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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: When she was 98, Westpac signed her up for a 30-year mortgage

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Why you're never too old for the banks

Date June 1, 2013                         

Michael West  Sydney Morning Herald

Business columnist

Heather Simmers turned 102 years of age this week. When she was 98, Westpac signed her up for a 30-year mortgage. Lending that personal touch, the bank manager even made the sojourn to the Clem Jones Nursing Home in Bulimba to sign up Heather for the ''Rocket'' investment loan.

It may seem an act of supreme optimism by Westpac to be providing a $440,000 loan facility to a customer who would soon receive her letter from Her Majesty. Yet it is not beyond the realms of possibility that Ms Simmers may have met her obligations.

The greatest authenticated age to which any human has ever lived is French woman Jeanne Louise Calment, who was born on February 21, 1875, and died at a nursing home in Arles in the south of France on August 4, 1997.

Had Jean Louise signed up for Westpac's Rocket package at the age of 98, she could plausibly have met her obligations by the time she passed at the age of 122 years and 164 days - assuming she made early repayments. It is an attractive option of the Rocket facility that extra repayments can be made at any time without charge."..............

" On Monday, we will reveal the results of an investigation into low doc lending in Australia, along with emails between banks and brokers - and claims of widespread forging of loan documents.

The banks and regulators have their stories ready. They question the credibility of those making the claims and blame any irregularities on ''rogue'' mortgage brokers. The victims say the banks are the puppet-masters in a widespread systemic rort and the brokers are merely their agents."

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  • doyla66
    doyla66 Saturday, 01 June 2013

    Looking forward to Monday - go Michael West! Savage the Banks and our useless regulators with my blessings :)
    While you're at it, how about bring our political representatives up to date with Australian life in the 21st Century.
    They're still waffling on with rubbish about how Aussies don't like "dobbers" and how Aussies don't like regulation.
    Moderation is the key to it all. Intelligent, informed and pragmatic Australians know that there is a time and a place for dobbing (telling the truth), protection (for decent and vulnerable individuals and industries) and appropriate regulation and strict enforcement for the benefit of the vast majority of Australians who don't have MBAs or degrees in complex banking, law and jurisprudence. Commonsense must prevail eventually - even in Canberra!
    Isn't it about time that politicians understood that the quiet majority still think that it's the job of government to get on with their job without supervision - thus no one hears much from them. That doesn't mean they condone the choices of govt - far from it. Often they feel powerless to change anything.
    The rest of us have learned or had it burned into our souls that if we leave government to do it unsupervised we will have more of the current mess, waste, destruction of lives, abuse of the weak, punishment of captive victims, woeful decisions, inappropriate bills, puerile parliamentary behaviour, "Law of the Jungle" and a government that eventually lurches from one crisis to another.
    So clean up the mess first, right down to the bleached bones, and then let's get this country on an even keel. No country can continue to maintain the myth of prosperity or derive strong foundations from lies and coverups, while trying to brainwash us into believing we're something that we aren't. Big reality checks coming in the media from now until Christmas, hopefully getting the heads of pollies out of the clouds, our economic well being out of the hands of the self-interested crystal ball gazers, taking from the wrong doers to replenish their victims. In short the restoration of balance and curbing of excess power and greed.
    Reviewing our history to this point will set us on a course based in the real world.
    After that I'll bet Australians will heave a sigh of relief as the middle path suits the vast majority of Aussies, allowing us to get on with our lives working together to rebuild our former prosperity.

  • doyla66
    doyla66 Saturday, 01 June 2013

    Banksters Crime of the Century: "Swap Meets ~ for rice powered grannies tuning the Big 'C' "

    "Go West young man/lady" & pick up a copy of SMH "truth serum" Monday to inoculate against Bankster 'rabies' transmitted thru ASIC,AOFM,FOS,COSL,APRA & our beloved TREASURER Hon.Wayne Swan MP -- all of which apparently possess retirement savings immunity from 'rabies' outbreak.

