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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: COSL - Scanlon on the Board ex PERPETUALS. COSL found Fraud on every LAF and CLOSED every FILE

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Is it any wonder COSL does not want to investigate cases if there is FRAUD?  The Big "F" Word that no regulator wants to deal with.  ASIC knew it was the Lender Serviceability Calculator that created the FRAUD internal to the Banking Cartel.  We have the evidence in spades.  ASIC know it's a giant bank fraud and say: "what do you want us to do?"  "We could have acted under the old laws and didn't?"  So a decade of lost homes but who cares?

Have a look at their BOARD and understand why: http://www.cosl.com.au/about/cosl-board/  Supposed to be preserving the INDEPENDENCE when he himself is conflicted?   No wonder there has been NO COSL decisions favouring consumers re Mortgage LENDER Fraud.  COSL is looking after its member lenders very well indeed.  Scanlon would be looking after Perpets - huge volume of victims there..................................................

The Treasurer Mr Hockey said in 2010, "I would not be putting my money in a NON BANK LENDER ("NBL"), nor deal with them - they are UNSAFE."  Yet ASIC licences these NON BANK LENDERS and have COSL look after the complaints.  All are members of COSL.  NBL's are committing fraud on every LAF by teaching hapless dumb brokers to use the wretched serviceability calculator.  

CRAFTY COSL's stock standard response: "WE DO NOT LOOK AT FRAUD, bye bye."  What about Maha, who has six children, one was in hospital and Maha missed the deadline by ONE DAY.......COSL QUICKLY CLOSED THE FILE :you missed the deadline which was yesterday and we have closed your file.  No we will not re-open!"

CRAFTY COSL's CEO Raj Venga told the Parliament he had done more for consumer advocacy.....!  Excuse me Raj?  This is joke I presume?  Senators were smiling?"

CRAFTY COSL has let the main offenders: LIBERTY, FIRSTMAC, TONTO, LA TROBE, INTERSTAR and a host of other NBL's off the hook!!!!!   Crafty COSL is on their NBL Members side not on consumers side.  OK so we advised our member borrowers in 2009: "Psst do not mention the FRAUD WORD or you will be thrown out."  

CRAFTY COSL, gleaned all our research, immediately realised EVERY LOAN was riddled with FRAUD and started to write: "Golly Gosh we have found FRAUD on your loan so we have closed the file...............................so sad, too bad.........our member will be on your doorstep tomorrow to steal your home and PROFIT FROM A FRAUD."

Meanwhile, back in ASIC with the Lu Lu Lander "investigators" ASIC was advising TREASURY "there are no systemic issues in banks and finance."  ASIC kept up this pretense whilst FOS said "golly gosh, we have 30,000 complaints and 15,000 re banking and all are fraudulent.....but nothing systemic."

In Parliament , in front of the senators in August 8th 2008, ASIC, AOFM, TREASURY, ABA, RBA, APRA.....all on song................stated: "NO SYSTEMIC ISSUES re Loan Application Fraud.  All knew of the fraudulent figure fudging SERVICEABILITY CALCULATOR but stayed tight lipped.

IN late 2012, I received calls from two whistleblowers, unknown to each other and in two states.   One included a tape: YES IT WAS ALL DONE BY SERVICE CALCULATOR and we were given the bank passwords by the Bank Officers known as BDM's.  We were told this was a legal way of calculating futuristic income, but we were instructed by the banks and non bank lenders: BORROWERS NOT TO BE SHOWN THE SERVICE CALCULATOR..................................We trusted the banks were doing things legally as they said their lawyers had gone over everything and it was  all legal."

Conspiracy, cover-up, sub prime lending scandal..................call it what you will but when six of our banking and finance regulators, including TREASURY start lying to Parliament its a serious issue indeed.

BFCSA Members have collectively uncovered the greatest scandal in banking this nation has ever experienced and the ramifications for every Australian will be catastrophic.  

For every bank that looks like faltering, the consequences are a DOMINO effect due to the high volume of profit generated from the high volume of TOXIC LENDING using FRAUDULENT DOCUMENTS CREATED BY A BANKSTER DRIVEN SERVICEABILITY CALCULATOR.

How does our nation, our economy prosper, if tax payers are forced to BAIL OUT THE BANKS.....and, provide housing relief to all those whose homes are lost....................and, provide welfare for those who were self funded retirees who lost their life savings by crooked planners and developers (mates of the Major Banks) and have now become pensioners.

The Non Bank Lenders could not compete, so they naturally copied the BIG Banks - the Four Majors: not to be trusted under any circumstances.  The ASX is propped up by shareholder investors in the BIG FOUR who are 48% owned by American interests.

Well Joe Hockey the MUSIC HAS STOPPED, just as you witnessed as Minister for Financial Services in 2001 - yes the poison chalice indeed!

