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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: What victims of LOW DOCS really want - FULL RC PROBE into Banker Engineers of Sub Prime Loans

Posted by on in ROYAL COMMISSION URGENT
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What Consumers really want is ENFORCEMENT OF LAW...............................STOP PONCING AROUND!

Consumers TARGETED by Lenders to entice them into unsafe high risk 30 year LOW DOC HORROR PRODUCTS want one simple thing:  JUSTICE.

Banks across Australia have been permitted by several Governments to approve TOXIC Sub Prime Loans and get away with criminal activity.

If we approached a banker with a balaclava and a gun, we would be urgently arrested.

Its the LACK OF ACTION when consumers are plundered by Greedy Banks and stripped of their home that causes a justifiable outcry in Parliament.  

ASIC LYING to Parliament about the extent of the Banker Theft of homes, has caused the greatest number of submissions to any Inquiry into ASIC. Have a read of the 431 submissions, and still being loaded up on to the Senate Site for the world to read.  Constant references to 'ASIC LIED TO PARLIAMENT"

Yes indeed they did.  ASIC lied for four years over Westpoint, again re Storm, blaming the Brokers not CBA.........................ASIC LIED AND LIED and continue to do so.  Look at the lies in 45.1.............................

The fact that the Senators (not the Lower House) dragged ASIC and Greg Medcraft, Peter Kell and Jeremy Cooper into the spotlight.....is enough to show that some politicians care, and are sick to death of ASIC nonsense and lies.

LYING TO PARLIAMENT is in fact a jailable offence and ASIC smirks its way through plenty of these.

ASIC are not the Consumers' friend and nor are they the Consumers' Protector.   The Senate Inquiry into ASIC is of massive importance but the senators need to be properly briefed on the evidence available.  We do not need more recommendations to tweak laws.  We have plenty of laws.  We need a criminal investigation into ASIC and that can only come from a recommendation that ASIC be sacked as consumer protector as a minimum suggestion.

We need only one recommendation: A ROYAL COMMISSION INTO THE BANKING SECTOR and the Lower House better jump on board!!!!

Governments respond with more laws (not necessarily bright ones).  What consumers are really after is  for lender culprits who sponsored and promoted the craftily engineered fraudulent mortgages, to be rounded up and jailed.  

No need for red tape...only governments responding and taking action to enforce existing laws. Very simple really.

Consumers demand protection from Spivs and Crooks in the Banking Sector and from corruption of the regulator.  We also need a Federal Consumer Protection Bureau with a  dedicated SERIOUS FRAUD OFFICES - capable of rounding up Crooked Bankers.  

Without the above we can all expect more of the same and more homes lost and how does that assist the economy?         This email address is being protected from spambots. You need JavaScript enabled to view it.

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  • doyla66
    doyla66 Thursday, 20 March 2014

    Duped

    Government must get on board now, sort ASIC out and take consumer protection from them, they have been a complete failure in that area. FOS and COSL must use initiative and adjudicate cases properly and fairly and for starters give the bank seconded lawyers the flick, they are always going to rule in banks favour, what do the ordinary staffers think of having them having a say in outcomes as it's taking away from their own intelligence. Do it now as the broom will be swept through you as well and dead wood will be burnt.

  • doyla66
    doyla66 Friday, 21 March 2014

    Government scared of the skeletons in the closet but they are supposed to be there for the people

    As I see it and as many others see it neither party wants this exposed "THE BANK FRAUD" because too many of our politicians have links to the scandal as both sides of politics have allowed this problem to manifest. There is so many elements and passed legislations that have contributed to this underhand asset snatch committed by our MAJOR BANKS as they sneakily allied our MAJOR PARTIES to get tweaked legislations through that would eventually contribute to the BANKSTER CAUSE. The most recent of which being the beyond belief legislation that the Gillard Government allowed through un-noticed that the BANKS now can and do DESTROY YOUR ORIGINAL DOCUMENTS AND CONTRACTS. Of course this is to streamline BANKING and improve efficiencies "ABSOLUTE CRAP" it is merely a rouse to destroy the evidence as electronic files can be manipulated where "wet ink copies require white out" and you cannot disguise that. The latest effort as we all know should have us all running scared, well done again Government the new "LATE PAYERS/BAD DEBTORS LEGISLATION" just another BANK CON, they the BANKS will point the finger at people like US that are victims of their fraudulent practices. We all have struggled to pay bills let alone the dirty mortgages we are fighting to save but that information will be filtered into the new system even if we have sacrificed everything to eventually clear debt we will be considered high risk and either ineligible or considered only for products that attract massive
    interest rates. The BANKS will justify this as fair and reasonable by stating our poor records without notation of how we were originally put into that situation. Even if you were to win your case in the regulatory EDR system or via a court ruling it is still not clear whether your record will be returned to clean, best ring your local MP for some clarification on that one.
    There are links on both sides of politics to align them to the current problem of malfeasance and imprudent loans being approved by BANKS that have shifted goal posts to give themselves a totally unfair advantage over the common punter. Many of our politicians may purely be guilty by the sheer ignorance of the true motives of our Bankster brigade and the reasoning behind their need for what seemingly at times were small changes to a law or piece of legislation. Then again there has been moments of complete stupidity such as the former treasurer's push to sell the completely toxic product of the RMBS, sorry cant find an excuse for that one. Now that probably brings me to another point at the last federal election there was much made about issues of the bungled insulation affair by Mr Garrett, the mining tax by Ms Gillard put in place after they said they would not. With what could only be described as a blunder of epic proportions and could have won the Liberals power alone based on this issue, nothing was ever made of the cancelling of Wayne Swan's pet the RMBS as it would have implicated both parties and it would have given direct exposure to the BANKS. There are many more issues and instances of us as citizens being whitewashed and being left vulnerable, exposed by the lack of real law to protect decent hard working Aussies. When you consider our King Regulator Mr Medcraft is the greatest advocate and an engineer of the Securitisation market you should not expect too much help as his true alignment you would think would be with the Banking Industry. The only way we the people will ever get justice or a true appraisal of what and how these products of mass destruction were allowed into the market to destroy lives and ultimately the state of our country's economy is with a wide and open terms of reference Royal Commission into the Banking and Finance Industries.
    So it is with a feeling of expectation and yet trepidation I feel that such a burden be placed on our Senators to call for the truth and that being the entire truth to be placed on the table for all to see. I feel sue they know this can only be achieved with a Royal Commission.

  • doyla66
    doyla66 Friday, 21 March 2014

    So obvious! It must be stopped and we do not want more of the same. Brokers set up by Banksters, Borrowers set up by Banksters. Aggegators hide the service calculators.....................so obvious

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