    Remarkably -- amongst other despicable things -- New Customer "Bank-Loan-Accounts" were created thru Lender identified & nominated as deemed "authorised broker-agents", notwithstanding wilful breach of Anti‑Money Laundering & Counter‑Terrorism Financing Act 2006 ("the Act"):-

    In my instance, the banksters deemed "agent" [aka it's described "Checking Officer"] failed to "sight nor obtain any identification documents in accordance with clear statutory obligations. --I could have been a terrorist or major drug dealer [or even an illegal "boat refugee"], exploiting the bankster "designed & directed" lax procedures in establishing "Aust-Bank-Loan-Accounts" --no doubt many a real terrorist/money launderer alike, have been 'laf-ing, laffffing, laf-innng' all the way down to their local 'Wiggles' piggy bank - then perhaps with menace aforethought, God forbid, conspiring to "blowing it all up to Kingdom come" --now that would be ironic, especially when Aussie Little-John broadcasts via loudspeaker... "we'll save ya". ---ummm, then again if only the bankster 'hierarchy" are in shop having a "Dirty-Underwear Swap Meet" ????

    ---The Terrorist?Money Laundering Act states for example under Division (7)--

    "... a reporting entity may authorise another person [read:"FSP's-designated-rogue-mortgage-broker", albeit, aka terrorist cohort] --to be its 'lawfully entrapped' agent for the purposes of carrying out (duplicity) applicable customer identification procedures or identity verification procedures --on the reporting entity’s behalf."; and

    (Division 4(1)(a) which states;

    " ...a reporting entity (read; "bankster") must not commence to provide a designated service to a customer if there are no special circumstances that justify carrying out the applicable customer identification procedure in respect of the customer 'after' the commencement of the provision of the service."

    Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 (AMLCTF):-
    "The principles of agency" ~ Identification procedures:

    Division 4—Identification procedures etc.
    32 Carrying out the applicable customer identification procedure before the commencement of the provision of a designated service.
    (1) A reporting entity must not commence to provide a designated service to a customer if:
    (a) there are no special circumstances that justify carrying out the applicable customer identification procedure in respect of the customer after the commencement of the provision of the service (see section 33); and
    (b) the reporting entity has not previously carried out the applicable customer identification procedure in respect of the customer; and
    (c) neither section 28 nor section 30 applies to the provision of the service.

    Division 7—General provisions
    37 Applicable customer identification procedures may be carried out by an agent of a reporting entity
    (1) The principles of agency apply in relation to the carrying out by a reporting entity of an applicable customer identification procedure or an identity verification procedure.
    (2) For example, a reporting entity may authorise another person to be its agent for the purposes of carrying out applicable customer identification procedures or identity verification procedures on the reporting entity’s behalf.
    (3) To avoid doubt, if a reporting entity provides a designated service to a customer through an agent of the reporting entity, the reporting entity may authorise:
    (a) that agent; or
    (b) any other person;
    to be its agent for the purposes of carrying out the applicable customer identification procedure or an identity verification procedure in respect of the customer on the reporting entity’s behalf.
    (4) This section does not otherwise limit the operation of the principles of agency for the purposes of this Act.

  • doyla66
    doyla66 Saturday, 01 June 2013

    Hey Andy, did you find out what the "special circumstances" were ie. for having ID documents ...
    How the heck did you get a loan without ID?
    It appears we many have gotten a loan without signatures, securitised and all - still waiting to hear whether the lender's homework was eaten by the dog or run over by the SPV ...
    Like your thinking on infection. Looking at the PBS Frontline series from Mort I kept thinking: these sick b's have infected our banks and bank staff and our communities with their inhuman zombie brainwashed amorality. Dirty trade indeed.

