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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: Will Senators ask Peter Kell and Greg Medcraft to sign a BFCSA Enforceable Undertaking to TELL THE TRUTH?

Posted by on in Consumer Confidence Meltdown
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ASIC ARE FAILING TO NAIL A BANKER.  ASIC ARE FAILING TO WARN THE CONSUMERS.  Instead Kell is intent on blaming the Broker, blaming the borrower, creating sham and biased "studies" - the usual nonsense of course.

Peter the more you tell porkies about Mortgage Bank Fraud / Toxic lending by Bankers the more you will be recorded and exposed by us.  You are inflaming the situation not solving it.

Eleven years ago we discussed this and you agreed the clients deserve a copy of the LAF at point of signing....precisely the reason there needs to be a Royal Commission into all ASIC hierarchy / luminaries who are conflicted by the word "TRUTH."

Its a widespread ASIC disease.  Here is another gem from your MOB:

BORROWERS have been warned about a disturbing rise in fraud by mortgage brokers who are pushing up incomes and falsifying other information on the promise that it will help clients secure a dream home otherwise out of reach.

The corporate cops will today announce they have rubbed out two brokers - one from Sydney and another from Melbourne - bringing to eight the number banned in the past three months. The total the eight have sought - using dodgy tax assessments, fake pay slips and other fictitious documents - is $15 million.

News Corp Australia understands that as part of an ongoing "crackdown", the Australian Securities and Investments Commission has a further 15 investigations underway, one of which involves hundreds of suspect loans valued at several tens of millions of dollars.

ASIC has received tip-offs from the public, rival brokers and lenders, plus information from the Federal Government's Australian Transaction Reports and Analysis Centre, or Austrac, which monitors large movements of cash through the economy.

So what are you doing about compensation for the victims Pete?  You asked Jon Denovan for unbiased opinion?  LOL

Tell Jon I have copies of his comments that he used the broker channel to send out advice to the Brokers, knowing his Banker clients had set up the entire scenario....blame the broker if waters get rough.  If Storms approach, blame the hapless borrower!

Bring on the Royal Commission into the Banks.   Denovan & his Gadens partners should be first on the stand in front a retired Judge.  Now thats fair - to consumers.   This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

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  • doyla66
    doyla66 Friday, 07 March 2014

    Gfs246

    There is all this media about the brokers......
    I don't get why they are not asking the questions?
    So yes, we get it, your blaming the broker ......BUT why is no one asking WHY the banks are clearly not checking all information that the broker submits? One call to the applicant as DB has been saying for years.

    I am no Einstein ..... But are these people just playing dumb?
    Yes, blame the brokers but the banks are approving the loans with no verification.....

  • doyla66
    doyla66 Friday, 07 March 2014

    All part of the big smokescreen GFs and using the same old tactics and the same old script they did after earlier investigation into the matter and a report they put out eventually blaming brokers for all then going on with mortgage loans which was starting to leak out and letting their bankster mates escape scot free rather than nab the lot of them and put a stop to it. It's how I got caught with all the adverse publicicity then going on with Brokers for 3 years after my husband had died I had a mortgage with a lender I knew little of, it was still in joint names and the lure of giving re-financing a shot with ANZ to get it into my own name to avoid any complications down the track when and if I did sell AND to know it might end up with a major bank was worth giving it a shot when the suggestion was put to me. Just pathetic aren't they when it's the major banks who own and control most of the smaller Banks and of course all the large broking firms also. They just HATE competition and being under suspicion and are doubtless working now on putting brokers out of business by making even more people mistrust them so they can control absolutely everything themselves. Evil once again running amok I'm afraid to catch the next round of victims as they re-cycle all those toxic loans and try and clean them up with a whole lot more of them expected and well they know the truth in that for it's not just home loans they need to worry about is my strong gut feeling!

  • doyla66
    doyla66 Tuesday, 11 March 2014

    We Seem to Hit a Concete Wall

    We all have solid evidence that seems to be ignored....

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