BFCSA investigates fraud involving lenders, spruikers and financial planners. Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal financial products, however, these loans can leave the innocent customer homeless within seven years. For the past two decades, Ms Brailey, President of BFCSA, has been a tireless campaigner, championing the cause of older and low income Australians who have fallen victims to banking and finance scams. She has found that people of all ages have become victims of faulty lending products and anyone who has one of these financial products risks losing their home.
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YOUR VOICE - YOUR CHOICE www.av.org.au
Australian Voice party is a recently founded Movement that will surpass, in a ripple down effect, every family affected by bank scandals and every extended family member. The protection of our economy, for the sake of future generations of Australian Children, of families, of homes is of paramount importance. Historically for Australia, there can be no emergency or movement greater than this.
Australian Voice is a fledgling political party with an aim to gain a positive reputation through raising specific issues that are felt worthy of by it’s growing supporters and has a preference to work with other political parties, not against them.
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 in Australia. Our work is entirely voluntary in the spirit of community concern and justice.
The apathy of economists right now is galling.
I do not know what I have to do next to ring out the bells on the Village Green that the Tsunami Wave of debt has already landed on our graceful shores.
The previous blog from JJ suggests we cannot be certain deceit has entered the mainstream mortgage market, but perverse incentives are evident right next door.
As I answered the Senators' questions in Federal Parliament in Canberra (8th August) one thing was of concern for everyone present:
What if my dire warnings, based upon the evidence BFCSA presented to Parliament are correct? The corruption of Low Doc Loans and the Australian property markets by bankers, intent on casting blame on borrowers and brokers in order to avoid their own liability, is one key issue.
However, the question remained: had that same infection reached the FULL DOC MARKET inhabited by at least 36 Banks and Non Banks including the four Majors, namely Westpac, CBA, ANZ and NAB?
I sent a survey to all my BFCSA Members: the results are in.....from a healthy sample of 700 Members, 10% of their loans were doctored by Bank Managers (no Brokers involved) and every one of those Loan Application Forms ("LAF") contain grossly exaggerated incomes.
How is it that every dirty loan was created with an IDENTICAL 80% LVR?
Did Low Income families all wake up on the same day and decide to borrow 80% equity? Of course not!
An even more horrific key indicator of corruption of the banking and finance system:
How did every exaggerated income figure, entered onto the clients LAF, after they signed and without their knowledge or consent, contain an income that matched the affordability figure required to FIT the 80% LVR lending criteria? On every Loan? Are you kidding me?
This revelation is FACT not fiction. The only FICTION going on is the RBA, APRA, ASIC, AOFM and Treasury Bods, all on song telling the Senators: "There are no systemic issues in the Banking sector."
The Senators suggested if the FULL DOC LOANS were also tainted by the same IMPRUDENT LENDING practices, that could be the catalyst for a Royal Commission. Well we have just arrived at that moment.
In my 20 years career in delving into white collar crime in Australia and exposing some of the biggest and most notorious scams to date, this Bankster Scandal eclipses anything I have brought to the Parliamentary Table in the past.
Over $100 Billion of loans are suspect and the full doc market is reportedly worth $1.2 Trillion. There were no audits, according to the AOFM yet the Australian tax payers have unwittingly purchased products that are more than likely riddled with fraud.
Clearly, the Government cannot profit from a fraud. Yet despite this being a FACT, no-one in Government can supply accurate figures of how many loans are of this ilk are bundled into RMBS packages that we have now purchased or, committed to purchase a staggering $25 Billion.
Even if "only 10% of FULL DOCS are tainted, as the BFCSA survey suggests, that adds up to $100 Billion of fraudulent full doc mortgages plus $100 Billion of Sub Prime Low Docs.
A Royal Commission must be called for as a matter of extreme urgency.
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