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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: Differences between America and Australian Liar Loans

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Often I get emails re American title scams.   WE call these theorists the "Magna Carta set."  OK here is what the differences are:

The laws in America relating to title systems are entirely different.  In America it’s a flawed system

In Australia its the Torrens Title system.  The Originals are held by the Titles Office.  The certified copies are held by the Trustees of the Banks...biggest are Perpetuals and Permanent - all making money from Low Doc scandal.

In Australia you cannot securitise the Title...... so the Aussie Banks securitised the Income Stream and sold the Income Stream RMBS Packages to Australian Office of Financial Management ("AOFM") - $24 billion of toxic loans with tax payers dollars.

 I complained this activity to Parliament - to the Senators in the Senate Economics Review Committee into Banking Post GFC Inquiry 8/8/12 at 2PM (in Hansard).  Its an historical reference.

I warned that "The Government, cannot,  ought not to profit from a FRAUD." 

I warned that the $24 billion RMBS packs contained Low Docs - toxic loans - so income stream would be worthless in less than 4 years!!!!!

People were being provided with buffer loans to mask the UNAFFORDABLE nature of the loans.: ie paying the payments with the banks money - more debt for consumers and more lovely fees and charges and profit for our wonderfully profitable $30 billion profit per year for just the four majors.

A short three months later the Treasurer announced "RMBS securitisation was one of our most profitable policies, but sadly we are no longer purchasing these securities."

DUH!!!!  The AOFM has since sold most RMBS assets except for last couple of billion dollars worth.  Correct me if I am wrong.

Banks told Parliament only 10% of the bundle are Low Docs.  Every CEO of all Major Banks also told the Senators under oath, "no systemic issues in lending."  They lie to the public so of course they lie to the Parliament.  They did not tell the Parliament that they no longer verify the income on any loans: NONE.  The Banks simply told the Treasury, APRA and the AOFM that the loans were to A1 credit borrowers - forgetting to mention the intended fraud that zero verification of income had taken place.

YET The INCOME was the DUD that the Bankers sold to the Government Officials in charge of investing taxpayers $$$$s.  Heaven knows who we offloaded the cargo to - most likely ill-informed foreign investors who are unlikely to read our Hansards.

The point is that in America the commodity was the Title.  That is not possible here in Australia, so the Income Stream was bundled up....ask Chairman Greg Medcraft, head of all things hidden, since he set up the International Securitisation Org. and is regarded as the securitisation guru.  In fact Treasury and the Office of PM ordered AOFM to purchase these "investments" around the same time that Greg arrived back here in OZ.   The PM's office ordered the AOFM to buy $12 billion at the time to use as "credibility tag to sell more of the same oevrseas, and even though AOFM placed a 60% risk rating on the products and advised the PM not to do so.

That $24 billion of Tax Payer dollars  was used to buy this rubbish "investment," is unacceptable.  I believe information provided that the bundle was 100% unverified loans., yet masked as 10% Low Docs and 90% Full Docs.  However I doubt the buyer was even told that much.

I have been told by reliable source that no mortgage loans have been verified since 2008.  Sellers are being indoctrinated by untruths.  Borrowers are being manipulated and indoctrinated by unsafe investment plans and hopelessly flawed financial strategies.  No-one woke up one morning and decided to use an equity loan . People were spruiked as ARIPs on instruction from the Banks.

Its the crime of the century and ASIC has slept through the past 15 years of "self regulation."  The Bankers were free to do "selfies."

Scotland Yard have admitted they have found "gallons of white out" being used BY BANKS  on LAFs in the UK and Ireland.  Documents were doctored after they were sent in by the sellers - same here as we can see in all cases three people's handwriting on the document and unknown "witnesses" to borrower's additionally forged signatures.  Its going to get very muddy and you will need a decent pair of "wellies" to wander through this mess.

Yes Australia missed out on the GFC, yet by targeting older persons were able to play the same games as the rest of the world for many years longer.  That's why the CEO's retire on $22 million up to $100 profits indeed.

"Government cannot profit from fraud and neither can Bankers."

Bring on the Royal Commission into Banking and Financial Products as a matter of extreme urgency.  There should be a ban on Liar loan Low Docs being sold and every Mortgage holder is entitled to a copy of their Loan Application Form and the Service Calculator Form that was used to inflate their incomes without the borrower's knowledge or consent.  

 I revealed all of the details of this little gem in 2012.

Now this week in 2014: Broker told me: "I need help as I purchased one of these loans and bank then are putting the squeeze on so I now understand.  In 2008 a Westpac Bank Officer told me: we are no longer doing any fully verified loans.....................all using the there is no difference as to Full Docs or Low Docs processing.

That’s a major revelation.  Let the unravelling commence and let TRUTH be the victor.  This email address is being protected from spambots. You need JavaScript enabled to view it.




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    [email protected] Wednesday, 20 August 2014

    Here in lies the problem, the politicians are as always covering their own backsides whilst stuffing their pockets with cash.

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