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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: Billion dollar Question: Have you got a Home loan Mortgage? Do you have copy of your LAF?

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My own GP and staff will be asking their bank on Monday - "Where is my copy of my LOAN APPLICATION FORM ("LAF") its only 11 pages and we are entitled top a copy as it contains our signature?"  

Whether FULL DOC or NO DOC dummy loans dressed up as LOW DOCS........ no-one has copies...................

Ask teachers at the local school:  "Have you got a mortgage and if so were you given a copy of the LAF when you signed?  No?  Then ring up and ask for a copy.  Be prepared for a shock."

Ask your local garage mechanic..................your colleagues..............your grandchildren's swimming coach......................neighbours.............your dentist, have their children got mortgages?  Ask: Do you have a friend with a mortgage?

They will all say:  Thanks for the TIP.  No-one has a copy of the LAF in their files........................

2014 will be the year of everyone demanding a copy...........................so start becoming very busy BFC'er.

If the banks have nothing to hide, the requests should be simple and all loans are clean....................................

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  • doyla66
    doyla66 Saturday, 04 January 2014

    Maybe we could all do up flyers and do letterbox drops - leave bundles in service stations - gyms - hand out in parks when walking the dog – anywhere one can think of. From all I have been learning nobody has a copy and all mortgages are illegal but people do not find out until they get into trouble (as we all well know) and then they have it all covered thanks to ASIC (see below) and the Evidence ACT 1977 - Section 85 which means trying to prove in Court the definition of impossible. Lenders are licensed but not so SPV's which is where they all end up - what is sold is not a mortgage but our signature promising to pay interest on nothing! Wonder how many Politicians have a mortgage? Maybe we should start by asking them!

    IR 05-01 ASIC issues licensing relief for securitisation special purpose vehicles

    Tuesday 11 January 2005


    The Australian Securities and Investments Commission (ASIC) today announced a conditional exemption for securitisation special purpose companies and trustees from the requirement to obtain an Australian financial services (AFS) licence.

    The exemption applies to dealing in and providing custodial services in relation to financial products as part of securitisation transactions.

    ‘The relief from the licensing provisions is based on our understanding that, where securitisation entities are established for the limited purpose of securitising a particular sponsor’s assets, it would be disproportionately burdensome to require them to hold an AFS licence’, ASIC Director of Regulatory Policy, Mr Mark Adams, said.

    The relief was issued after consultation with participants in the securitisation industry, industry groups and the Australian Prudential Regulatory Authority (APRA). This included the issue of a public Consultation Paper in August 2004.

    ‘In framing the requirements for AFS licensing relief, we have sought to accommodate those participants in the securitisation industry, taking into account the prudential standards imposed by APRA. The market integrity objectives of the Corporations Act are achieved under this exemption where the special purpose securitisation entity only deals in financial products, either on the advice of an AFS licensee or under the supervision of an AFS licensee,’ Mr Adams said.

    Class Order [CO 04/1526]: Securitisation special purpose vehicles has been issued to give the relief announced today, effective from 1 July 2005. To ensure that there is adequate time for industry to comply with the AFS licensing requirements of the Corporations Act or ASIC’s exemption under [CO 04/1526], ASIC has provided a further transitional period until 30 June 2005. ASIC has extended the interim relief under Class Order [CO 03/1098] Securitisation special purpose vehicles and securitisation managers.

    ASIC has also issued amendments to Policy Statement 167 Licensing: Discretionary powers and transition [PS 167], reflecting the ongoing relief for special purpose securitisation entities. These amendments will also be included in an updated version of PS 167, likely to be issued early in 2005.

    A copy of [CO 04/1526] and [CO 03/1098] is available on ASIC's website at www.asic.gov.au, or by calling ASIC’s Infoline on 1300 300 630. A copy of the amendments to [PS 167] are available from www.asic.gov.au/fsrrelief.

    End of release

  • doyla66
    doyla66 Saturday, 04 January 2014

    Gfs246

    For the last three weeks I have put flyers in letterboxes, car windscreens, train stations , anywhere I walk. It has been so uplifting for my spirits, it has made feel good to know I am telling people Why they are struggling. Do it, if we all do it, we will only get bigger and bigger and take the bankers down.
    omg......... We are not alone........ I can't stop reading all the subs to the senate........
    Bring on the royal commission in 2014.......
    Look out all you corrupt buggers.

  • doyla66
    doyla66 Sunday, 05 January 2014

    Just reporting in to say have had 2 calls from friends who last week did as I urged and requested their LAF from their lender. Response to one was as expected from the usual script, to the other (over a social lunch with their personal Bank Manager) the question made the Bank Manager almost choke before making a hasty exit. Both now highly suspicious re the legality of their mortgages. Now wondering if the same might be true of credit cards which I believe are also bundled up and sent around the world in 90 days minus our knowledge!

  • Denise
    Denise Sunday, 05 January 2014

    Organza - tell them to join us and we will send them explicit instructions [email protected]

  • doyla66
    doyla66 Sunday, 05 January 2014

    Yep the Credit card scam of the Lenders in our case Nab is alive and kicking. Nab kept upping the available credit until it was out of control. It was being used to prop up our loans. rah rah rah. etc. When the Broker put in a shonky business plan the credit card debt was ignored by Nab as though it did not exist. Within 2 months of the loan approval the Nab onsold the Credit card debt to ACM. ACM would have to be the most ferral debt collectors in existence. They hounded and hounded offering discounts to pay off the complete amount. Never an offer of paying it off just the complete amount. One week before Christmas I received a phone call from the monsters telling me that a Warrant had been issued for my arrest over the debt. Say no more. Good on you Nab gangsters you created this mess, you provided the fraudulent loan, you paid the fat commissions for the shonky Broker, your assessor met his targets and trapped us into something that was going to explode within a couple of years. Nice touch Nab we are now homeless and still have ongoing issues with Nab.

