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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: FOS Shane Tregillis nudged by Banksters: Do one Determination - low ball "take it or leave it offer", or else!

Posted by on in ROYAL COMMISSION URGENT
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We need Bankers behind Bars.  As expected, the Banksters and ASIC Mates of Tregillis have finally and completely captured the Financial Ombudsman's Service............................COSL was captured by non bank lenders from the very beginning.

STAFF at FOS are in danger of concealing major criminal conduct in the Banking Sector:  Staff could be charged as being an accessory after the fact. Everyday, FOS staffers see files littered with the crime of fraud and forgery by Bank Staff and are not reporting instances to Police.  Yes there is a Construction Cartel but there is also a Banker Cartel and has been since de-regulation of banks.  Money breeds corruption.  Big Money creates an even bigger Cartel.

FOS is consistently buckling under pressure from Banks and ASIC Mates.  COSL was always under the non lender's thumb but, for two years FOS seemed to lift its game regarding investigations into Bank Fraud and Maladministration in Lending, meaning imprudent banking decisions, exaggerated incomes and disgraceful approval of unaffordable loans to capture a $100 billion ARIP market.  Who are ARIPs?  People who spent 25 years paying off their own homes who did not have superannuation and are now on a pension.  Greedy Bankers wanted to steal their homes.

We have amassed the biggest data collection library on this subject.  Main Stream Media trust our sources.  Banks regard us as a small "tin pot" organisation of consumer collectivism.  Banks created so many victims, our group is a community interest as the number of families trapped and mired in debt and unaffordable loans is more than likely rising to 100,000 people.  Our numbers of members may be small but they are climbing as word of mouth and truth gains traction.

Lawyers who have looked at these cases and full sets of documents are appalled at what is going on.   The Financial Ombudsman's Service ("FOS") was their only refuge of hope.  Now the banks have wrapped their ugly tentacles around FOS.

In 2009, FOS was not suggesting asking the banks for Loan Application Forms ("LAF") evidenced by those cases that were already lodged there.  I suggested to FOS they start by assisting people to ask for the LAF as their signature was on the document.  Little did we at BFCSA know at the time, that within two short years, Banksters would issue a directive to most Brokers in the banker driven broker channel to "shred the original wet ink copy". NO Bank asked for that original....why?  I will explain another day.  

For 2 - 3 years FOS sent out letters explaining the process and our BFCSA members and others were the end users of the system: -

1.   a dispute officer would be appointed to advise when Case Manager allocated.

2.   Case progressed to investigation and Case Manager allocated.  

3.   Case Manager would then deliver to the customer, a 12 page Recommendation Report.

4.  Banks were permitted under agreement to add on fees and charges, but may be negated later dependent on the finding.  Banks had to take or leave the Determination.  Complainants were given the option to accept the Determination but could then go to court.  However, FOS, ASIC and Banks KNEW people were mired in bank debt and no money for a lawyer....so "get a lawyer" was NOT AN OPTION.  Banks had to pay FOS $5000 per complaint.  Service is free for complainants.

5.   If the complainant objected to the findings of the Case Manager as being unfair, they were invited to tender an explanation of why they disagreed with the verdict.

6.   The case would then proceed to DETERMINATION by the BANKING OMBUDSMAN.  The Ombudsman would then receive objections, comments notes from Case Manager from both parties.

7.   If the Ombudsman's Determination was still unacceptable to the complainant (and these are serious cases involving fraud, forgery, Maladministration, imprudent lending, unconscionable conduct)....with an outcome of banks possibly getting off lightly by loan being reduced, but no reporting of crime to the Police and no fines.  No penalties at all.

8.  The case on protest by consumer could then proceed to PANEL OF REVIEW ( same gene-pool) of course.

So what has changed since BFCSA started feeding in these cases in 2008?  Instead of 75/25 deals forced upon the victims of this crime (the bank's advantage........FOS had to follow lead of the courts....100% extinguishment of loan and no proportionate liability...............depends which door you opened. 100% deals following the lead of the courts did happen but few and far between - yet cases were all similar,  It is at best, a Pot Luck system.

According to our data-bank of information and document collection, the Banks had mostly stitched people up with an average loan of $600,000.  Some pensioners had loans of up to $4 million, as they refinanced and refinanced and refinanced to keep their heads above the water line of payments to banks and lots of lovely fees and charges with default fees at 18% in some cases.  All intentionally for the banks to "capture" the market" of course and eventually for banks to win the prize..........................the repossession of the asset.

