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BFCSA
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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.
"Confidentiality is assured."
Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.
Click on the Cluster Map.
Peter Kell, Deputy Chair of ASIC, Dear Pete, you cannot continue the 16 year old crappy suggestion you are doing a CRACK DOWN on crooks. You can no longer look at an advertisement and hand out a parking ticket to a Major Bank.
Oxford Dictionary: CRACKDOWN A series of severe measures to restrict undesirable or illegal people or behaviour:
a crackdown on white collar crime. Pete a CRACKDOWN it does not suggest a parking fine for an ad!!!! But we should have a CRACKDOWN on dud regulators!!!
A CRACKDOWN IS WHERE YOU LOOK AT CONSUMER LOSSES AND RUINED LIVES, instruct the AFP, ROUND UP THE BANKERS, THROW THEM OVER THE BONNET OF THEIR FANCY CARS, HANDCUFF THEM AND HEAD OVER TO THE CDDP.
I explained this to you in our 2004 meeting in the Melbourne ZOO, remember? Let's get a move on! Its not about saying "oops adv is a tincy wincy bit misleading. Its looking the the ruination of people's lives and the damage caused or about to cause. So why no action against all the misleading material that monstrous Madoff type Bankers sucked consumers into the $100 billion (plus) of losses in the Australian BANKING CARTEL MORTGAGE SCAM? You want to be Chair one day Pete? You need to lift your last 20 years Game. When you moved to Choice for three years in mid decade - you never spoke on any of these things and yet as ASIC heavyweight moving to Choice you were never ever on the Consumer's side. NEVER. I was watching you. It was Choice's darkest moment. So you were sent from ASIC to Choice to spy on them? Certainly the "weird" move netted zero for consumers interests and caused me pain in having to keep going and doing your JOB.
Comment: The Bankers are at the coalface of DEBENTURE PONZI SCAMS too. Better have a look there - again!!!!!!!
Here is a TIP: The Banks' developer clients were building too many units and there was a BIG glut. Banks had to teach brokers to become BIG TIME developers with aid of lawyer.
Most brokers never got passed the land bit and were left in bankruptcy after Bank Cartel seduced them with low cost loans that became HIGH COST death traps. Sound familiar? Even Al Capone had an attorney! Bank had no liability they said (lies of course) and Peter you and your mates at ASIC sided with the Banking Cartel from 1998 onwards.
But developers that rose to the occasions were greedy morons running PONZI's but then we had the DISTRESSED PROPERTY SYNDROME.
Bankers encouraged the use of their prized broker channel to target ARIPs (Pensioners) who had no financial experience, but YOU permitted Bankers and developer Ponzites to label them SOPHISTICATED and then you Peter said: "ASIC has no jurisdiction" remember the meetings?
Pensioners were then shunted into buying the distressed properties and valuations were kept covertly in the bank vaults but were in fact $100,000 over valued only so the CONSTRUCTION INDUSTRY could get paid by the distressed developers, who then had BIG supply of ready made "investor buyers" who would lose the unit and their homes within 4 years but meanwhile NEW CONSTRUCTIONS, NEW DEVELOPMENTS and everyone wins except the VICTIMS:
Retirees who were intentionally enticed to invest in the BANK MADE PONZI to invest in the seed capital for DEVELOPMENT COY, and provide no liability for developers
Pensioners who were enticed to use equity in their debt free home and BUY THE intentionally over-inflated dog box UNITS
Retirees who were intentionally enticed into become buyers and also intentionally enticed into the share market and back to banks for margin loans. More grief for consumers and no grief for PONZI COMPANIES SET UP TO COLLAPSE at a later date but provide NO LIABILITY for CONSTRUCTION COMPANY
Sellers of these products were untrained in high finance and had no idea the future chaos looming over the heads of them and the customers. Are we saying 100% of the sellers were crooked and would cheat their own parents and grandparents out of their homes? Not a chance!!!! You could get 3% rouges in any industry BUT 100% of the creating wealth industry? Not on your nelly!
Good plot though - keep the borrowers, buyers, spruikers and sellers uneducated and on "L" Plates as "investors and buyers." Sellers purchased the faulty, fraudulent products, after listening to the bank sales spiels!!!!
WINNERS: Banking Cartel says NO LIABILITY, Managers in development Debenture scams after massive $300k plus salaries and perks and fast cars, say lets collapse the company and start the next one - ain't this fun!!!!
LOSERS: Mums and Dads - 0lder persons who used to have retirement money (some modest) and all owned their own homes and mostly NO DEBT.
Now the economy has to provide pensioners for RETIREES that would normally never need assistance. And, the economy has to provide housing - tents or caravans - because housing list is over bloated, to PENSIONERS who four years ago owned their own homes no debt.
AND THE BANK PLAYS ON
and we are kept busy in the back room and worried about more consumers entering the banking and finance minefield. This email address is being protected from spambots. You need JavaScript enabled to view it.
BRING ON THE ROYAL COMMISSION INTO ALL BANKING DEVELOPMENT CONSTRUCTIONS PLAYERS
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we approached our Westpac bank manager & asked why they approved our application for a loan on an investment property after we requested a copy of the valuation 3 months ago ($380k). Surprise, surprise, the valuation was $85k less than they lent us, plus they very kindly threw in a $25k buffer loan on top of the $464k 30 year interest only loan "just as a back up in case we need it". Our Westpac bank manager roared at us & said "don't put this back on the bank, the application would have been approved on your assets at the time (our home). If you want to blame someone, blame the broker!" As if we weren't feeling fragile enough without this brute of a man roaring at us and everyone in the vicinity being able to hear him. I can't even walk past the bank now without shuddering. Now here we are 2 1/2 years down the track after signing on that wretched dotted line, already thousands of dollars out of pocket from a property that is not performing as well as we were led to believe in the sales pitch ... AND just to top that all off my husband lost his job earlier this year. At nearly 68 years of age he is unable to find employment so we cant claim tax on the property now, the house was damaged in a break in recently, and being in Queensland the insurance is massive and only a "high end" company would insure it. At 63 myself, I can only work 2 days per week due to health issues which are compounded by all this stress and trying to service both the investment property & our own home on low incomes. The current market value on our investment property?? You guessed it .... $380k ... so if we try and sell ... We owe the BANKSTERS well over $100k. To say I hate the bastards is an understatement!!!
You were lucky you actually got someone to talk to you although abusive. We could not get any sense from Nab whether through the FOS or on our own merits. Mostly questions were left unanswered. Our Broker/Loan file has never been discovered and I now know for a fact that certain parts of our loan file were altered to suit the requirements of Nab so the loan would get over the line. These alteration/ falsifications were Nab generated and concealed from us. The Broker it appear was in it up to his neck as well. We have now found out that although the signed Broker agreement stated he was an accredited Broker he apparently is not. No record can be found of his existence and Nab cannot provide any verification and have dismissed this as LOST. What a load of rubbish. I really think that it would be highly unlikely to find a clean loan Nab application. This comes from having dealt with Nab and now being aware of Nab's antics.
Duped
And that's about it (THE SCAM) in a nut shell and approved by ASIC.