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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: Dear Banksters: You cannot PROFIT from a fraud. Hand back the loot!

Posted by on in Bankers A Law Unto Themselves
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Let us be perfectly clear here:  You cannot profit from a fraud.  The Federal Government cannot profit from the dirty RMBS packs they purchased from the Banksters.....taxpayers unknowingly purchased a $24 Billion DUD!!!

Treasury and the Australian Office of Financial Management agreed to the purchase but failed to audit the package and took the Banksters' word that all "income streams" were from a good bundle.  Yeah right!  Problem is that our survey shows that 10% of our members had loans arranged by Bank Managers and staff (no broker involved) and these loans were FULL DOC loans.

So, 10% OF FULL DOC LOANS ARE DEEMED TO BE DODGY and FRAUDULENT.....but of course!  Business development Managers taught the Brokers how to use the dreaded SERVICEABILITY CALCULATOR and the Bank Managers also used the same bankster created calculations from the same bankster computer program.  So the Computer was the culprit?  Are we serious here?  

So you all copied each other's program as a Cartel?   You all peeked at each other's programs?  All 36 Lenders copied each other's stationary and you all shared each others codes and passwords - oh but you did state in writing "not to be shown to borrowers."  Ah yes that's a gem!

Are the regulators ASIC and APRA seriously concerned?  Just watch for the big yawn!

We promised we would share with the public, all our documentation - no secrets.  We are not secretive like ASIC and we will not lie and cover up your misdeeds.  No use taking us to lunch!  We are a bit against Collusion, Cartels and Conspiracies by Banksters.  The rest of the world may be happy to allow Banksters to operate in that fashion but we are all Aussies!!!  Oy Oy and fair suck of the sav!

However, fear not, some Bankster wimps are jumping ship and have been for past four years.  The Big Bankster Bashing Consumers Party is over.  But wait.  Hold on to your regulatory hats:  Pepper Home Loans are still playing by the old system!!!  Check out their broker calculator system.  NAB is still there with Moss in Anchorage.  Come on chaps give me a break.  Oh and there is our favourite: Advantege (after Packers sold out Challenger) and Mr S Kane Esq (Money Choice mogul).

What part of the word FRAUD are you all struggling with?  If Consumers go to ASIC they will be guaranteed to investigate YOU the consumer for being silly enough to trust their beloved lunch giving Bankster Mates.

If you Banksters have stitched up the customers with CREDIT CARD FRAUD - negate all fees charges and interest immediately.  More work coming your way FOS.    Bank on it!

Note how all banksters act in unison and all on the same weekend:  Banksters are all back on song to their own customers: "The Service Calculator Form  ("SCF") attached to your LAF and faxed from our broker agent to our Credit Assessors is in fact an INTERNAL document and therefore confidential."  ASIC merrily goes along with this charade - well we know whose side the Corporate Cop is on.  

FOS is bemused right now and wondering what to do next.  COSL is an irrelevant mess and needs to be put out of its misery.

Message to Major Banksters: Hand over the Serviceability Calculator copy to your Customer immediately!  Guaranteed more pain is on the way to Banksterland and its creepy crawly inhabitants.   Whistle blowers are about to invade your palaces and corridors of power.  Remember all those decent hard-working employees whom you bullied into confidentiality mumbo jumbo?

Your employees have a DUTY TO REPORT A CRIME....well a few thousand crimes............. Every Low Doc/No Doc was a preconceived crime.  Not a clean document amongst them.

Lovers of free markets didn't mean that Crime Pays for those at the Top!  Yet how could we let this happen?  And for 20 years?

ASIC has no idea how to investigate its way out of a paper bag but we know exactly what we are doing.  Stop yanking your Customers' Chain.  Hand over the serviceability calculator form.  Today would be good.

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Guest Wednesday, 02 December 2020