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BFCSA
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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: John Stewart "legacy issues." Bankers invented the GFC Sub Prime Lending and then said "we did not see it coming." Do you believe this nonsense? Where did they think their $20 million bonuses came from? Yes indeed it came from FRAUD and Misery of other people.

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http://www.crikey.com.au/2008/07/31/briefly-business-john-stewart-john-mcfarlane-gerry-harvey/?wpmp_switcher=mobile

Thursday, 31 July 2008

Briefly Business: John Stewart

by Crikey

BUSINESS

Stewart bids adieu, leaving his own “legacy issues” . A couple of weeks ago, this column opined that NAB boss, John Stewart, had one of the cushiest jobs in corporate Australia. As it turns out, the Scot’s gravy train was derailed last Friday when NAB would write down its interest in US mortgages by $830 million. In explaining the loss, Stewart told Sky News that:  At the time we decided to invest, all the investments were rated AAA… so there is no fault in the initial investment. What actually happened is that no one believed that the US housing/mortgage market would melt down in the way that it has. We have to accept that credit agencies could not have predicted what happened… it is unprecedented.

No fault in the initial investment”? That’s a bit like standing over a body, holding a smoking gun and telling police, “I didn’t do it.” John Stewart, the man who took home more than $8 million of the folding stuff from NAB shareholders last year, effectively outsourced his job to a couple of conflicted ratings agencies (“we’ll invest in anything  — so long as it’s rated AAA”). Leaving aside the issue of why NAB was investing in US mortgages in the first place, this isn’t the first time S&P and Moody’s have been wrong.

Trusting ratings agencies (like NAB did) is akin to buying a used car, and then getting that car checked out by a mechanic paid for by the bloke selling the car. Ratings agencies were paid by those packaging securitized debt — if the ratings agencies clamped down and rated the bonds how they should have been rated, business would dry up. Sadly, no one explained this to Stewart, or his band of executives who collected more than $30 million last year. — Adam Schwab

 

read more  http://www.crikey.com.au/2008/07/31/briefly-business-john-stewart-john-mcfarlane-gerry-harvey/?wpmp_switcher=mobile

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    setup Sunday, 17 August 2014

    The bankers will say that they did not see it coming but in truth subprime lending was deliberately created for the sole purpose of repossessing homes causing hardship and misery.

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