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BFCSA: Police need to Raid the Four Major Banks URGENT to stop docs being shredded

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The Industry & Regulatory Maggots involved and profiting from Mortgage Low Doc  Loan Fraud & dastardly Reverse Mortgages would try and have you believe the key issue is:  that borrowers and brokers are in fact altering 2.7 million loan application forms.

The key issue according to our courts is NOT presenting an application form to the banks.  The key issue is THE APPROVAL.

THE TRUTH IS: The Courts have already ruled the BANKERS are the culprits and THEY ARE responsible for APPROVING the dud documents.

Even if the borrowers and/ or broker agents exaggerated the income on the LAFs, (which they did not in most cases), 2.7 million fraudulent LAFS were approved by Major Banks (85% of the market share of Low Docs).

These Bankers approved these toxic loans aided by a computer approval process and a service calculator, geared to fudge incoem figures to increase VOLUME in lending to benefit the Banks.   AND THAT IS THE POINT THE JUDGES HAVE ALREADY RULED UPON.  

Banks had and still do have a specific statutory duty to REJECT every one of those loans.

I am convinced that if you the borrower even attempted to defraud a bank - these banksters would be on your doorstep within a bank note flash. Remember it is these same luminaries backed by the Regulatory Chief Cop Greg Medcraft, ex banker CEO of Soc Gen, that tried unsuccessfully to tell the Senate there was only 1% fraud (unreported by banks) and "no systemic issues."  Treasury, AOFM, RBA, APRA and ASIC were all on song....they were all lying to Parliament, and why?

As BFCSA Members expose more and more of this Australian Bank Fraud crime scene, we realise the Bankers were in fact the ENGINEERS.  The ASIC Commissioners not only know this to be true and its the height of some recent discussions.  The Public Interest has been ignored for too long.

The Public need to be told the extent of the damage and what the future holds for our economy, in being caught with $$ billions of toxic loans.

THE TRUTH IS:  The Bankers engineered the product and used the broker channel to hide the FRAUD.  Every loan was doctored by a COMPULSORY Service Calculator.  ASIC lied to Parliament again suggesting "the service calculator was an "aid/tool" and brokers bank managers did not need to use it."

As several Brokers tell us, "without the secret Service Calculator – no deals could be sold or approved – no apps written.  We could not pluck the figures out of thin air.  In any case the LAF and the Service Calculator printout and the ICW had to be attached to the LAF or we could not get paid.”

ASIC lied again to Parliament when it suggested "people signed blank forms."  The TRUTH being, people signed THREE PAGE LAFs which agents of banks were taught to present for signature as a first step.  The LAF is in fact an 11 page document and all borrowers were left in the dark and no-one across Australia received a copy of the 3 pages, nor sighted the extra hidden 8 pages.  THIS IS A BANK SCAM.....make no mistake as to where the blame lies.

Gadens like to use the argument of Longobardi.  Poor Mrs Longobardi must have had a crappy lawyer....especially if on discovery sneaky bank lawyers only provided 3 pages of LAF.     She lost and its the only case arguing blank forms, and case decision in favour of the bank....."Dumb Client signed a blank form your Honour......Oh well I guess she deserves to lose her home.  Really?"   So FOS are setting up clients to fail on this one question.

THERE ARE TWO WAYS TO ASK A QUESTION - DEPENDING UPON THE BIAS.  Truth: very few members signed a blank form.  As broker told me in NZ: we were told by bank BDM's "most people will never sign a blank best you fill in the details at the office and then go to home and sign up."  All brokers did this in all states and NZ and only 3 pages were ever sighted by the victim."  

ASIC lied again to Parliament when it suggested the service calculator was a public one.  ASIC simply say it did not intend to deceive!  Senators trying desperately to get their head around this corrupted banking system, may be forgiven for thinking:  its bit misleading.  

When the cover-up of the true purpose and role in fraudulent loan apps (deception at every turn) BFCSA members testify that's a  BIG WHOPPER!

But look at the subtle way its done by CRAFTY ASICKERS in ASIC Supp SUB # 45.1  PG 29 @ 119 :

“Credit providers allow finance brokers access to calculators so that they can ensure consumers meet the credit provider’s lending criteria.


Similar calculators are often provided for prospective borrowers to access online, allowing them to get a sense of how much they could potentially borrow and therefore whether a particular loan or property purchase they are considering might be feasible.”    ASIC Page 29 #45.1

ASIC boasted a TEAM OF FIVE CRAFTY EXPERTS to write that bit: must have taken them days!  Senators have been hood-winked too many times and must be getting extremely fed up with ASIC's drivel!

The KEY ISSUE IS THE APPROVAL, not the FRAUD  so Jon Denovan better stop poncing around with the highly biased bank "alternative" view.  Don't you read court cases Jon?  The key cases in law are against BANKS not Broker Agents.

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  • doyla66
    doyla66 Monday, 17 March 2014


    One giant conspiracy committed by banks and their devious lawyers. I was always under the impression that lawyers were supposed to follow the law and if they knowingly don't then they are braking the law and jail time awaits.

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