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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: White Collar Crime by Computer: # of Bankers ASIC has charged - jailed? ZERO

Posted by on in ASIC'S Negligence
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The biggest crime of all in this country is Australian Securities and Investment Commission's negligence in protecting consumers from predatory conduct in the Banking and Finance sector.  Bankers manufactured dirty mortgage loans and marketed these faulty products via the broker channel.

ASIC KNEW the crooked bankers had set up the Brokers and Borrowers to take the blame when the sub prime lending scandal eventually emerged, from  the subterranean depths of evil.  ASIC were duplicitous in the scam.  They covered up every step of the way knowing older, low income Mums and Dads (ARIP's) were the target.  Those who were fortunate and worked hard to own their own home.

You may say these people were the backbone of our nation - proud Australians.  Yet ASIC permitted the banks to be untouchable.  Treasury covered up as well, so they could both blame one another.  ASIC briefs Treasury once per month and we can only guess the deception going on in those meetings.

For this scandal to reach an expected 100,000 people losing their homes, someone was "on the take."  Insiders suggest its closer to 200,000.

BFCSA discovered documents to show parents were being asked to pull equity from their homes to provide loans to grown up offspring.  How many of those are there?  Bankers were willing to approve anyone with security of an asset - their homes, knowing Low Docs would see them homeless within five short years or less.

36% of toxic loans were written by Bank Managers and Staffers - no broker involved and now Banks are cutting deals breaking the law and brokers find themselves competing against the evil banks.........................so everyone has to write dirty loans to compete or as Bank BDM's told brokers: "unless you do it this way you won't make any money!"  We at BFCSA know the model and have witnessed the carnage!!!

ASIC will still not lay charges against the Lenders who approved the dodgy loans.

Bankers say: "most Low Doc loans are settled within 5 years."  So why have them as 30 year loan products?  

The truth is quite evil....the intention to grab as many homes as possible and sell off, rendering the client homeless.

The the Bankers bleat to the media: "people intend to downsize after that...."  Yeah right!  Downsize to a caravan or tent - or the streets?

People living in cars like the mighty USA?   "But there are very few defaults" - the banker magicians bleat and then FOS backs them up: "85% of people settle their 'dispute' with the bank."  NO THEY DON'T!  Another monstrous lie.  

The homes are handed over quietly behind closed doors, more "confidentiality agreements" are drawn up to cover up the criminality of the deal.

Our Banking and Finance system is grand farce.  What regulator permits the crook to demand the victim hand over their major asset based upon the crooks fraudulent white collar crime documentation?

Then the victims is blackmailed into keeping quiet!!!!  In some cases the banks then finish off the carcass by throwing the poor bugger into bankruptcy.  ASIC stand by and clap their hands and probably hold hands out for a "remember yer mates" handout.

What nation allows this grand theft to continue against its own citizens?  Australia does.   Time to wake up.  This email address is being protected from spambots. You need JavaScript enabled to view it.

Message to ASIC:  How much were each of you paid to bury the bodies?

 

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Comments

  • doyla66
    doyla66 Thursday, 13 February 2014

    gfs246

    THE BANKS MUST BE MADE ACCOUNTABLE FOR THIS MESS.
    THEY MUST EXTINGUISH EVERY TOXIC LOAN WITH THE BILLION DOLLAR PROFITS THEY MAKE. THEY HAVE PROFITED FROM FRAUD...... and made our lives a living hell hole.....while doing it......
    THE SECRET IS OUT LETS HOPE THE MEDIA RUN WITH IT

  • doyla66
    doyla66 Friday, 14 February 2014

    ASIC have one hell of a lot to account for, urgent Royal Commission please Senators along with a good dose of Epsom Salts to flush them out. Will be most interesting to see how many newly unemployed people are in for the same big shock we have all had to experience thanks to the gross incompetence of ASIC who cannot even decipher their own rules and regulations or - is the real truth they can and they do for they are who make them? Most people do not even know they are a victim of the rampant mortgage fraud that has been running rife for so very long and is still running rife under the watch of ASIC until their source of income is stripped from them so please note that very well Senators for this is just the start of a lot of very ugly truths being exposed. I have been hearing a lot of people in the know reporting on radio that the real unemployment figure in our country is not 6% but more like 16% and every single day it just keeps on rising! Just another premeditated slip of sticky fingers it seems under the watch of ASIC where a 1 is conveniently added in front of the true figure in stealth to cover up for what they have allowed to happen. It is never ever revealed that they include people who work for as little as 1 hour a day or one day a week and all casual workers in employment figures do they? Did anybody pick up the big hint yesterday by the way when Joe said "the Government (should have said the Australian people) now have very few revenue producing assets left BUT he has been told we own an awful lot of golf courses"??? Do not have to be a rocket scientist to work out what else is on the big asset sell off asset hit list so looks like soon to join a golf club or even play a round of golf will be unaffordable for everybody - with the exception of dream stealers and favoured mates of course!

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