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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: Commonwealth Bank of Australia ripped off BANKWEST customers by skewed LVRs

Posted by on in ROYAL COMMISSION URGENT
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The Australian Securities & Investment Commission ("ASIC") are virtually sitting on POWERS to protect the public.  They were given over $40 million to run cases in the public interest and that may have been an annual hand-out...............Whatever ASIC spent this money on it was NOT in the Public Interest but spent on continually replacing decent staff that desert the sinking ship "SS Corrupted ASIC" in large numbers.  Former staff are sick to the back teeth of Government's that do not respond to the obvious corruption of ASIC by Banksters.  ASIC is being paid $400 million a year to protect Banksters and in turn, neglect consumer complaints of losing homes and business.  I have no problem in naming CBA as one of the worst offenders according to my records.

CBA are also bullyng customers into signing Privacy Statements to receive the Loan Applications Forms that they were legally entitled to receive as a compliance issues under Contract Law, at the point of signing.  Across Australia CBA made sure NO-ONE received a copy.  Last week CBA told one customer: "we cannot find the document you ask for."  

My first thought was: "Nice Try Mate!"  My answer to Mr Ian Narev CBA: " If you are unable to find this vital document that we assume CBA relied upon to approve this imprudent loan, then you are admitting to sloppy filing arrangements.  More importantly you are therefore saying you have no evidence that this was a clean loan in the first place.  Does the very fact that the document was not produced at signing as a requirement in law, and now is missing that there was no document signed and yet the loan was approved and money settled in breach of any prudent lending guidelines you may have thought were in place at the time."

BFCSA Members (some are Bankwest victims of the now infamous CBA purchase of Bankwest and CBA dirty dealings) are all fed up with ASIC's nonsense and Government neglect to this serious issue.  We cannot trust ASIC to run a case as they are truly incompetent and/or corrupted.....depends upon which individual is asked to take on the case.   

Dear Prime Minister Rudd:  "Consumers of banking and finance products urgently need a Royal Commission into the Banks and ASIC as a matter of urgency.   Failure to call for a Royal Commission will never truly be able to see how a corporate/banking regulator become so hopelessly corrupted by the banking system since de-regulation.  Please read my 12 page briefing to you, on this very issue dated 24 December 2009.  Burying this issue in a parliamentary cabinet will not solve the problem."

The CBA have also admitted in recent material it has misled consumers.  The Low Doc Full Doc Scandal is another reason for an urgently needed Royal Commission.  CBA was using dirty banking methods at every turn and the collective evidence of such statements of fact have been painstakingly gathered together by members of BFCSA.  We are in fact the nation's Peak Consumer Body and we command respect amongst our peers: consumers of banking and financial products and services.   This email address is being protected from spambots. You need JavaScript enabled to view it.

CBA should be probed over Bankwest: former ASIC lawyer

2 hours ago  AFR

The Australian Securities and Investments Commission (ASIC) is being urged by one of its former senior lawyers to launch an inquiry into the conduct of Commonwealth Bank of Australia (CBA) after its deal to acquire Bankwest, according to The Australian Financial Review.

Gary Donovan, a former senior enforcement lawyer with ASIC, said the corporate regulator should resolve the question from customers angry about the sudden foreclosure of their loans.

CBA bought Bankwest for $2.1 billion in 2008 when Bankwest was on the brink of collapse. However, former Bankwest customers have been fighting CBA, alleging that CBA acted unreasonably in foreclosing on loans.

“You need to do an investigation,” he told the AFR.

“When the Commonwealth took over Bankwest in the crisis, you would expect, and it was known, that Bankwest had a more liberal lending policy than Commonwealth.

“Hence, you would expect as part of a normal due diligence process that they would cast their ruler over the loan portfolio and identify loans that would not normally meet the Commonwealth group's lending criteria.

 

“What appeared to me from some of the Bankwest cases went beyond that, and some of the things alleged to be done, such as asking for valuations without considering development approvals to trigger loan to valuation ratio breaches, seemed unreasonable.”

To read the rest of this article - the Australian Financial Review

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Comments

  • doyla66
    doyla66 Wednesday, 10 July 2013

    Nab cannot produce the LAF's. "after extensively searching, neith hard copy nor electronic files could be located" Isn't that a joke. Nab spent weeks looking for something that never existed. The Broker never completed a file, the Nab acted without a LAF from the broker. The bank had no authorisation to even commence a loan app. FOS completely missed this vital fact. If I wasn't so devastated by this whole scenario OF LOSING OUR HOME I would have a good laugh "NAB YOU ARE A LAUGHING STOCK" Looks like CBA are just as guilty of fraud as Nab. I would think the banksters all have plenty of dirty little secrets they are still hiding or shredding or deleting or LOSING.

