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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: Sub Prime Lending Aussie Style. Kiwi's are ahead of us in exposing Aussie Bank Bandits

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Banksters, ASIC and the EDR's are all realising the CITIZENS of this great southern land are (oops) waking up now to the fact the so-called NEW LAWS were simply a nasty smoke screen, developed by ASIC and its Bankster Mates, to bury the PRE 2010 bodies of mortgage victims who are now losing their homes at a rate of knots.  New Zealanders have figured out it was Aussie Banks....what wrong with us?  Are we too timid?  Too quiet? Too passive?

OK so we understand:  Its the LITTLE AUSSIE BATTLER vs OUR CROOKED BANKING SECTOR.  The default rate is FUDGED and APRA needs to wake up now!  Defaults are being manipulated by the bankers and refinancing which Commissioner from ASIC told me in Feb 2013 "we have stopped the bankers' refinancing (scam).  Really Wazza?  When did that happen?  I am confused.  You did say Yes Banks are the Engineers.  We agree on that point.

Today a Member writes: "The banks send out a letter asking if we would like to continue with interest only for another 5 years."  Yep its the SAME MODEL of deceit, its the SAME system, SAME calculator, SAME NO COPIES HANDED OUT, SAME fudging of incomes using the serviceability calculator to ahem, satisfy the Bankers Code of Practice that FOS seems to miss out on reading on S25.1 re affordability.  Same game, same intention to deceive.  WHY?  Its the most profitable products the banks have ever seen!  The scam starts with GREEDY BANKERS.

Our Senators need to agree to recommend a ROYAL COMMISSION into BANKING.  They may give us a specific Senate Inquiry into Mortgage Lending Disgraceful Practices.  OK we shall take that as a stepping stone because then the model can be exposed to the public.

THE POINT WAS THE BANKS LOWERED THEIR LENDING STANDARDS TO SUB PRIME TO PROSPER FROM FRAUD AND PREY ON THE ELDERLY AND ASIC AND ITS EDRS HELPED WITH THE PROCESS.

 And another READER tells it like it is:

Whats the bet if you were spruiked at seminars and the likes almost the first line that came out of the crooks mouth was DON'T THINK SUB PRIME CAN EVER HAPPEN IN AUSTRALIA OUR SYSTEM IS SET UP SO IT CANT HAPPEN. I would certainly like a show of hands as to who and how many of you poor unsuspecting that are now stuck right in the middle of SUB PRIME AUSSIE WAY heard that as the opener at these seminars. Its called in their dirty Bankster run education system as the CALM and REASSURE TACTIC once we eat that opening line these sellers of Bank created toxic products have you half way to a sale. Well remember good old US of A the Banks were left holding useless real estate that they could not sell and it bought their Banking and Finance system to its knees. Here of course they were right it doesn't happen the same our Banksters are a protected species even if we did just walk away from our debt and hand over the property we are still left to pay any debt related. 

The Banksters of course do you no favours once the property is repossessed they fire sale it and don't try to assist you as their money is guaranteed. Remember further to this situation is the Government Guarantee if the Banksters were to fail they get propped up by our Government using our taxation dollar, "SHAFTED AGAIN FOLKS". My question to our GOVERNMENT is "are we still going to give the Government Guarantee to the Banks if they are found have committed FRAUD and then FAIL when they are made to repay the people from the "PROCEEDS OF CRIME". These gangsters should be treated no better than any other criminal organisation when the REAL TRUTH is exposed and if it is not exposed then our problems with the TRUTH go much higher. 

Time to clean up our own backyard, at least the Americans have had enough brains and balls to attack their issues front on not allowing even the big players to walk away from their crimes.

 

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  • doyla66
    doyla66 Saturday, 01 March 2014

    Yes, Kiwis are always ahead of the Aussies... and I am not even a Kiwi.
    This is all so very frustrating.. the Regulators know all about it.. Denise alerted them 10 years or more ago!
    BFCSA has new members with FRAUDULENT loans POST July 2010.. so much for the tightened up Consumer credit laws....

    " In July 2010, regulatory oversight for consumer credit protection laws was transferred from the state governments to the
    federal government under the National Consumer Credit Protection Act 2009. The Act largely replicates the previous statebased
    Uniform Consumer Credit Code (UCCC). These laws are designed to protect Australian consumers from predatory
    or unscrupulous lending practices. The emphasis is placed on the provider to ensure that the borrower has the capacity to
    borrow, is properly informed of their responsibilities and that loans are not written in an unfair or misleading manner. Under
    these laws, the provider is to access the borrower’s capacity to repay; all the repayments, fees and charges associated with
    the credit provided (including a change in repayments due to the ending of a ‘honeymoon’ interest rate period). For further
    information see Regulatory and Tax Environment section...."

    https://www.austrade.gov.au/.../Australias-Banking-Industry.pdf.aspx

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