For the benefit of readers:  The SECRET SERVICE CALCULATOR (only banks, brokers and insurance companies have access passwords) had its existence made known to members by BFCSA in late 2012 and for 12 months, members have all been asking for their one page copies.   A few of these documents emerged, but sadly, our banking world is a Cartel governed Industry.  Suddenly, their dirty secret was out and they could not put the Genie back in the Bottle!  The FACT that no client of banks were ever told of this secret calculator's existence and never disclosed that it was used to skew their income to say $50k up to $180k.  Bankers never intended for this one pager to see the light of day.  The SCF and the ICW was actually ATTACHED by bank command, to the Loan "Application Form."  Banks had denied the LAF discovery for some years before and we won that battle.  

Discovery of the SCF and its second page ICW (Income Work Sheet - massaging income without client's knowledge) was becoming more likely.....after all its only one little page....................plus a 2nd half page.

We then asked FOS and ASIC to help consumers recover this one document as consumers are entitled to any part of their file which contains their personal finance details.   So you now realise bankers went "GULP" and all on song with ASIC's blessing said: "NO we do not have to hand that page over as it contains "commercially sensitive info."     Hmmmmmm, because it could bring down a bank or three?  That type of "commercial sensitivity?"     

BFCSA suggests the following to long suffering consumers who fell for the $100 billion MORTGAGE LOAN SCANDAL............................

Demand that FOS insist on Banks handing over your client loan files.  The "commercially sensitive" crap does not wash. The one page of the service calculator that they all seem bent on hiding or shredding only contains YOUR PERSONAL FINANCIAL INFO and is therefore discoverable

If Bankers and their lawyers say: "take us to court, sunshine" - then ASIC SHOULD BE SCREAMING - YES WE WILL TAKE a few Bankers TO COURT.  Can anyone really see that happening?  ASIC has no experience....it has no idea how to serve a writ on a banker wanker.  ASIC simply says: "we do not like getting involved, as it will end in tears."  Oh diddums!  What about the thousands of people who tried out these 30 year loans and after five years are now homeless?

What a bunch of Bankers!

Its way past time for ASIC to take out digit and start some court action IN THE PUBLIC INTEREST - otherwise laws are meaningless, collecting dust and, ASIC has rendered these powerful old and new laws impotent!    ASIC needs to understand what GETTING tough is really all about.  I guess its time for consumers to toughen up and show ASIC the way forward.....or the door!   

The inglorious one page Banker FORM does show a 5 year old Net Servicing Ratio which the NSR figure is not only no longer "commercially sensitive" it is obsolete and FOS and ASIC know that! 

The problem for Bankers and things that crawl out from under rocks, is the FACT that the one pager SCF identifies the FRAUD and the FRAUDSTER: the lender computer program known as the Calculator - the super duper, 'one size fits all' income fudging machine! 

Bank lawyers - the ones beginning with "G" for Giddy-up are suggesting: "we know its fraud so we can use the Privacy ACT to hide the crime."  We all know how protecting mates is important - to ASIC.

The Privacy Act cannot be abused and misused to hide FRAUD as if it were "commercially sensitive."   Well, yes they can, if ASIC permits the Bankers to get away with that nonsense, or conversely ASIC execs have been utterly corrupted by $3000 bottles of wine.....by the case load?

Time for ASIC to start doing to Bankers what Banks and ASIC have been doing to consumers for decades.....I leave that one for you to figure out!  This email address is being protected from spambots. You need JavaScript enabled to view it.