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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: Dr John LAKER Chief Bozo of APRA: Thou shalt not be so Stupid!

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Dr John Laker, Head Bozo at Australian Prudential Regulation Authority ("APRA")

It seems we cannot see Government induced legal remedies that deal with slack or stupid (or corrupt) regulatory chiefs.   Dr Laker said he would would love a piece of paper saying "thou shalt not be stupid."  

Laker stupidly forgot to advise Federal Government that RMBS packages could well be tarnished by

the 2008 revelations of foul practices in residential backed mortgage securities on the world stage. 

Taxpayers own billions of dollars of worthless "income streams."  If you did not know that in 2008,

shortly before the stunningly stupid commitment to purchase RMBS Packs by the AOFM, it’s because

all three chiefs admitted no audits took place and never gave that little gem a second thought!!!! 

Really?  You read all about America and then failed to look under the bankster rugs here in Australia?  

Here is the piece of paper you crave Dr John Laker: Thou shalt not be stupid by suggesting the RMBS packages that our Government has purchased with Tax Payer dollars "may be tarnished."  

You and BFCSA Members KNOW THOSE LOANS ARE tarnished.  It’s a matter of percentages: 10% 20% etc.    BFCSA informed you of that fact in Parliament in the Senate Hearings on 8th August 2012.    It was an historic moment for truth telling.....none of which came from yourself Sir.  I suggest if you wish to ask yourself the definition of stupidity, take a good look in the mirror.

Every taxpayer should be a little peeved.  Think of what $20 Billion could have been spent on in less riskier areas thank banksterland.  

Every mortgage holder could be forgiven for being more than peeved as you could have spared them the pain of losing their homes.  Not enough laws Sir?  

Did you ask the Prime Minister for more laws?  Could we see that letter and response please Sir?  Did your mate Mr Medcraft send a letter by pigeon?    

Not a note..... you just suggested golly gosh a mortgage collapse will rage soon: "let's send out brochures and educate people, but let's not try and bring in laws to prosecute the banks. Let us keep borrowers and taxpayers in the dark just like Mushrooms!"

Mushrooms no more, are we.  This email address is being protected from spambots. You need JavaScript enabled to view it.

 Please scroll down to previous blog with Laker and Medcraft photo:  laughing their heads off just prior to the Senate Hearings~  too bad we have done away with YARDARMS......................

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  • doyla66
    doyla66 Wednesday, 27 February 2013

    EXACTLY! Well said Denise. Our loan was securitized...WE HAVE PROOF

    STOP THE PRESS! Mainstream media will NEVER report the truth WHILST THEY ARE SPONSORED by the Banksters. Just look at any 'Economic' news story on our webpages these days. Bankster ads everywhere.

    The government and regulators are kidding themselves. ... Spruiking that due to their good fiscal management, we Aussies escaped the GFC. (They were just a bit better at covering up the real truth) Mr. Swan was even named WORLD'S BEST TREASURER! Let a ROYAL COMMISSION INTO BANKING AND FINANCE SECTORS expose them all. 'MUSHROOMS NO MORE ARE WE!'

  • doyla66
    doyla66 Wednesday, 27 February 2013

    Time to put a stop to this blatant, systemic corruption in the Australian banking & finance industries. This cover up cannot be allowed to go on any more.

    It is a deliberate crime against ALL Australian people and their families.
    It MUST be stopped.

    We demand a ROYAL COMMISSION. It is the only way to stop this corruption.

  • doyla66
    doyla66 Thursday, 28 February 2013

    Why were there no audits authorised? was it because they all knew they were dodgy? and why did you not take any notice of the information given by BFCSA? were you scared of having to take action and the true picture would come to light? and the Australian public would know how stupid and evil you really are.

    We are no longer in the dark and neither is this humungus banking crime - you and all your buddies are now exposed to the real truth.
    You all have been getting away with your lies cheating and deception for far too long at the cost of innocent people loosing their homes and in some cases their families and their lives.


  • doyla66
    doyla66 Friday, 01 March 2013

    To date the AOFM has invested (not spent) approximately $15 billion. This has been invested in home loans for mums and dads who were clients of lenders other than the major banks including credit unions and building societies. About one third of this investment has been paid back already. If these investments were backed by 10% - 20% "tarnished loans", why has there not been a single cent of losses recorded on any of these investments? All these transactions are the subject of continuous open reporting disclosing the performance of all the loans. There have been no issues.

    I am not sure why the statement is made that there were no audits in respect of the AOFM's investments. Every single deal they have invested in was subject to a rigorous process of checking that the loans met the criteria of the AOFM. This requirement, and the criteria checked is publicly made clear in the Operational Notices from the AOFM which are available from their website. It is simply untrue to state that there have been no audits.

    Really, there are two possibilities here. Either (a) a number of arms of the government, APRA, ASIC, all three rating agencies, every major bank and investment bank, all regional banks and a number of the largest credit unions and building societies, non-bank lenders, major audit firms and the entire capital markets of Australia and offshore are complicit in a scheme to defraud the Australian public that only the readers of this website have discovered, or (b) the small number of readers of this website have been poorly advised, were the subject of some level of fraud by brokers and are wrongly assuming that their example is indicative of everyone else.

    There is a massive role for consumer advocacy and there are many shortcomings in this market. Many of them relate to poor lending practices - for example, how many people here read and understood all terms of their loan contracts? If you are being honest, probably most people. That is a real problem. Claiming that there is massive intentional criminal fraud and that all bankers and regulators are evil simply makes you appear completely lacking in credibility. I know this is hard to accept but that is simply not true. This is not to make light of the bad experience that many here have had. However, confected outrage over massive systemic fraud is not constructive - it just gives decision makers excuses to ignore what are otherwise valid concerns.

    I would guess that in most cases most borrowers willingly accepted the money advanced under the loans. If some third party took the money and a lender is enforcing where the "borrower" never received the money or knew about the loan, sure, that is fraud. But if you took the money and you knew it had to be repaid......well, that IS a bit different.

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