Where are we now and where are we heading?.  Two very BIG questions taxpayers will be asking in the coming months.  Every Politician since 1996, failed to expose this mess.  Even now the Senators are only just asking the question: :whats this about the service calculator?" "Is this to do with fees and interest?"  Er NO,  its to do with massive BANK FRAUD and a diabolical bank bankster engineered PLAN - INTENTION TO DECEIVE punters and politicians alike - to do with the ABOS (under Neave), FOS and COSL discovered (2002) SERVICE CALCULATOR FRAUD whereby the banks created a phony income for every client BUT DO NOT TELL THE BORROWER.  The document was forged using figures that were neither viewed by the BORROWER, nor authorized by the victim borrower.

Then Medcraft hints: all mortgages approved by a computer.  Have you told IOSCO as yet?

Yes we know Greggie, so why did you not, as worldly bank expert, warn Australians: "DO not apply for, nor purchase these mortgage loans....they are riddled with Fraud?'  "Do not sign on for FULL DOC Mortgages.....because we are not investigating the Banks and Non Banks and yet we know there is fraud in full docs.   Banks are free to do as they please including criminal conduct and developing criminal products."  

So Consumers and allies consider this:  For years COSL was closing thousands of files "we have found fraud."   FOS knew of the fraud and advised ASIC four times per year!  Yet all of the regulators including ASIC, APRA and Treasury told Parliament NO SYSTEMIC ISSUES.

As my Mum used to say; "they are telling untruths, dear."   TRUST AND CONFIDENCE has been thrown out the window.  Foreign investors will buy up the homes affected.  We will become tenants in our own landscape.

The Senators are angry at ASIC and its lies, but they need to learn the reason WHY ASIC was lying to Parliament and how they managed to do so for so many years!  Time to write again to every Senator and explain what is really going on here.

One more big lie to Parliament two weeks ago.  ASIC SUGGESTED most people signed BLANK FORMS.  Its tricky questioning from FOS and COSL that is producing that nonsense. 99% I have spoken to DID NOT SIGN A BLANK FORM but its how you ask the question is it not?  Apart from the fact, its a deliberate BLANK FORM BANK SCAM.

ENTRAPMENT in questioning springs to mind.  Entrapment with a big billion dollar motive to protect bank mate fraudulent activities.  Gadens love misusing LONGOBARDI, but we are onto you fellas.

But that gem is for another day and another very BIG BLOG. Senators may not currently understand the significance but soon they will be properly and truthfully briefed by BFCSA.  

Banks are trying to make fools of the Senators but that will be a short lived LAF.

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Comments

  • doyla66
    doyla66 Sunday, 09 March 2014

    Is Moral Hazard in alternative disputes wrecking Australian family homelife and rural communities?

    It's been said many times but this is truly a "fox in charge of the hen house" situation.
    What totally appalls everyone is that the Australian Government have allowed this to continue!!!
    This is truly unconscionable to anyone who every believed that the Australian Government would uphold lawful conduct and support the punishment of unlawful conduct. What's wrong with them? Why are they sitting on their hands.
    What must happen to permit some semblance of justice to occur?
    1. Every suspicious or fraud loan must be frozen for investigation. Banks and lenders can't be trusted to do this consistently.
    2. A moratorium on repossession is essential now (think of the compensation cases that one action will prevent!)
    3. COSL, FOS and ASIC must hand over their consumer cases to an independent authority under judicial governance to prevent further major injustices against innocent parties and honest Australians.
    4. Planning should already be in place for the Australian Royal Commission into the Banking Sector and Financial Services Industry. But until this occurs, justice must still prevail, free from MORAL HAZARD, for the Australian public to have any confidence in the Banking and Finance Sector and our judicial processes with respect to Fraud Loans. They are real, they do exist and something practical must be done about this situation to prevent unnecessary homelessness.
    ** Interesting to note: two industries which have clearly failed to self-regulate: Banking and Gambling.
    The present system is failing those it purports to protect. Time for change is NOW.

  • doyla66
    doyla66 Sunday, 09 March 2014

    Trade Practices Act and UNHCR

    Has anyone challenged COSL or FOS under the Trade Practices Act? Does it apply to them?
    They both enjoy monopoly within their jurisdictions. Are they being exclusionary, unfair? Is there abuse of privelege occuring in their practices?
    ASIC is registered in the US - does the TPA still apply to them because they practice wholly or substantially on Australian soil?
    There is something wrong with any organisation which has a monopoly setting unfair and unjust rules which marginalise a significant number of Australians and prevent their accessing the public justice system. We haven't heard one good reason why this happens and is allowed to persist, especially when it further disadvantages the disadvantaged parties to a dispute.
    The UNHCR (Law Division) is supposed to supervise all Alternate Dispute Resolution worldwide. EDR, such as COSL and FOS, are also ADRs. Do the UNHCR have any say in COSL and FOS? Are Australian COSL/FOS cases ever referred to the UNHCR?

  • doyla66
    doyla66 Monday, 10 March 2014

    Evolution explained

    Intelligence the thing that apparently separates the human race from every other species on this planet, we can build things design flying machines put a man in space and even travel to the end and beyond of our solar system but not one single person who runs our country has been able to work our the Banking Service Calculator. So the Banking CEO's and BDM's rank right along side rocket scientists and our regulators rank right along side APES, now its all making sense.

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