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BFCSA: How Fraudulent is Your Mortgage? Ask Skippy the Computerised Loan Fudger and Firstmac

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A little FACT reporting today comes from repeat offender FIRSTMAC:

Firstmac told FOS this week: "Firstmac had no duty to advise the applicant and was entitled to rely on the figures provided in the LAF."

As part of its approval process, all loans are subject to its debt servicing calculator which assess assets and liabilities etc....."

I hate to say we told you so, since 2002.  One by one, Australian Banks are now admitting  Our COMPUTER fudged all our FIGURES.......

Aha: Skippy the Computerised Loan Fudger         No humans, but Android Bank fraud! 

Onya Firstmackers....nice attempt to excuse your own magical mystery tours into debt and financial ruin for all your customers   You employed a COMPUTER to APPROVE LOANS? really?  You admit that now?  Why did you mislead the Judges of the High Court on that little point?

Anything else you would like to fess up to before we call in the Australian Federal Police............ yet again?

Banksters have no shame.  They create a monstrous fraud in 1991 and in 2013 its still going.  The Government approved a couple of laws but NO enforcement of law against the Bankster Engineers.  The truth is that the legislative changes enacted by Parliament in 2009, were delayed from implementation until 1 July 2010.  This was a feeble Government intention to pretend there were no consumers protection laws in place against the Banksters going back decades.   Bollocks.  Two things for the consumer to look for: "is the signature on my Loan Application Form ("LAF") forged?  Are the financial figures insanely fraudulent and added by either Bankster or Broker or both, after you signed and without your knowledge or authority?  

You be the Judge.  So far over 1000 BFCSA Members have been unable to find an actual CLEAN LOAN....not one....all LAFs had been intentionally tampered with.  Consider this: why was it necessary to hire broker/agents and Bankster Business Managers if not intention to be deceptive by the Bankster Masterminds: to take all risk and no responsibility!

Why were new laws necessary?  To make it look like the Government was attempting to clean up Bankster activities?  Now how can that possibly work if no enforcement of law except to ping an average 10 brokers a year?  Its the Banksters stupid!

We have suffered two decades of no enforcement of law against Bankster.  You are all set up to lose homes within seven to ten years.  We know that now.    

This Australian Farce of Fraudulent Banking activity is the fault of NO ENFORCEMENT.  Why did the Government give the Banksters a one year Moratorium - a help card which guaranteed no action?  Was that in consumers best interests who were being stung by the Banksters if they were one hour late on payments they could not afford?

We had strong laws governing "affordability" criteria to promote PRUDENT LENDING so the banks set up SKIPPY to be the fall guy/roo!

Why were BUFFER LOANS AND LINE OF CREDITS NECESSARY to hep pay payments with the Bankster's own money, if not to fudge "affordability" provisions of the "Australian Banker's ludicrous Code?"  Once again why have a Code if no enforcement by ASIC or APRA?

These Banks must falter under the weight of their own crimes.  The Government regulators know that when a Mortgage is written and fudged and approved by "Skippy the Calculator,"  it takes three - five years of buffer monies for the loan to IMPLODE and a disaster and financial ruin awaits the hapless consumer of the product.

ASIC admits the Banks are the Engineers.  I have been saying just that, for over a decade.    So why have consumers tolerated this diabolical situation?  Because when they complained to ASIC, ASIC threw their valid complaint letters in the regulatory bin and advised Parliament that there are no systemic issues.

Now that's called a COVER UP of a $100 billion scandal.  That's only 10.3 % of the total mortgage market so no need to panic.  This email address is being protected from spambots. You need JavaScript enabled to view it.



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  • Denise
    Denise Saturday, 23 March 2013

    So NAB, Westpac, ANZ, Macquarie, ING, La Trobe, CBA, GE Challenger etc all had Skippy the Android Computer Income Figure Fudgers approving all their loans? Really? [email protected]

  • Denise
    Denise Saturday, 23 March 2013

    Mortgage Scandal Mess. Government must agree to FREEZE all loan repayments pending outcome of Royal Commission into Banking and Finance. [email protected]

  • Denise
    Denise Saturday, 23 March 2013

    Big Question Is: How does the Government intend to clean up this Mortgage Scandal Mess? All loans MUST be extinguished immediately or at the very least frozen pending a ROYAL COMMISSION into all our Banks [email protected]

  • doyla66
    doyla66 Saturday, 23 March 2013


    The Federal Government has sat on their hands and done nothing to stop fraud in the banking industry for decades now, both Labor and liberal have shown their worth. With the troubles in Canberra this week now would be a good time for the government to stand up to the banks and call a ROYAL COMMISSION into the banking industry for their unscrupulous fraudulent ways of robbing Australian citizens blind. Corruption has to stop now. Fraudulent loans must be extinguished immediately and banks held accountable. Labor's slogan is looking after the working class, so please demonstrate what you preach, it's time to make a name for yourselves, and it would also be a vote winner. I think you need plenty of those? Australian public would certainly appreciate it

  • doyla66
    doyla66 Saturday, 23 March 2013

    On the ball again Denise.

  • doyla66
    doyla66 Saturday, 23 March 2013

    I asked "Skippy the loan calculator" how much we would be able to borrow,(for the record every bank has a Home Loan Calculator)if you want to check what your borrowing capacity is go to your banks website and fill in the gaps.It will tell you truthfully how much you can AFFORD to borrow,because you give it the correct information.
    How much could we borrow according to Skippy,$134,000 so why did the the bank lend us $500K,yep they fudged the figures,without our knowledge.Ironic isn't it that we are left with a debt that we could never afford in the first place and all because the greedy banksters saw a clean credit history,an unencunbered property that come hell or high water and by any other crooked means to get this loan on their books.
    Your signature is absolute gold to the banks once they have it. The bank can do anything it bloody well wants,because they helped write the laws that govern them,gives me the absolute S#1#S.
    Remember the Neil Jenman catch cry "Don't sign Anything" I would add, without legal advice.
    For the record I didn't have a clue about bank lending procedures,when we signed the LAF,I have learned so much over the past 10 years,about how the system works and boy have my eyes been opened.
    Thanks to Denise and Neil,without them we would have been on the street in 2005.
    Tonto Home Loans were the introducer/broker/manager.

  • doyla66
    doyla66 Sunday, 24 March 2013

    For the records....BANKWEST so called Home Loan Calculator on their website spat out we could of only borrow $84,000. SO hows is that we were able to borrow $992,000.???
    Now I can say how this has all come about.....its because BANKWEST manipulated / fudged / fabricated our figures.
    Well good on ya for giving us grief / stress / anxiety / depression and even my husband's heart attack.
    Thanks to Denise & BFCSA for opening our eyes and reliasing that we did not do any the saying goes "YOU SNEEZE YOU LOSE"
    See you at the winner's post!:)

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