Of course , if the battered and bruised 60 - 90 year olds, refuse to accept FOS's decision, FOS close the file and feed the victims to the alligators - the Banksters.....who clean them out and throw the carcass of their intended prey into the streets...into tents and caravans or victims can suicide , if they wish to do so.

This is no game for cats and mice.  This is a real life Australian David and Goliath battle and its going to get a lot worse.............................as more people wake up to the greatest TOXIC LOW DOC SCANDAL this nation has ever experienced.

Banks were finally settling cases behind closed doors.  FOS record 85% settled by "agreement" yet that is not quite right: Some were definitely a ridiculous "Take it or leave it offer."  Remember some Case Managers at FOS are "seconded from banks."  Nice one...no conflict there!  And FOS started to adopt the Banks legal arguments........................and stopped using the lead of the courts, including arguments of agency that the broker works clearly in the interest of the Bankers, and certainly not in the interest of the Customers of the Banks.  

FOS started asking for current Statement of Financial Positions as a request from the Banksters.  What has that got to do with the fraud and criminal intent? Some consumers of dirty loans started asking the bigger question:  "Where is my STATEMENT OF FINANCIAL POSITION form 2007, that YOU Mr Banker relied upon to approve my unaffordable loan?

Yes on occasions it all slips into the ridiculous zone.   

FOS was instructed by Bankers and ASIC to LIMIT compensation for victims (yes they do acknowledge there are victims but limit the compo figure to LESS than the average loan figure....nice one Banksters.  I argued this one iin 2004 when limit was set by banks at $100k and I publicly blamed ASIC. Eventually, everyone saw "sense" and the industry raised the bar to $500k as a claim but then only pay $280K, knowing loans had reached average $600k, thanks to greedy bankers.

Do my readers see a pattern of DECEIT here?  Have I lost you yet.  Read twice as this TOXIC LOAN SCAM will sink in.

This means the poor pensioners are left with a proportionate liability of say $500,000 loan to be reduced to $150,000 which is still unaffordable on a pension, but banks quite happy to arrange a debt for life solution so eventually they will take the home long after I have retired.

THEY DO NOT GIVE THE DEEDS BACK!!!!!   As one poor pensioner told me.  "I had to agree to this offer we had no choice - take it or leave it - stress was unbearable, I am 82 years old.....but we do not have to pay payments and they cannot be added on - thanks to you intervening.  But every day I look in the letterbox and expect they will change their mind and they will not give me my deeds back.  They set up this loan and now we have to pay the price of trusting them.  Where is the justice in that.  My parents warned us all of the great depression caused by these horrible banks!"

"They would say, never trust a banker!"  Now we know why.

So what of all the thousands of complainants whose loans are say $522,000?  FOS simply says: "Bugger off, your file is closed.  Banks win, be prepared for a writ within six weeks or less and start packing."

Yes they are FULL RECOURSE loans and we have arranged a number of DEED arrangements with banks whereby we at BFCSA set the settlement terms and a NON RECOURSE arrangement.

Now FOS is starting to play hard ball with vulnerable consumers:  Since November, our Case Managers no longer do RECOMMENDATIONS and there is NO PANEL OF REVIEW.............................so we are issuing TAKE IT OR LEAVE OFFERS from banks and if you say no, these Banksters  will immediately issue a writ and FOS will then happily close their files.  

Instead, the banks may chose to refinance the unaffordable loans, by finding a never never ending plan , till death you do part.

Its like a Banksters' retirement for life.......... DRIP FEED of bonuses into his pocket!

Why is ASIC allowing this?  Where is Chairman Greggie Medcraft and his henchman Peter Kell?

Read my second submission 156.1 for BFCSA RECOMMENDATIONS to Senators on what outcomes there ought to be from up and coming Senate Inquiry into ASIC .  Its in answer to ASIC's ridiculous and embarrassing supplementary submission to senate 45.1.

http://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/ASIC/Submissions

The statistics are fudged to hide the crime

Where are all the repossessions? - hidden in a swaddling band of refinancing for life.

Where are all the defaults?  No defaults - they are buried in DEEDs that keep you all on the BIG BANK HOOK...............................

How can consumers fight back against this utterly unscrupulous system? 

SIMPLE:  Write to FOS Shane Tregillis (ex ASIC and wannabee Chairman) and let him know his own CASE MANAGERS are in danger of being an accessory after the fact!!!

