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BFCSA
MORTGAGE
DISTRESS SOS

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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: Broker / Bank Relationship EXPLAINED Reasons for everyone to FIGHT BACK

Posted by on in Consumer Protection Disaster
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Hi Members,

Can someone please explain the broker / bank relationship again. 

I am currently trying to put together further arguments regarding my 3 varying LAFs which was filled out by my broker but Westpac is saying that they relied on the informaton that was provided by the broker & that the broker made the changes in the LAF - shifting blame onto the broker.

Also could you please explain about the Serviceability calculator & who enters the information from that into the system.

Thanks.

Gina.

The Perfect Bank Scam.   Denise Brailey explains:

Broker was set up by bank.  We do not defend Brokers but the culprit of the devised evil system is the Banks.  See our above chart designed by Bankers.   Bank Engineered service calculator devised the FUDGED FIGURES for broker to believe they were englobo (futuristic - may or may not be possible to achieve) figures. 

Brokers across Australia are instructed by banks to copy the new income figure from the bank engineered calculator and hand write on the LAF.  Broker sees nothing wrong in this.....they are just following bank orders and borrowers are then told to blame the brokers.............neat as.  The Perfect Bank Scam.  The Broker is hauled off to jail for fudging figures and the banks claim they were innocent.  Ah dear! 

FACT: 85% of bankers doing this AND continuing the scam under current laws are ANZ, WESTPAC, CBA, NAB.

FACT:  36% of toxic loans are engineered by bank managers/staffers: no brokers involved.

FACT:  18% of total toxic loans are FULL DOCS and NO Broker involved.

Time Australians were told the truth about Mortgage lending and de-regulation

FACT:  De Reg meaning no consumer protection.

FACT:  How many Bankers have ASIC prosecuted for this scam which is now in its 14th year?  NONE!!!!!   

FACT: See Schmidt - Broker is agent of the Bank....................see the INCOME VERIFICATION STAT DEC.  Banks hired Brokers to pick up the ID documentation without which "the deal could not be processed"....................according to insider bank emails........................we have copies.

Read the next BLOG for the rest of this article.................................if you dare.

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  • Denise
    Denise Saturday, 05 October 2013

    Hi Gina, You need to email me and ask those questions. As a member you are entitled to ask me regards [email protected]

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