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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: Brokers, Planners and Accountants have been set up by Australian Banks

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LEAVE THE INDUSTRY WHILST YOU STILL CAN:  Banks told Brokers "you are our joint partners."  Brokers and Planners were given an AGENCY ID number and also given PASSWORDS to be able to activate and use the actual Bank in house and secretive SERVICE CALCULATOR.  Brokers/Planners used the "ICW" the income calculator worksheet to have the Bank Computer nicknamed "Speedy" work out the NEW INCOME FIGURE for the clients.

Broker/Planners and Bank Managers and Officers (The Bunnies) would innocently go online to Bank Calculator Program and type in TRUE INCOME and Speedy would calculate a futuristic income (example $50,000 income becomes $180,000) and Brokers were asked to then write in their handwriting - the new futuristic income - one size fits all.  The document copy shows the words on the Bank Program screen as "DO NOT SHOW COPIES OF THIS TO BORROWER."

Borrowers had no access to Speedy - its not the same as the public online calculators.  No indeed!

What the Broker Agent /Officer did not know is that Credit Assessors ("CA") would then use gallons of whiteout under instructions from their Managers above, to white out the Speedy Bunny income figures and insert the new CA Income Figures (around an extra $20,000) to pump up the volume of debt even higher than figures applied for by the borrower.

The Credit Assessors did not know and neither did the above Managers - that the gearing had been altered by exec staffers:  1.1x for CA's and 1.47x for the Broker Agent /Officer.  The gearing was clearly marked on each document but no-one (much less ASIC) picked up on this giant fact.

The Broker Agent /Officer  Copy was then sent to the Approval department of each bank.  All Banks and Lenders used SKIPPY THE COMPUTER to approve the loans (see our CARTOON CORNER).  Its a scam?  ASIC is a joke?  Yes indeed right here in Australia.

No-one was regulating the Banking sector.  This is your Free Market conundrum.  Free to do what they pleased but relied upon that all of us Aussies would never do this to a mate: never steal a horse (we hang horse thieves) and never steal someone's home.

All loans were exactly 80% LVR and higher.  All borrowers earned exactly enough income according to Skippy the Computer reading the fudged figures from Speedy the Calculator

We are developing a CARTOON STRIP to make this easier for industry people to understand how they are being stitched up and could land up in jail unless they blow the whistle.

Then the Banks told the Broker Agent /Officer to SHRED THE ORIGINAL WET INK LAF 12 days after settlement.  Why?

If the Brokers/ Planners / Managers / Officers only have the "bank's copy" they cannot prove what they in fact wrote down on the LAF.  This is why the Banks are fighting back and being aided and abetted by ASIC: "the service calculators and ICW worksheets are internal documents and cannot be released."   The EDR's are all on song...... Everyone is against the Consumers and trying to prevent them from discovering the evidence and speaking out.  They are systemically being denied Justice.

The idea that the calculator printouts were internal, is false: The documents were ATTACHED to the LAF and faxed to the banks from their agent's offices and the LAF contained the signatures of the applicant,  therefore discoverable.  ASIC refuse to use their extensive powers to release those documents.

If the documents were released, the Brokers, Planners, Managers and Officers would see how they were set up in the first place by the Chief''s of the Banking and Lending world.  It appears we need an Inquiry into ASIC first to see why they refused to use any of their powers and discover these frauds and scams during the past 15 years.

Banks factored in that WHEN the scam unravelled, the Engineers would have collected their $20 million bonuses and retired.  Banks planned then to have ASIC blame the BROKER AGENTS, BANK OFFICERS AND PLANNERS.....

The problem for the regulator is this:  "How is it that only 3% of broker agents are described as "rogues?"  "How does that equate to 100% of victims have 100% exaggerated incomes?"  "Were 100% of Brokers, Planner, Bank Managers and Officers running this scam?" But the commissioned players did not know each other....so who developed the system?  Yes the true answer is the Bank Engineers. ASIC acknowledged that to be true when I posed those questions.....

My question: "did all brokers etc wake up one morning, have an epiphany, and develop the Speedy calculator system and hire the Skippy the Computer to fudge/grossly exaggerate incomes when they did not have access to Gaden's "database" of agents?"

The above is  a BLUEPRINT of the greatest fraud this country has ever experienced.  Indeed it is correctly identified as the Crime of the Century.

ASIC needs to be held to account immediately for their part in the cover-up AND we also need a Royal Commission into our Banking System which is long overdue!

Fortuitously, IT IS FRAUD AND SCAM WEEK - perhaps someone will take a Bo-Peep.

 

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Guest Friday, 29 May 2020