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BFCSA
MORTGAGE
DISTRESS SOS

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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 Exposé: Relieving Mortgage Stress: Federal Goverment, Gail Kelly Westpac's Agreement

Posted by on in ROYAL COMMISSION URGENT
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.......Traveled far and wide have I.... from the Supreme Council, knowledge, Justice and weapons, I bring

Much to learn you still have............. Always in motion the future is.....

Secret, shall I tell you? Hmmmmmm?



Prime Minister Kevin Rudd unveiled the deal with the banks at a jobs forum in Melbourne today, Sunday April 5, 2009

An agreement with Australia's four big banks would support borrowers in temporary hardship through loss of employment by postponing mortgage repayments for up to 12 months, Mr Rudd said.

"The banks are also prepared to consider extending the period of the mortgage contract and reducing the amount of each payment due under the contract,'' Mr Rudd said.

In an unprecedented move, Australia's big-four banks have reached the landmark agreement to help prevent struggling families from losing their homes.

HOMEBUYERS who lose their jobs will be eligible for a 12-month reprieve on mortgage repayments and could be granted concessions on car loans and other debt, as part of a new deal between the Federal Government and the major banks.

As unemployment rates soar, Treasurer Wayne Swan has pressured the big four banks into helping families who fall victim to the global recession.



Read more: http://www.smh.com.au/national/banks-agree-to-swan-mortgagerelief-deal-20090404-9siw.html#ixzz2CRYFBTTL

HOMEBUYERS who lose their jobs will be eligible for a 12-month reprieve on mortgage repayments and could be granted concessions on car loans and other debt, as part of a new deal between the Federal Government and the major banks.

As unemployment rates soar, Treasurer Wayne Swan has pressured the big four banks into helping families who fall victim to the global recession.



Read more: http://www.smh.com.au/national/banks-agree-to-swan-mortgagerelief-deal-20090404-9siw.html#ixzz2CRYFBTTL

Home buyers who lose their jobs will be eligible for a 12-month reprieve on mortgage repayments and could be granted concessions on car loans and other debt, as part of a new deal between the Federal Government and the major banks.

As unemployment rates soar, Treasurer Wayne Swan has pressured the big four banks into helping families who fall victim to the global recession.

Part of a comprehensive package of assistance for workers, the Commonwealth, National Australia, Westpac and ANZ banks will put a freeze on mortgage payments in hardship cases,

"Banks would also be prepared to consider interest-only repayment options, including car loans where appropriate",

The banks are also considering extending the period of mortgage contracts and reducing payment amounts.

"Of course, these options won't be appropriate in every case, and banks will make assessments based on the borrower's ability to meet new contractual obligations in the long term,''

Mr Rudd acknowledged the Commonwealth Bank's "good will'' for already introducing this policy in recent weeks.

"The Government's purpose in its negotiations with the banks has been clear - to ask the banks to provide maximum flexibility for borrowers suffering temporary hardship. through enforced unemployment for the 12 months ahead.

I'd like to thank the banks for the goodwill they have demonstrated in this area."

"Westpac Group endorses the agreement between the federal government and the four big banks to postpone mortgage repayments for up to a year" says Ms Kelly. Sunday April 5, 2009

"From our point of view, we totally endorse these principles and they're very much part of our way of doing business," Ms Kelly told reporters in Sydney on Sunday.

"Banks have a responsibility to help customers struggling with their finances", Westpac Group chief executive Gail Kelly says.

"Banks did not want customers in financial hardship to feel as though they had nowhere to go", she said.

"The last thing we want to do with regard to mortgages is actually take over someone's home."

"Banks need to step up to help customers": Kelly

"The Australian economy is slowing, it's really important that as an industry we step up and do what we can to support our customers in this time."

Westpac and St George have also extended their Assist program, which helps customers by extending loan terms or freezing repayments, to include small business.

Compiled From:
http://www.treasurer.gov.au/DisplayDocs.aspx?doc=pressreleases/2009/034.htm&pageID=003&min=wms&Year=&DocType
http://www.news.com.au/top-stories/mortgage-relief-plan-for-jobless/story-e6frfkp9-1225699624013#ixzz2CQnUpW4q
http://www.smh.com.au/national/banks-agree-to-swan-mortgagerelief-deal-20090404-9siw.html
http://blogs.news.com.au/moneymum/index.php/news/comments/mortgage_relief_for_some/


The effects of the GFC are STILL ongoing, not everyone was affected INSTANTLY,

Why Ms Kelly  in direct defiance of its agreement with the Government,

is Westpac repossessing homes from people who are in Hardship who were affected by the GFC?


The shroud of the Dark Side has fallen.....     Begun the Bank War has!

I bring Kryptonite,    strike deep into the hearts of the evil banks it will.....

Powerful you have become, ..........the Force is with you!

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Comments

  • doyla66
    doyla66 Saturday, 17 November 2012

    Well put together Yoda. I enjoy it when you compare them side by side - no escaping the B*S drivel they feed the media & masses.

  • doyla66
    doyla66 Saturday, 17 November 2012

    So if you had a loan with Worstpac & were affected by the ongoing effects GFC
    You relied on Gail Kelly's & Westpacs unequivocal statements above
    When things got dire in say 2011,
    You made a request & were refused assistance or accommodations as Ms Kelly "promised" above,
    and instead Worstpacs collections officers decided to put You in the "sell you up" bucket.:(:(

    So You relied on Gail Kelly's & Westpacs unequivocal statements above:p:p
    Well its no more that a "bunny hop" to...........;)

    Misleading and deceptive conduct
    The prohibition against misleading and deceptive conduct applies to conduct relating to financial products and services as follows:

    Section 1041H of the Corporations Act 2001 (Cth) (Corporations Act) provides that a person must not engage in conduct in relation to a financial product or financial services that is misleading or deceptive or likely to mislead or deceive. This provision extends to conduct in relation to a financial product or a financial service – this includes “issuing a financial product” which in turn includes a security.
    Section 12DA of the Australian Securities & Investments Commission Act 2001 (Cth) (ASIC Act) provides that a person must not, in trade or commerce, engage in conduct in relation to financial services that is misleading or deceptive or is likely to mislead or deceive.

    The two provisions overlap, however, this is intended. Importantly, the definitions of "financial service" and "financial product" in the ASIC Act are wider than the definitions in Pt 7.1 of the Corporations Act. This greater breadth is intended to ensure that the consumer protection provisions of the ASIC Act will apply to financial products that may not be subject to the licensing, disclosure and conduct framework of Chapter 7 of the Corporations Act.

    Directors' duties of due care and diligence

    The Corporations Act requires that directors exercise their powers and discharge their duties with the degree of care and diligence that a reasonable person would exercise if they were a director or officer of a company in the company's circumstances and occupied the office held by, and had the same responsibilities within the company as, the director or officer.
    This duty is often applied simultaneously with the provisions relating to misleading and deceptive conduct particularly where directors have sanctioned the release of certain information that results in the company being civilly liable for misleading or deceptive conduct.
    Directors must exercise care and diligence in ensuring that information released does not include (or omit) information that is likely to mislead or deceive.

    http://www.gadens.com.au/publications/Pages/Misleading-and-deceptive-conduct-in-the-corporate-sphere.aspx:):):)

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