They all acknowledge the FRAUD AND FORGERY which are crimes against citizens of this country.  The perpetrators are NOT THE BROKERS but are the greedy BANKSTERS.  ASIC and FOS know that to be true, evidenced by the altered LAFs and white out being used by CREDIT ASSESSORS internal to the BANK.

It is FOS' duty to report criminal activity so why are they saying "no systemic issues?"

OK it's time for the consumer protection system of FOS, COSL and ASIC to be crushed, pulped, demolished and rise as a phoenix from the ashes of people's lives,  into the new CONSUMER PROTECTION BUREAU.

The Senators need to deliver a recommendation for the dismantling of this corrupt regimes and the Prime Minister must take control of the situation. 

FOS has been captured by Tregillis and his old buddies at ASIC.  

Time to take on the Bankers please Hon. PM Mr Tony Abbott.  Bypass Hon. Joe Hockey and please ignore any suggestion of election donations from Banksters as being acceptable.  Any funds are likely to be tainted from a Banker Cartel source.   This email address is being protected from spambots. You need JavaScript enabled to view it. 

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Comments

  • doyla66
    doyla66 Wednesday, 29 January 2014

    on the money

    Denise,
    Once again you are on the money - the appalling use of self invented discretion is the method FOS uses to circumvent its terms of reference i.e. s2.4 and the ASIC regulations which they are bound to conform to or lose their EDR license ( of course ASIC is turning a blind eye if not instructing to to do this ) FOS do not have discretionary powers as regards the ASIC regulations or the Banking Codes so they invent them

  • doyla66
    doyla66 Thursday, 30 January 2014

    absolute power

    Mr. Tregillis and Mr ( use my discretion ) Fields should remember the old adage

    Power corrupts and
    Absolute power corrupts absolutely

  • doyla66
    doyla66 Saturday, 22 February 2014

    Banksters & FOS & COSL in Damage Control.
    Banksters pay from $5,000 up to $18,000 for a Determination,:p
    now compulsory with accompanying low ball final offer :(

    "The Financial Logistics" on 1000 Lender Mortgage Fraud Cases
    TOTAL
    $500,000,000 in lending $500,000 per loan
    $285,000,000 max payout $285,000 compensation limit
    $100,000,000 loss on sale $100,000 mortgagee sale discount/loss
    $9,000,000 bank admin costs $150 per hour (all up costs) x 60 hours = $9,000
    $18,000,000 Determinations $18,000 for a Determination
    $5,000,000 other EDR exp $500 other EDR expenses; signature analysis, reports, solicitor costs etc
    $417,000,000 LOSS EXPOSURE

    By reducing:
    the steps and time in EDR, :(
    the amount of compensation awarded, :(
    compensation awarded then reduced by "contributory negligence" :(
    the way it is awarded (refund of the principal) :(
    still saddling the borrower with the Fraudulently made loan :(
    greatly reduces the Banksters $417,000,000 LOSS EXPOSURE

    By how much???
    TOTAL
    $500,000,000 in lending $500,000 per loan
    $50,000,000 max payout $50,000 compensation paid
    $10,000,000 loss on sale 10% are now sold up at $100,000 mortgagee sale discount/loss
    $6,000,000 bank admin costs $150 per hour (all up costs) x 40 hours = $6,000
    $18,000,000 Determinations $18,000 for a Determination
    $2,000,000 other EDR exp $200 other EDR expenses; signature analysis, reports, solicitor costs etc
    $86,000,000 Reduced LOSS EXPOSURE

    Result Banksters still have
    $400,000,000 in lending $450,000 per reduced loan
    $9,000,000 profits yearly generated on a 2% net interest margin

    $26,000,000 Reduced by tax loss $86,000,000 Reduced LOSS EXPOSURE
    $60,000,000 NET Reduced LOSS EXPOSURE

    "The Financial Logistics" on 100,000 $500,000 loans
    $60,000,000 loss on
    $50,000,000,000 loans
    1.2% or
    $600 per loan written
    20 basis points of the 200 basis points or 2% net interest margin over 6 years

    To underwrite the Fraudulent & imprudent loans was always going to be a winning profitable move for the Banksters


    "The Financial Logistics" on 100,000 $500,000 loans
    $60,000,000 loss on
    $50,000,000,000 loans
    1.2% or
    $600 per loan written
    20 basis points of the 200 basis points or 2% net interest margin over 6 years

    To underwrite the Fraudulent & imprudent loans was always going to be a winning profitable move for the greedy banksters

    :(:(Consumers / sheepie were pawns used and then cast aside all to generate obscene bankster profits and bonuses:(:(

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