GLOBAL SUB-PRIME CRISIS

BANKILEAKS

Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook
 

facebook3           facebook2 

BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

Visitors

Articles View Hits
741138

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

Lee Doyle

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.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

Australia’s sub prime mortgage scandal grows

Posted by on in BANKSTERS
  • Font size: Larger Smaller
  • Hits: 1571
  • 1 Comment
  • Print

Claims that Australia’s banking sector is conservative, safe and secure have taken a bath in recent days as evidence has emerged of Australia’s own sub-prime lending scandal.

In April, we learned via the Australian newspaper how Australia’s largest banks are being forced to forgive mortgage debts of borrowers granted loans based on falsified or fraudulent information supplied by mortgage brokers.

Then in June, the Australian followed-up with further reports (here and here) of Australian sub-prime lending, and the battle playing-out between unscrupulous lenders and borrowers.

Now the Senate Inquiry into the post-GFC banking sector has revealed several instances of banks providing home loans to people who can’t afford them, and doctoring the paperwork so the loans looked okay. As well as allegations of widespread boosting in loan approvals.

Perhaps the most shocking of the revelations are instances where the banks have been enticing elderly Australians into Ponzi-like mortgages that they had no way of repaying.

In response to the evidence of widespread improper lending practices and the subsequent regulatory inaction, National Party Senator, John Williams, is now calling for a Royal Commission into the banking sector, noting that “If only 10 per cent of what comes in to my office is true . . . we have a problem and we should have a royal commission”.

For now, Australia’s lenders appear reluctant to cooperate. With a Document Retention policy that would do the tobacco industry proud, lenders are refusing to provide low-doc borrowers with copies of their applications, while other lenders have told borrowers that such documents have been destroyed.

PLEASE NOTE: The government  also enable the banks to get the required LVR by granting the first home owner grants!!

Last modified on
Rate this blog entry:

Comments

  • doyla66
    doyla66 Friday, 12 October 2012

    The SUB-PRIME SCANDAL is now emerging in Australia. It has been covered up by Government & corrupt ASIC regulators for years! FOS have been paid off by the banks to hide complaints.

Leave your comment

Guest Saturday, 26 September 2020