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 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?