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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: Mortgage UnderBelly Exposed - zero Regulatory Control attracting Sub Prime Spivs and Crooks DownUnder

Posted by on in ROYAL COMMISSION URGENT
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Transformation- Posted on Thursday, March 20, 2014  One of our readers:

 

People like Jon Denovan who have the benefit of both EDR/COSL experience and Law like to soften down the nasties of life - like Fraud, lying, common thievery. Many lawyers are like this. eg The 127 Law Firms involved in The Solicitor Mortgage Scams of the 90's and yes, ASIC did nothing, and $2 billion in losses.   Their justification? Conflict is expensive to client and so is court.

Reality? They're of the breed of Australian men who get rattled by conflict and disputes and like life to run smoothly to their tastes and their benefit, of course. Push them hard enough and they can be quite nasty, but they will patronise you to death in the meantime, refusing to take you seriously. That's also why it takes so much effort to get some politicians to take this seriously enough to take real and decisive action to protect the financially vulnerable in our society.

As for Gadens Galaxy "statistics" you're quite right to be asking how they got these figures.   Phoned 2.7 million people? Not likely! Some sort of random sample of 1200? Possibly and OK. But made some of it up? Yep Sure DID.  Contrived answers to suit their own agenda?  "Sampling" is also a technique used by companies to raise awareness of their business and services.

Galaxy Gadens were part of the pre-GFC efforts to bring the US style mass production mortgage conveyor belt to Australia. They are still trying to automate mortgage and finance approvals here especially since the market for this kind of approval has fallen into disrepute in the US Fraud and Repossession cases. Government can't stop them (no real power/disputed jurisdiction/too slow), ASIC has no investment in stopping them, most people are ignorant of the dangers, shareholders/SMSFs enjoy the profits and BFCSA are doing their best to educate everyone about the dangers of irresponsible lending.

We were speculating the other day how many decent Australians were exiting Australia to run their businesses in another country where the Law was truly respected and applied and where caring for one another was a normal practice from the top down .... and then how many criminals were immigrating to Australia under the present laxity/laissez faire/free market economics/caveat emptor (tuff luck) attitudes and where expecting any form of care from government and corporations was going the way of the dinosaurs under corporatised government and law? Any thoughts?

ED:  YES Indeed, we have allowed the American spivs to teach our own low dogs in high places, how to stitch up as many vulnerable Australians as possible: those who own their own homes of course.  Its all about BANKS STEALING HOMES using mortgages as weapons of deceit to commit monstrous crimes on the greatest number of people and steal the greatest number of homes in 4 years or less using a contrived 30 year loan.  And we permitted the FOXES OF ASIC to be THE GATEKEEPERS in charge of the HEN HOUSE!   Pretty easy to understand what is happening from my desk This email address is being protected from spambots. You need JavaScript enabled to view it.   see the bank to broker emails in our BankiLeaks library on the breaking news banner at top of this page.

 

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  • doyla66
    doyla66 Friday, 21 March 2014

    All one needs do is watch the ABC video link of last night's lateline business to know it was another smokescreen interview by ASIC when just 2 days ago the green light was given for banks to freely flog their financial products over the counter again to earn commission and with in-built protection this time. Listen to his words and read right through them for they are all protecting their own skin. Last interview on Current Affair featured Paul Clitheroe and Kell openly admitting they now had all ready to roll on-line to provide copies of LAF's on request! Last night Professor Getsmart was really saying they were all so involved they were too gutless to even try and put a stop to it. He was even stupid enough to let on how his new precious financial literacy program was funded and who by and how and why it even exists! Might as well have come clean and said there are now a few new rules well embedded in the game, things have been tweaked so if anything bad happens it will boomerang right back on you the consumer so if you don't educate yourself or read all the fine print tough luck so make sure you get the message. It is just nauseating having to listen to him ramble on, let alone having to accept what an insult he is to our own intelligence and how he actually believes his own words. Professor Getsmart has been hiding behind his security blanket for a very long time and has no intention of seeing it crumble for if it does I strongly suspect he well knows who has been set up to be the bagman!

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