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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 calls upon ASIC to BAN the Bank Service Calculator to end Sub Prime Lending

Posted by on in Consumers Fight Back
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ASIC could easily clear up the Australian Sub Prime Crisis with a very simple solution.  The Australian Securities and Investment Commission should immediately ban the use of internal service calculators.  Brokers tell us: "without the service calculator we would not know what income figures to place on the Loan Application Form after we obtain the signature."

The Loan Service Calculators for Brokers are set at 1.47x (for Net Service Ratio or NSR).  If set lower then the banks can "pump up the volume" as suggested in our emails from banks to brokers.  We now know the NSR is set at 1.3x for risk "assessment" for insurance companies for LMI products.  It is set at 1.1x for Bank assessors.  All three calculators ware identical to look at but gearing is different.

All ASIC has to do to save the next intended bank victim from financial ruin is to BAN THE SERVICE CALCULATOR.

The Brokers are then re-trained to allow the customer to fill in a Loan Application Form and send their own form into the bank with the Broker ID number. Only the true figure is permitted and tax returns and or pay slips must be attached and sent to the bank by POST by the customer.  Brokers are then instructed by ASIC NOT TO USE ANY SERVICE CALCULATOR to "calculate futuristic incomes" which is still going on up to two weeks ago that we are aware of.  Only TRUE INCOMES can be used when applying for a loan.

PLUS all new mortgage applicants for FULL DOCs, LOW DOCs and NO DOCs must immediately be given a  copy of anything they signed AT THE POINT OF SIGNING.  In addition all those who received loans in the past must be given a full copy o0f their file including the Loan Application Form, the Service Calculator Form and also the ICW (Income Calculator Worksheet - which usually shows standard monthly (False) income of $10,000 per month).

Beware of the Bankers and their Agents.

Please ring your local radio stations and start spreading the message.   This email address is being protected from spambots. You need JavaScript enabled to view it.


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  • doyla66
    doyla66 Monday, 10 June 2013

    It's still going on - banning LSC a simple step for ASIC & Peter Kell to take this week

    Totally agree, Denise. Simple solution to stopping major part of loan fraud.
    Incredible that lenders/credit providers are still using it - after everything that has happened. How irresponsible :(
    Wake up ASIC - how good are their staff with spreadsheets and calculators? Why couldn't ASIC work this out themselves?
    The Loan Service Calculator is ridiculous. Brokers and internal Bank lending and finance staff playing with numbers - creating hardship, misery, homelessness, fraud loans, valuable court time and personal injury for too many borrowers. Little or no consideration of the consequences of their actions as they adjust our financial facts to fit their business objectives: just get more loans on the book, more borrowers signed up. This is still going on ... if only all new borrowers realised the danger.
    How about it, ASIC? This week would be great thanks ... Peter Kell?

  • doyla66
    doyla66 Monday, 10 June 2013

    Mark Twain knew how 'the calculator' works:-"Get your (clients) facts first, then you (bank$ters) can distort them as you please."

  • doyla66
    doyla66 Monday, 10 June 2013

    and ASIC must seriously ensure that Lenders place every home loan borrower who should never have been approved for a loan in the first place (as banks did not verify anything - so it's the banks risk!) back in the position the borrower was in prior to being approved for the loan. .

    BFCSA members have PROOF of dodgy paperwork involved in the home loan approval process.

    Time for a change for the better. "figures don't lie, liars figure!"

  • doyla66
    doyla66 Monday, 10 June 2013

    I agree, Change - and it seems we must keep ASIC, lenders and EDRs on track to ensure they do this.

  • doyla66
    doyla66 Monday, 10 June 2013

    There was a very good process prior to this stupid 'Skippy' [sorry Skip - you were a fun program to watch as a child & I did love Skip the kangaroo . .{sigh} . . . but this is reality & the banksters have hijacked you . . . . ]. :)

    Pre-Skippy the Calculator, banksters had to adhere to the 5 C's of banking which meant the loan process was not conducted in fraudulent ways. How about . . . . I know . . . we could always return to honesty & ethics in banking rather than the dumb 'happy' marketing banks foist upon us these days.

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