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BFCSA: Major Banks caught with pants down: Mortgage Scandal/Crisis unravels. Which regulatory DUMBO lawyer told Major Banksters its OK to shred ORIGINAL DOCS?

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A salutary lesson for all Politicians, no matter the political colour.   Members of Parliament better start waking up to constituency unrest as unemployment rises, mortgages default, victims start demanding LOAN APPLICATION FORM copies ("LAFs")  because the rest of the world started to figure this out in 2008.  

Fall out in Australia, will be huge.  Everyone with a mortgage will start asking for their faxed copy of the original LAF……………………….then say (as in the United States sub prime debacle) "if you Mr Banker, were dumb enough to shred the original files then how can you prove what is going on internal to your Bank and how can you prove this was a prudent lend?   Ooops.

Banks for a decade have told Brokers:  "do not keep the wet ink originals and do not send to us!!!   SHRED THEM under Privacy Act da da da………………."  Oh very messy!.

 Intention to deceive had many faces!  Now banks are telling FOS and COSL “docs are missing.  We only have copies of copies of faxed copies……………………………….that have been altered by staff in staff handwriting and, we scanned new versions, but we do not wish the public to know we have been doing that and oh....definitely we cannot let SHAREHOLDERS know we were doing this for 14 years with the blessing of the Australian Securities and Investment Commission ("ASIC").  Dumb shareholders do not know, dumb borrowers do not know and dumber Brokers haven't a clue. We made sure of that."  How did Shareholders THINK we were making all these lovely bagfuls of profits?  WE did this for shareholders...................errr and for bonuses of course.  Everyone got paid.................even Al Capone had an Attorney.  Our lawyers tell us that without documents then we can just do a stat dec to tell the courts we used to have the documents but the regulatory DUMBO's said its OK to SHRED!  Yes, even we cannot believe they fell for it but someone was well paid I guess."

Happily for the customer/victims of Mortgage Fraud (on every loan) .......the fax mark proves the interference's and fraud occurred in most cases after the document was faxed to bank: ie an INTERNAL FRAUD controlled fraud by EXECUTIVE LEVEL OF BANKING SECTOR

AND there are 36%: no broker involved and even those “docs are missing” say EDRs.  Problem for Banks is this: BFCSA Members amassed and collected over 1000 of these horrible LAFs before the shredding took place in 2010.

So which regulatory dumbo gave the order that SHREDDING ORIGINAL MORTGAGE DOCUMENTS is OK??????????????????????????

So commenceth the Great Aussie Bank Heist unravelling……………………………

Memo to all State Attorneys General:  We need you to take class action against the banks as occurred in the US to assist people in having their mortgages annulled.  Very simple really: Consumers have been shafted in every state.  Consumers need fair and equitable chance to seek Justice.  The Attorney's General need to stop further property bubbles from spreading............................and homelessness in the 50 - 100 age bracket.

Expect to hear from us.  Members are restless and ready to move forward......................If Banks cannot produce the original documents there is NO proof the loan was prudent and masses of evidence to suggest all of this was contrary to S25.1 of the Banking Code.

Its a no brainer....a doddle.   This email address is being protected from spambots. You need JavaScript enabled to view it.


"Yes this is hard to believe I know but according to well versed sources our dirty Banksters have cut a deal with political dimwits to allow them to destroy your original documents and replace them with system electronic copies.

I have just been informed that our politicians in their infinite wisdom found it acceptable to allow our salt of the earth honest Banks to get rid of customer originals (wet ink signed copies) and scan everything into their computers for records. Nothing untoward here just purely for convenience of course when you have any form of dispute how can you now prove that the signature on that copy is really yours, photoshop can do amazing things. I just cant believe our politicians are that stupid or was this all part of the plan from the start.

I know it sounds like a major conspiracy theory but how deep does this asset grab go is it just the Banks or are the Government just as much part of the game. Everything is pointing to setting up a massive st ing on t he greater population the Banksters perpetrated the crime and our Government helping to cover the tracks with ridiculous decisions to take the individuals only form of verification away THEIR SIGNATURE ON THEIR DOCUMENTATION.

A scanned copy of any nature can easily be tampered with is that the reason for Banks making a request of this kind, the majority of a file could be electronically stored but the pages written in your own hand and signed in wet ink MUST BE RETAINED IN PAPER COPY. Crooks Banks shame on you for making such a request its as bad as taking a vacuum cleaner to a murder scene and idiots Government how could you pander to such a request, this legislation must be rescinded immediately. A request of this nature can only be for the good of one party THE BANKSTERS and I still find it hard to absorb that any contract can even be considered valid if the original signed dated and approval by both parties is not retained.

