wrote- Because my family lost our homes and farms due to the NAB being able to seize our business and only assets in an unfair and unethical manner without being made accountable to any independent authority. Australian banks are destroying family farmers and small businesses allowing large corporations to take control. If Agribusiness lenders are going to lend to farmers in a drought they should not be allowed to then refuse to finance crops and apply penalty interest rates to ensure the farmers goes broke, if they are prepared to lend and take the farmers only asset they should not be allowed to leave the farmer homeless which is what the NAB did to my family. Goodbye family farmers, welcome to a culture of foreign backpackers with no commitment to Landcare or the community, this...
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  • doyla66
    doyla66 says #
    Deceitful Nab playing games with our lives. I live the nightmare nearly 12 months after we had been evicted. House sold in Novem
  • doyla66
    doyla66 says #
    Every single day so much evidence is coming out re what they have been up to, aided and abetted by one very toxic GM evil weasel w
  • doyla66
    doyla66 says #
    Great post - well said! We need more farmers to talk about what's being done to them and whether they ever get to see their lendi
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Transparency is where ASIC help consumers to do this.  
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  • doyla66
    doyla66 says #
    Agree! If there's nothing to hide and no misconduct by the Banks and Lenders, why do they need to carry on like this and withhold
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WHEN WILL ASIC CHARGE AND JAIL THE BANK ENGINEERS AT THE TOP of THE BANKING SECTOR?  The BIG BANK CARTEL BARONS Readers have had a gutful of the Big Bank Cover-UP on fraudulent mortgage loan approvals, created by BIG BANK Service Calculators and BIG dollops of predatory lending and deceit.  Now the Banks are set to demonise the victims all over again and give them BIG BLACK MARKS!!!!! This email address is being protected from spambots. You need JavaScript enabled to view it. From one reader:   I suspect ASIC are trying very hard to look good, look at us, look at our work, we have banned yet another person.  ASIC fail on all levels.  They are Masters of Failure. BUT........the real criminal here is Westpac! If I can see that, surely the good Senators and the government can see it....... Why was Westpac approving the loans with out verifying information?   BIG FAT PROFITS that's why - and yes FRAUD a key ingredient. It's...
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  • doyla66
    doyla66 says #
    because they think we are all STUPID because they think our POWER is not strong enough to make changes because they DONT want to F
  • doyla66
    doyla66 says #
    The US used an independent squad to investigate the sub prime lending and fraud over there, NOT INTERNALLY OF THE BANKS BY THE BAN
  • doyla66
    doyla66 says #
    ASIC must stop making up rules as they go. Unjust and unfair Criminals at their best...... This small group has the POWER to stop
  • doyla66
    doyla66 says #
    ASIC won't do anything to the Bank Bosses or their Cartel Mates. They, I mean ASIC Staff, get their pay and "Bonuses"from them and
  • doyla66
    doyla66 says #
    I agree
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ASIC claim the emails I gave to their executives are "merely marketing by banks."  Dear Reader, I invite you to be judge and jury.  I have over 2000 emails between various Bank BDMs and Middle Management to Broker Channel - all brokers all states in Australia. In February 2013 I travelled 400km round trip to deliver to ASIC Commissioner a PACK OF 200 emails.  I placed all of these documents into my storage files in PDF form. I then placed them on to this website for the world to READ.  ASIC had their crack team of five investigators pour over these documents, including the SERVICE CALCULATOR FORMS and ICW worksheets.  ASIC kept these documents for 4 months.  I then travelled same distance to ask ASIC to hand back my originals.  These are in a SEALED PACK.  I have not opened the PACK - its in a safe house - waiting for...
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  • doyla66
    doyla66 says #
    Just another tosser who is another greed driven narcissist like the rest of them that are playing the cover up game-you penguins w
  • doyla66
    doyla66 says #
    Does an application to rent or lease an office to get back to work (or a tent space or caravan or shed when our homes are illegall
  • doyla66
    doyla66 says #
    Perth radio: 6PR spoke with an ASIC senior credit guru this morning in relation to the new credit check point scoring legislation
  • doyla66
    doyla66 says #
    Talk about blankety blank! Check this out - Senator WILLIAMS: Was your appointment advertised or were you just appointed to the
  • doyla66
    doyla66 says #
    I wonder if Greg Medicraft thinks he has FOOLED the good Senators? I don't think so Greggy boy...... Bad boys go to jail...... Tel
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Is it any wonder COSL does not want to investigate cases if there is FRAUD?  The Big "F" Word that no regulator wants to deal with.  ASIC knew it was the Lender Serviceability Calculator that created the FRAUD internal to the Banking Cartel.  We have the evidence in spades.  ASIC know it's a giant bank fraud and say: "what do you want us to do?"  "We could have acted under the old laws and didn't?"  So a decade of lost homes but who cares? Have a look at their BOARD and understand why: http://www.cosl.com.au/about/cosl-board/  Supposed to be preserving the INDEPENDENCE when he himself is conflicted?   No wonder there has been NO COSL decisions favouring consumers re Mortgage LENDER Fraud.  COSL is looking after its member lenders very well indeed.  Scanlon would be looking after Perpets - huge volume of victims there.................................................. The Treasurer Mr Hockey said in 2010, "I would not...