  • Denise
    Denise Sunday, 05 January 2014

    WE are on to something once again: this from Broker News:
    "I guess [banks] are less of a target because [ASIC] assume there is internal checking." That statement alone sums up the problem most succinctly. Pt 6 from 'Take Away Message' "ASIC’s charter is to protect the consumer" - what the !! ASIC most certainly do NOT protect the private consumer however, they do protect the commercial & corporate consumers in a very big way! After, they let them do the work first & 'discover' the "red flags" . . . 'Anonymous' quotes from the banking employee? Seriously?

  • Denise
    Denise Sunday, 05 January 2014

    My Comment: Hopefully the Police will go after the Lender internal staff who approved the loans. Its takes two to tango. Some bad lending practices must have occurred for the mortgages to be approved.
    Broker News reader:

    What a ratbag! I only have sympathy for the victims many I imagine are now financially ruined by these callous and selfish acts

  • Denise
    Denise Sunday, 05 January 2014

    A little known secret.............All Major Banks were flogging credit cards and several bank staff members of FSU complained to their CEO of harassment that they were forced to push the credit cards so the cards would be used to pay extra rate hike at end of hidden and sneaky 12 month honeymoon clause on mortgage contract. This major bankster initiative ensured even more debt for customer and more greedy fees for over bloated banks. It was a callous trick. Many BFCSA Members have told me....we did not want another credit card but the bank insisted we had to have one but we did not have to use it................................ASIC merely shrugged the matter off and called it marketing! We call it PREDATORY LENDING TECHNIQUES and that is against the law. Victims were then given a mortgage rate almost as high as the card rate - up to 14%, meaning the mortgage became impossible to maintain and predictably forced to use the cards to buy food. Banksters are continually being protected by ASIC and APRA. But that is precisely why we have an Inquiry into ASIC coming up shortly! [email protected]

  • doyla66
    doyla66 Monday, 06 January 2014

    When my house was proving so difficult to sell I went in to talk to my Bank Manager for funds were then running low and despite trying desperately was discovering too old and skills too rusty to find a job. Spoke again to my Bank Manager who told me to apply with a different bank and switch the cr. card to free up some cash and to do on-line for all banks were doing it. So I went on-line to find one had to provide proof of 3 months of salary earnings or proof of earnings of $75k pa via a business so gave that idea the flick for could do neither. To have a platinum card I recall was a condition of loan approval but I already had one and never gave it further thought but I do now recall the broker tried to sell me bldg. ins. which I said no to for I already had one I was very happy with. Guess the same thing happens with ins. Policies and they also take off somewhere into orbit!

  • doyla66
    doyla66 Monday, 06 January 2014

    and what about being tricked into thinking you can TRANSFER ALL debt from old credit card to new one at reduced rate for limited time.. This is bollocks.. because instead of having the intention of cutting up the old card I now have two credit cards!

    My application for balance transfer to new credit card was done on line easily enough and I was expecting to be able to transfer all to the new credit card. Congrats, approval comes back... however only 3/4 of existing credit card debt to be transferred , so now I am stuck with 2 cards.. both have high limits (over $10K)

    This is not what I was led to believe by all those "money gurus" on Current affair shows etc telling us to transfer all our credit card debt to a lower rate card. I tried to do this. I was Expecting to have all debt taken over by other card and I was ready to cut up old card at the higher interest rate. So finance gurus, tell the truth. It has been my experience that Credit cards are not wholly transferred over..

    Now I totally understand how people end up with so many cards.. so easily... Trapped in the debt cycle.. paying minimum payments robbing "peter to pay paul".

  • doyla66
    doyla66 Tuesday, 07 January 2014

    Once I did have 2 – one with ANZ and one with Colonial – Colonial stolen with my wallet and somebody went on a fast spending spree with 5 transactions done before I had time to cancel it within an hour of it being stolen. Ended up a fraud case with Colonial with card suspended until resolved which took ages and then a new pin no. arrived but no card followed so that got cancelled and all was repeated twice more before told this time the card would be sent to a branch for collection. Yet when I went to collect guess what – no card and all this time they kept sending statements and charging interest. I then took it up with the Banking Ombudsman yet right in the midst of my case Colonial was taken over my CBA. Next I get a CBA pin notice and a CBA card in the mail and had to start all over again – new case new case manager different bank. In the end I gave up and agreed to pay half the interest to CBA then paid out the balance and cut up the card. 2 years later I tried to buy a new mobile on a plan but was refused in 2 different stores which puzzled me so I did some snooping to find CBA had put the case up on a credit alert site and not removed it when settled. Then found out once there you are for 5 years and the only way to be taken off sooner is for whoever put you there to remove so had to spend another 6 weeks sorting that out with CBA before done. That experience and learning how useless regulators are which is now even worse than then and how they have treated members who have already lodged cases is making me balk at the very thought of now lodging a complaint with FOS having not received any response to 2 letters sent to the CEO of ANZ but I will! Took out all the angst in my submission supplement which I finally sent off yesterday but today being a bit more relaxed now that is out of the way am thinking I might have gone way over the top and it probably will be rejected but we shall see!

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