It should be considered that any loan that has had the original documentation destroyed has been done that way for unlawful means, the customers involved should have the opportunity to view their entire file, should that file contain information that is not completely true and correct that mortgage should be dissolved. As we have all found as victims of low document loans most or all of the information was produced and manipulated to suit the loan requirement and eligibility, not the real information that we had supplied.

By being allowed to use scanned copies, information can be left out altered again from what we have supplied or manipulated in any way to suit the Banksters requirements then document altering programmes can be used to neatly place our (or at least what looks like our) signatures into place. This is just going to add another element for investigation for the Senate Committee to look into, in the time between now and the investigation though this practice sho uld be s topped immediately. It is yet to be made clear exactly when this was legislated and by whom but it is certainly a poor decision that needs investigation and removal, it advantages no one bar a crook looking for a way of manipulating things to their own advantage"

Sean W:    

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  • doyla66
    doyla66 Sunday, 15 December 2013

    Food for thought.......

    Once upon a time there was a Chinese emperor who wanted to send valuable presents to his cousins who lived in far-off lands. However, he was worried that the merchants would substitute cheap copies en-route. He had his chief locksmith create a set of small boxes which had a very special type of lock. The lock needed two keys, one to lock it and a different key to unlock it (this may seem a bit strange but you have to admit the possibility). The emperor had only one 'lock key', but had many copies of the 'unlock key' made and sent them to all his cousins. Now if he wanted to send a present - for example a vase, he had his artists make drawings of the vase and put them in the little box. Then he locked the box and sent it with the vase to his cousin. When his cousin got the present, he unlocked the box and checked the vase against the drawing. Provided everything matched, he knew it hadn't been tampered with. The emperor must have sent it because only he could have locked the box in the first place. He knew the vase hadn't been replaced because he had checked the very detailed information in the box. But how did the cousin know that the unlock key he received in the first place was really from the emperor? The answer is simple. The emperor used the same system to send out the unlock keys. However, this time the little box with the picture of the key in it came from the chief locksmith. The chief locksmith's unlock keys were widely distributed and everyone had a copy somewhere in their house, so nobody could substitute a fake. When the cousin received the key from the emperor he unlocked the little box using the chief's unlock key, checked the picture and put the emperors key on his keyring safe in the knowledge that it was genuine. What have Chinese emperors got to do computers? As implemented in the computer world this gets mind-bendingly complex. The equivalent of the picture and the box is a computer file called a digital signature. The equivalent of the chief locksmiths box and picture is called a certificate. The equivalent of the chief locksmith is a central certification authority such as Verisign, Inc. However they can delegate to other authorities so you potentially get a chain of certificates - called a certification path.get the drift??? From

  • doyla66
    doyla66 Sunday, 15 December 2013

    Despite all the security measures these systems are not immune to tampering. There is real concern over the digital loan applications due to the lack of hard copy, in most cases. Best to print out the digital copy and sign a hard copy - it will probably stuff up their system with any luck! The introduction of this system should have rung alarm bells for anyone who knew how the US sub prime fraud worked. Of course Australia has no real regulation in the lending industry of any use to consumers so caveat emptor means "open season" to fraudsters, including mortgage and lending criminals. I hope our Parliamentarians are reading this and taking notes.
    Then there's the digital titles and conveyancing system, which should put the cold shivers through anyone who has been through a titles stuff up. As I understand it even Banks and of course lawyers have access to the records and can make "adjustments" to titles. Just hoping they will conform to their industry standards and self-regulate is nothing like true regulation or supervision. I'd call it total abdication of the duties of those in office who have been entrusted by the uninformed majority to control illegal conduct in all industries and have so patently failed in this commission.
    Basically technology could have been a good servant but has often become the bad master. It has induced laziness and administrative malpractice. Our LAFs are a classic example. So are the standard letters received from the dull and disinterested at ASIC. Rather than expecting humans to adjust to the technological takeover it's time we took back our power and reined in the technocracy and illiteracy that has created a generation of administrative morons and widespread acceptance of what we know to be fraud and forgery, extortion and mindlessness.
    This is our legacy for future generations. Tedious it may be, but plain old pen and paper has saved many a fortune. And just like the Chinese emperor, nothing beats the real thing and putting in "belts and braces" practices to ensure the map and the territory match each other ie. reality. That spells Death to the Bankster House of Cards. :)

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