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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.

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BFCSA: AustGovt freezes tainted RMBS purchases; keeps fraud derived profits

Posted by on in Australian Office of Financial Management
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Treasurer says; it's Aust Office of Financial Management (AOFM) will not be making any new (immoral) investments in residential mortgage-backed securities (RMBS).

Denise, govt must have heeded your revelations to Senators in Parliament 8th Aug, 2012 raising endemic abusive mortgage fraud; issued directive in Aug, 2012 to stop buying-up banker-engineered-loan-fraud. You are right when you told the Senators: "Government cannot, ought not to profit from a fraud."

Maintaining semblance of sovereign integrity govt says,"it will not entertain (RMBS) sales that undermine improvements seen in market", lest racketeering compounded were AOFM seen 'off-loading' $15.5b of known fraud-infected-mortgage-pools.

Remarkably, 'captured' ASIC lay comatose, electing to turn-a-blind-eye to rampant unjust repossessions; tell consumers "find a lawyer", enabling the govt's partners-in-crime, bank CEO's - unjustly paid as 'mortgage managers - $100m golden-parachutes to revel in 6*retirement, obtained mercilessly pursuing 1,000's of unlawful foreclosures thru immoral lawyers Gadens, against hapless indigent home-owners, unwittingly snared in a diabolical mortgage-trap designed by narcissistic sociopaths your local vet should "put-down" inhumanely asap.

Of course, consumers don't even rate a mention pertaining to the AOFM dodgy "purported improvements in the marketplace" touched on by the then treasurer Wayne Swan -- close mate of ASIC chairman, Greg Medcraft, a journeyman banker, to divert attention away from the AOFM's direct role in compounding an endemic abusive mortgage fraud culture.

Apparently, without fanfare, ASIC covertly ignored it's clear mandate and inexplicably 'decriminalised' systemic predatory lending abuses-- notwithstanding consumers' statutory rights it purports to uphold, such deliberate inaction facilitates 'control-fraud' -- refer to 'lending without oversight' -- in which the person (banker CEO/corp' board) controlling a seemingly legitimate entity, uses it as a 'weapon' to defraud the consumer -- and is such a powerful acid to erode trust -- trust which is vital to an effective economy;.William K. Black. Assoc.Professor At law; white-collar criminologist says... 

"fraud's defining element is deceit. The fraudster gets the victim to trust him and then betrays that trust." 

The reason 'control-fraud' exists is that the lack of law enforcement by ASIC in Australia produces a "Gresham's" dynamic in which cheaters gain a competitive advantage which makes markets perverse and drives good ethics from the marketplace. ASIC's lack of cracking down on such bankster rampant practices, therefore, is clearly anti-consumer..."Regulatory cops on the beat are essential to the success of honest businesses."

Markets were never intended to be anarchic: It has always been government's role to police standards, weights and measures, and records, and not condone sleight of hand in the shadows of ASIC 'decriminalising' an endemic abusive mortgage fraud culture manifest in the Australian economy. 

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The govt knew -- in fact it had always known -- that the AOFM RMBS "investment" program was nothing more than a taxpayer funded & endorsed giant sham, in turn, propping-up a giant home grown housing loan ponzi scheme, and was at risk of being found out, publicly exposed with dirty underwear et al when the GFC struck Australia in August, 2008, which also coincided with this innovative govt initiative by launching head first into a Govt' AOFM $20 billion 'wet-dream' of an investment program--- to purchase "fraud" (products) and consequently by participating directly, TURNING-A-PROFIT FROM FRAUD, at the expense of the average Australian home loan borrower...... How sick is that?


Find AOFM's web-link below and-- see for yourself proof of govt knowing it was trading & profiting from financial market 'engineered-fraud' products, but now so reluctant to "on-sell", using ulterior excuses to cover-up it's real reason for freezing a very large toxic waste dump of fraud-laced-junk-loans destined to turn sour within 5 years if not sooner... GFC Australia is happening before your very eyes, believe it or not, you will feel it....

"Indeed, the involvement of the AOFM has been limited in RMBS transactions recently, with the last investment having been made in August 2012, being a small $17.5 million."

On Westpac's numbers, the AOFM has supported 67 transactions, investing just shy of $15.5bn. The biggest beneficiaries of its program to date have been Members' Equity Bank ($2.1bn invested across 9 separate transactions); Queensland based non-bank mortgage originator, RESIMAC ($1.5bn invested via 7 deals); Firstmac ($1,64bn, 7 transactions); and Bendigo and Adelaide Bank ($1.9bn, 6 issues).

http://www.australianbankingfinance.com/banking/aofm-s-rmbs-investment-program-halted/

 

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  • doyla66
    doyla66 Monday, 26 August 2013

    This is yours, mine and ours.......thanks to our friendly ASIC and their Bankster Mates. When this reaches the light of day I wonder what the response will be with our new government. Let's hope the Senators force the Government to finally act in the citizens best interests instead of the criminal Banks and their staff that need some long prison time to rethink their position.

  • doyla66
    doyla66 Sunday, 15 September 2013

    This will probably disappear from public discussion in the new parliament. Such is the nature of politics. The former government won't mention it because they did it - unless they're totally thick? Same for the new government - they let them get away with it!
    Egg on face both sides.
    It will take a brave, secure, incorruptible independent to ask a question like that. And being Australian politics the government will buy his/her silence somehow.
    Bottom line it's up to each one of us to get discussion going on social media and MSM if we can. Investors are in the dark, from what I've seen, and still think this went on in the US with their CDOs. Financial planners want to pick a fight and can be quite aggressive on social media. Sometimes it's better to leave them to their own ideas, having sown the seeds of doubt. Just keep bringing it up over and over any way you can. Eventually our turn will come, the more the better, the sooner the better :)
    How good will it be to be able to say to ASIC and the Banksters, after all we've been through: Gotcha! :D:D:D

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