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  • doyla66
    doyla66 says #
    Intelligence the thing that apparently separates the human race from every other species on this planet, we can build things desig
  • doyla66
    doyla66 says #
    Has anyone challenged COSL or FOS under the Trade Practices Act? Does it apply to them? They both enjoy monopoly within their juri
  • doyla66
    doyla66 says #
    It's been said many times but this is truly a "fox in charge of the hen house" situation. What totally appalls everyone is that t
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Mortgage arrears at lowest December level in four years By business reporter Michael Janda Updated Wed 5 Mar 2014, 11:02am AEDT Fitch says banks are having no trouble selling repossessed houses. (ABC News)   An analysis of mortgage securities shows the lowest proportion of people falling behind on repayments since 2009. Ratings agency Fitch does a quarterly study of Australian residential mortgage backed securities, called the Dinkum RMBS Index, and found that the rate of arrears in the December quarter 2013 was 1.21 per cent - the lowest year-end figure since 2009. The result was up 2 basis points on the previous quarter, but Fitch says there is typically a much bigger rise in December, as Christmas spending tends to put household finances into difficulty. Fitch says 30 and 60-day arrears were up very slightly on the September quarter, but 90+ day arrears eased very marginally by 1 basis point -...
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  • doyla66
    doyla66 says #
    Wonder why there is no mention of all that off-shore buying and all the house for cash sales going on behind our backs? Or that t
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You Can Bank on Another Crisis Written on 25 September 2013 by Vern Gowdie  MONEY MORNING The GFC brought into stark contrast just how vital the banking system is to the functioning of an economy. At the height of the GFC banks did not trust each other. And people did not trust the banks. Banks viewed each other with suspicion. Letters of credit were no longer accepted on face value. The shipping industry, which relies heavily on letters of credit, ground to a standstill. Customers lined up outside banks (some with suitcases) to withdraw their savings. Such was the demand for cash, the Reserve Bank of Australia came close to running out of physical notes. Modern commerce is a function of faith. When faith in the financial system is lost, chaos follows.  Banks are the Heart of the Financial System Money pumps in and money pumps out. The flow of money through the system is as vital to economic health...
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  Obligations under the MFAA Code of Practice What lenders must do Consider in good faith whether it is reasonably appropriate to vary the payment terms of a credit facility where a lender becomes aware of, or is advised by the borrower, that the borrower is or may be in financial difficulty. If it is appropriate, suggest that the borrower ask for a variation to the repayment terms. Consider in good faith and within reasonable time the borrower’s request to vary the payment terms. In assessing the request, act reasonably and not require the borrower to apply for early release of superannuation or borrow from family, friends or other third parties. If the lender decides not to vary the payment terms, promptly inform the borrower in writing of the reasons for the decision and the borrower’s right to complain to an ASIC-approved external dispute resolution scheme (EDR scheme).   WHY THEN...
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Yes Jon: remarkable that ASIC has taken NO action against culprit Major Banker engineers who invented toxic products such as LOW DOCs and now FULL Docs and that only 9 brokers when 100% of LAFs we have uncovered (ooo's) are fraudulent.  No mention of RISKS in borrowing against your home for "investment."   These UGLY and deceptive financial strategies are bank engineered, bank driven and no-one is telling the applicant of risks and the truth relating to FRAUDULENT ASSESSMENTS. No mention that 100% of Loan application forms have been tampered with after signing No mention of Risks of losing both homes - your own and the investment.............. No mention of being wiped out in FIVE YEARS on a 30 year loan - AS PLANNED FOR YOU BY Banksters No mention of income figures being fudged after signature obtained and without knowledge or consent No mention of service calculator manipulation INSIDE THE...
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  • doyla66
    doyla66 says #
    Straight from the horses mouth... CBA wants Mortgage Brokers to keep pumping up the volume.. if brokers can't write millions of do
  • doyla66
    doyla66 says #
    How come we can see the evidence of Bank Maladministration and FRAUD so can some lawyers some pollies and even some judges but all
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Readers know the difference between truth and spin.  Gadens looks after its own clients - the Banks. Jon is also on the COSL Board.  Nice one Jon. To catch a fraudster   07 March 2013 | Staff Reporter The number of incidences of mortgage fraud may be on the decline, but fraud remains a significant concern – both to the industry and to ASIC – as The Adviser discovers http://www.theadviser.com.au/features/cover-stories/8401-to-catch-a-fraudst-er FROM SOPHISTICATED, organised criminal activity to the seemingly ‘softer’ falsification of income by individual borrowers, fraud is a major concern for mortgage brokers and lenders alike. According to a recent study by Galaxy, as many as 2.7 million Australians have deliberately falsified details on their loan applications by either exaggerating or underestimating figures. But while 2.7 million borrowers may have admitted to falsifying their loan documents in one way or another, few make it through to settlement. According to Veda, there were just over 6,500...
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