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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: Bankers left with $40 million in bonuses. Sub Prime Victims left homeless. What a Banker driven shambles. Where's the Fairness Joe Hockey? Poor People you created?

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The Investors Club/Property Club embroiled in emerging Australian Subprime Crisis

Written by admin on August 12, 2014 – 10:23 pm

http://www.whocrashedtheeconomy.com.au/blog/category/australian-economy/

The Australian has today reported on an emerging wave of subprime repossessions in Australia as times start to get tough.

On Saturday, we reported how Australia has one of the largest property bubbles in the world, significantly larger than theUSA subprime bubble. While evidence is emerging, our politicians are very much behind the bubble, you have to ask yourself, can Australia have such a large property bubble with prudent lending standards?

“We have been in denial for years as a nation that we don’t have a subprime problem, but we do,” Ms Brailey, President of the Banking and Finance Consumers Support Association said.

The Australian reports on a Perth disability pensioner who was enticed to take out a $370,000 investment loan with a mortgage broker five years ago. After last year halting her payments, the loan has ballooned out to more than $1 million. Now the subprime lender has launched Supreme Court action to recover the property and the $1 million debt owing.

At 8:30am, ABC radio in Brisbane started a talkback show on Australia’s subprime mortgage crisis. The segment discussed how it is our major banks, who are writing[falsifying] most of these loans. As times start to get tough and the property market turns, people defaulting on their subprime loans has surged to three times normal levels. You can listen to the 15 minute segment, here.

And Tonight, the ABC’s 7:30 report has reported on alleged loan fraud by The Investor’s Club, now known as the Property Club. Mr McNally and Ms Mathews were enticed into buying four properties through the “free” club, and are now struggling to keep the family home after being forced to sell their business. They are suing The Investor’s Club after it was found the club’s broker has allegedly falsified loan application forms, grossly overstating income and providing loans they could not service.

The ABC said there are now four other TIC investors who have evidence of falsified loan application forms suggesting the practice is wide spread within the club. No doubt, many others could emerge tonight after the story has gone to air. Other TIC investors have also lost significant portions of their wealth investing in TIC properties such as Kirribilli Heights and now feel The Investors Club has mislead them. The ABC claims some properties have dramatically lost value and the projections of rental incomes have not been achieved.

» Pensioner represents tip of $100bn sub-prime iceberg: advocate – The Australian, 12th August 2014.

» Australia’s subprime mortgage crisis – The ABC, 12th August 2014.

» The Investors Club, renamed as Property Club, sued by couple claiming they were misled into taking out $1 million in loans – The ABC, 12th August 2014.


Posted in Australian economyAustralian Housing | 28 Comments »

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Comments

  • PreySOS
    PreySOS Tuesday, 19 August 2014

    Low Doc Scandal is a bank engineered deceiving system to fail our nation while lenders are unlawfully enriched and victims become homeless

    Low Doc Scandal is engineered deceiving system to fail our nation while lenders are unlawfully enriched and victims become homeless

    Reply Cancel
  • setup
    setup Tuesday, 19 August 2014

    Low docs were initially designed for the selfemployed but now they are being misused causing major and permanant financial damage to hardworking people.

  • brett@sctelco.net.au
    [email protected] Wednesday, 20 August 2014

    Deception and misinformation, these people are unconscionable

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