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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: Profiting a Fraud Prime Minister? RBA explains benefit & risk to Noteholders

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So does the email below mean the Government will not only profit from THE LAF FRAUD, it will act against any defaultees?

Charming!!!

One of our Members wrote to RBA and asked:

Please could you tell me if Banks retain rights, legal or other once they Securitize Mortgages?

The Reserve Bank of Africa just sent confirmation that Banks DO NOT, if this is different here

please explain as you are the BOSS if you like with the knowledge to answer.

Thank you

 

From: This email address is being protected from spambots. You need JavaScript enabled to view it.
To: BFCSA Member

Subject: RE: The Secretary Reserve Bank of Australia [SEC=UNCLASSIFIED]
Date: Thu, 11 Oct 2012 05:09:23 +0000

Dear Mr Bank Fraud Victim,

 Thank you for your email. 

Australian banks generally do not retain any rights to mortgages (or any other asset) once they are securitised. All the rights and benefits of the asset pass to the note holders of the securitisation special purpose vehicle. Under Australia’s prudential framework, banks must pass on in full the risks and benefits of an asset in order to ensure that they are no longer required to hold regulatory capital against the asset (known as the ‘clean sale’ test).

 

Regards

 

Chris Collins | Manager | Media & Public Relations Office  
RESERVE BANK OF AUSTRALIA | 65 Martin Place, Sydney NSW 2000
p: +61 2 9551 9830 | f: +61 2 9551 8033 | w: http://www.rba.gov.au/

 Thank you Mr Collins, much appreciated….  Dear Australian Treasurer Wayne Swan…………………..

 This email address is being protected from spambots. You need JavaScript enabled to view it.

Please write to Mr Swan, if you are affected by the Australian Mortgage Scandal and ask the obvious question……We taxpayers are the noteholders (unwittingly) of the $12 Billion worth of RMBS loans and committed to a maximum purchase of $25 Biliion via agreement thanks to your approval.

Does this mean you the Government have to repossess MY HOME in order to pay back the funds you agreed to pay to the Banksters for dud asset-loans TO ME the Taxpayer?

Is this for real?  Nice one Wayne!!!  Who was protecting whose ass and why?

 

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Comments

  • doyla66
    doyla66 Thursday, 06 December 2012

    How do we know? Treasury has not written a response back to me to confirm whether our mortgage is securitized or not. Are we noteholders ?

  • doyla66
    doyla66 Friday, 07 December 2012

    I have the same question. All i'm asking for is a straight forward answer. HAS OUR MORTGAGE BEEN SECURITISED? -SIMPLE QUESTION. WHY HAS THERE BEEN NO REPLIES TO OUR HUNDREDS Of LETTERS Doc Martin Parkinson???
    SILENCE ADMITS GUILT - SILENCE ADMITS GUILT - SILENCE ADMITS GUILT!!!

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