  • doyla66
    doyla66 Saturday, 01 June 2013

    Yes Lisa, abuse of the weak, ignorant and gullible but good honest people. It is the lowest of the low for the educated so called high powered executives to take advantage of the innocent who cannot fight back because of lack of money and/or education.
    It is the responsibility of our Government to see that it's people are treated fairly and just. What a massive disgrace for our Government to turn a blind eye and pretend that there is no problem.
    Thousands are suffering having fallen prey to the fraudulent activeties of the grossly infected banking system and yet our Polititians continue to ignore our cries for help.
    Bring on the Royal Commissoin with wide terms of reference so our country can begin to return to it's former state of normality.

  • doyla66
    doyla66 Saturday, 01 June 2013

    Well said, Ali.
    Even for the educated, it's possible to be flummoxed and sold lemon loans by smooth talking brokers, especially when it involves a Bank. Most of us didn't know the Banks were actually ratbags, out to make money any way they could.
    There is no way our government will get away with what the US government apparently did. What a trusting mob their voters must have been! What a massive tragedy.
    Rest assured we will kick, scream and give 'em hell if they touch our homes, our families, our limited resources when neither the government nor the Banks have any risk or any skin in the game. All our contracts are paid out, their documentation proves fraud, we're just the tiniest tip of the Bank fraud iceberg.
    A possible solution: don't ask, beg or entreat our politicians or regulators for help - tell them what their job is, tell them what we want and keep an eye on them until we get it. That's what Banks and big business do (plus veiled threats, of course.)
    It's time Australians stopped being so nice and PC to Banks, bureaucrats and corporate bullies - they deserve everything that is said and done to them if the broker, bank, loan insurance company, spv trust and all their staff can write a 30 year loan for a 98 year old woman without compunction.

  • doyla66
    doyla66 Saturday, 01 June 2013

    (They question the credibility of those making the claims and blame any normal industry practices on ''rogue'' mortgage brokers)

    If an activity is performed often enough with out correction it must be considered NORMAL or USUAL or ACCEPTABLE. So don't blame the BROKERS "doing what has to be done for a long time to get the deals" . The Banks gave the the loan their final approvals and handed the money out unverified! Banks incompetence!!

  • doyla66
    doyla66 Sunday, 02 June 2013

    Then, having repeatedly refined "normal" and then attempted to confuse/brainwash (overused word but true) us and others into believing that their view of reality is the only view, we are the outsiders, the suspects and even accused of credit fraud.
    They picked the wrong person to try that stunt on :D
    That's one of the reasons I refuse to talk to them on the phone, one to one, and without at least one witness who had a very clear head.
    Apparently their techniques have worked on politicians and bureaucrats, to the gross detriment of the Australian people.
    My financial counsellor described dealing with credit staff as being "weird, like cult followers and very unpleasant, especially when you don't share their joy about their company". I know what she means. Good to know it's not me who is crazy!
    I feel a bit sorry for those who snap out of it later and realise what they did in "trance state".
    Now how do we snap our pollies out of it before they agree to do anything further to damage Australia and Australians?
    And where do we find the psychopaths who thought mind control was an acceptable way to treat vulnerable staff, to mobilise an army of compliant and habitually courteous corporate zombies on the world?
    This is not science fiction - unfortunately it's fact. That's why it is so disturbing for many of us to deal with the Banks or to realise how dangerous this is. And it's not only the Banks who have used these methods of capture ...

  • doyla66
    doyla66 Sunday, 02 June 2013

    Thousands upon thousands of fraudulent loans which should never have been approved must now be extinguished.
    Bank's incompetence, greed, indecent, unethical with no moral responsibility for others.

  • doyla66
    doyla66 Monday, 03 June 2013

    Signed up for a mortgage at 98 years of age! What a despicable bank. Were they hoping to stress her to death just so they could get their grubby, greedy hands on her title deeds? Who cares what stories the bank had lined up ready & prepared? Just the very act that they did this, is in itself a most deplorable act of banking. There are not enough words in the English dictionary to describe the lowliness of such an act.

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