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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: ASIC permitted Banks to Bleed Borrowers dry....sustained neglect over 15 year Bankster Plan

Posted by on in ROYAL COMMISSION URGENT
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ASIC cracks down on mortgage brokers NOT BANKS who approve loans....what is going on?

Posted Thu 23 Jan 2014

The ABC reported "ASIC cracks down on Mortgage Brokers."

"The corporate regulator is cracking down on fraud in the mortgage broking industry. The Australian Securities and Investments Commission says investigations into at least 20 brokers are underway. Mortgage brokers shop around for the best deals, usually for no charge, because they're paid a commission by the lender. But ASIC has accused some of falsifying loan applications."

 READ THE TRANSCRIPT:  be prepared for nausea!  

http://www.abc.net.au/news/2014-01-23/asic-cracks-down-on-mortgage-brokers/5215098

Yes embarrassingly for our Nation, ASIC is cracking down on Brokers BUT NO BANKS who approve the dirty loans.  Brokers are not qualified, nor licensed to approve loans.  Dirty Lending Policy starts with approvals of unaffordable mortgage loans to older Australians.  ASIC have given GREEN LIGHT to Banksters to continue with glee.....and immunity from charges being laid.

Borrowers are the victims and ASIC assisted in this diabolical plot.  Bring on the Royal Commission into the Banks.

Peter Kell says investors are becoming increasingly attracted to the property market, so that's increased the risk for fraudulent behaviour.  No Peter, these people were spruiked.  

 

You only found 7 dodgy LAFs Peter?  Try 100% of 800 we have seen in past two years, and 1000 more from previous years.

PHIL NAYLOR: Well, I think the image of the industry is very high because of the number of consumers that choose willingly .......NO Phil you and Peter KNOW that ARIPs were targeted by Banks.  BDM bank officers instructed Brokers to spruik ARIPs - those on low income but owned own home, no mortgage and had a pulse (banker insiders joke).

Peter Kell and Philip Naylor have been Mates using the same spin for years.  Naylor’s members include the Non Bank Lenders which COSL assists to protect the Lenders.  We have the emails from Banks to Brokers chaps……telling them who to target.

One in Five (mainly older) Australians in a right danger of losing their homes with Bankster driven EQUITY LOANS captured with Low Docs.

But Pete, how do you and your colleagues explain that 36% of all toxic loans we have uncovered were written by Bank Managers, no broker involved, and Banks are now Busy Little Bees shredding documentation - evidence - with your blessing?   Can someone please have a professional look at this problem?

 

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Comments

  • doyla66
    doyla66 Wednesday, 05 February 2014

    Look at the settlement with Doyle case 2013 - ASIC made a deal with BOQ and Senrac (BOQ North Ward Townsville branch owner and operators) with no prosecution. Case involved unconsciousable lending and breaking banking law practices.. No one banned there!!

  • doyla66
    doyla66 Wednesday, 05 February 2014

    Only a small breakthrough never the less a breakthrough

    ANZ was today unsuccessful in the courtroom trying to stop charges laid against them of inflated fees and charges (dishonour and late fees) and has been made by judgement to pay back the victims of its gouging.
    Not a huge win for the little guys however still a win and it reflected in the share prices with Banks yet again falling just wait and see how many share holders stay on board when the real sh$t starts to hit the fan.

  • doyla66
    doyla66 Wednesday, 05 February 2014

    Not Systemic

    Where was ASIC when they banks were charging exorbitant penalty fees , hard to argue that with over 140,000 in one bank affected that the practice was not systemic-- even Kell will struggle to lie his way out of this if asked at the inquiry why Asic DIDNT ACT

  • doyla66
    doyla66 Wednesday, 05 February 2014

    `NOT TOO MANY

    Not too many brokers in the Credit Cards fees rort --= who is ASIC going to blame -- surely not the banks

  • doyla66
    doyla66 Wednesday, 05 February 2014

    Today's million dollar question Tom - surely not themselves!

  • doyla66
    doyla66 Wednesday, 05 February 2014

    Maybe Maurice Blackburn might want to take on a class action for all the victims of loan application fraud. Let's hope one small victory against ANZ is just the start on the road to many victories against all the corrupt banksters.

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