  • doyla66
    doyla66 Wednesday, 10 July 2013

    I agree, NABbed Nanna. How did they establish the loan without paperwork? Is there no contract? No wet ink proof by NAB?
    Tell them to look on the microfische records for their loan book and/or their back up computer tapes. This is a relatively current loan.
    Where is the bank manager who started this whole fiasco? The broker? Other NAB personnel named on any documentation?
    No excuses.
    If the judiciary let NAB get away with "losing" legal documents other Banks will do the same.
    Why don't the judiciary adjourn the cases like this until the Bank involved "finds" the subpoenaed documents, at cost to the Bank?
    And if the Bank can't find enough paperwork to justify the "lending" if the paperwork on held by the borrower stacks up, the case could be awarded to the Borrower. That might teach the Banks about the value of legal documents on current or within statutory period loans!

  • doyla66
    doyla66 Wednesday, 10 July 2013

    Visual evidence for media & Munchenberg.

    Meanwhile, if you'd like to take a photo of the Mortgagee Sale noticeboard and send it to Steven Munchenberg at the ABA (via Twitter is good with #auspol) and to @ABCTV that could keep the pot boiling there. If you need help with this please ask. Facebook is also interested. Redact it if you need to, as appropriate.
    Same for any other repossessions and repossession sales in the last year.
    I suspected Munchenberg was a "pretty boy" PR for ABA at the Senate Inquiry - still do. Let's see if he has ANY clout with the Banks at all.

  • doyla66
    doyla66 Wednesday, 10 July 2013

    Politicians permitted ASIC stink - Politicians aren't getting away with just blaming ASIC ...

    ASIC spent money earmarked for public cases on replenishing staffing levels ... and goodness knows what else. Where's the real accountability for this expenditure - not the fluff, PR, "will be" lists, or the "looking into" lists, or the motherhood statements? What did ASIC actually DO?
    For ASIC management: Do is a word that involves action and even sometimes achievement, accomplishment and results. Australia is waiting for an answer.
    During the last financial year Greg Medcraft blew out the budget and had to knock on Penny Wong's door and ask for more... and on at least one occasion said lack of funding was (still) limiting ASIC.
    I think recipients of government grants (some only $1000 to $5000 for community projects) are required to show more accountability on expenditure than ASIC. That's what it looks.
    Who is the minister responsible for this? A lack of real old-fashioned responsibility is evident.
    ASIC is apparently a corporation. It is given funding in addition to earnings from the public purse - or is this a loan? Are we subsidising a private company or what is the exact nature of this ASIC Corp? Why do we need an ASIC Corp - is it to limit liability caused by expensive stuff ups? Could this mean that ASIC is insolvent ... or going down the gurgler?
    Where are the Opposition - knocked off for the snow season? out electioneering? (does anyone know when the election actually is now?)
    Point is, the Coalition could be using the ASIC/Loan Fraud/Massive International Bank Debt Obligation issue to show how they would be doing it so much better! Either they don't have a clue or they're still ignoring it hoping we'll give up, die or something will happen. Slack effort, Tony and Joe, and all the rest of you. Or are asylum seekers the only Australian domestic political issue on your radar? Could you get your heads out of the Greatest Political Hits of the Howard Era and focus on the real domestic issues: fraud, homelessness, poverty, overloaded social services, rethinking and restructuring the public service including all financial regulators.
    And as for ASIC, do we have a list of good operators at ASIC? I'm not giving them any casework until their competencies in this at least match my own - and they can lose their egos for long enough to co-operate with a borrower/investor who has done a lot of the work, rather than feel miffed that they didn't think of that. It's looking like ASIC corruption in one case as well - favours for favourites in the interests of mutual butt covering. Everyone says, "That's ASIC" - we're saying "That's not good enough!".
    Shake the deadwood and the rotten apples from the ASIC tree so we can at least get some work done.
    As for the pathetic bleating that corporations "poach" the ASIC staff - no prizes for guessing why! ASIC and others have yet to learn: Better to pay your staff well, give them the right working conditions and have fewer staff with higher competencies. The Australian Public Service (and State PSs) have a lot to learn about staff selection, management and incentivisation.
    As soon as the new government is in place, Tony Abbott, I would be planning to interview all ASIC staff, encouraging whistleblowing with confidentiality and protection, and only re-hiring the right people through the transitional period. Same for the other regulators, until the fraud and corruption are cleaned out.
    Aww, that's a bit tough, say the pollies. Really? Maybe you should have been a lot tougher years ago so the need for a major purge of this stinking mess was stopped before it started. Politicians created this mess - the clean up is essential, regardless of politics, unions, power brokers, corporate lobbyist without fear or favour. Leave if you don't like it.
    Once again: ASIC, like fish, stink from the head down.

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