NSW Contract Review Act 1980 had provisions for finding of  UNJUST CONTRACT and the Khoshaba case was the first one through the gate around 2005.  The case also won on Appeal.  The Streetwise case was based on similar lines but added IMPRUDENT LEND.  There was little remedy for consumers living in other states, other than unconscionable conduct.   I pointed this out to Authorities and ASIC, years ago.  

The Banks knew that only NSW victims could get mortgages extinguished and other states were left with little remedy except for UNCONSCIONABLE CONDUCT whereby consumers could be slugged for "contributory negligence."  .  Eventually, the Federal Government framed new laws for similar consumer provisions (as in UNJUST CONTRACTS) for all states - NCCP ACT (2009).  YET WITH ALL OF THIS FRAUD GOING ON, ASIC wanted to be fair to Bankers and gave the industry a YEAR MORATORIUM - time enough to write up more dirty loans.  

The NCCP Act enacted by Parliament was framed by the villains who caused the crisis.   The Act was to bring relief to long neglected consumers. However, and here is the rub, the ONUS of ensuring the Loan Application details were true and correct and not added to after the document was signed now falls with the Broker!!!!!!  Lenders had a BIG HAND at framing these new laws.  Consumer consultation and involvement: ZILCH.

All of the cases won by consumers  to date:  Khoshaba, Cook, Kotevski, O'Donnell, Di Benedetto, Tavares, (all NSW), Vandenbergh (WA), Schmidt (Vic) and one in SA, were all won AGAINST THE BANKS.  The Brokers were not involved in these cases.

The Brokers did not know the BANK OFFICERS were pumping up volume and fudging information AFTER the LAF was FAXED to the Bank.  Those Bank employed credit assessors were the key witnesses in those trials, as to their own mishandling of these loan approvals with zero regard for checking AFFORDABILITY and serviceability of the loan.  The Bankers are the scandal.

The NEW NCCP LAWS firstly suggest that BANKS do not have to hand over copies of the LAF!!!!!  Love that one.  AND Bankster Lawyers (even Al Capone had an Attorney!!!) have used that against consumers in recent times.

Secondly, The ONUS of correct paperwork rests with Brokers.  Does this mean that if the Bank Officers, driven by obscene bank bonuses and incentives, alter the income figures, as they have done for a decade, using the Bank engineered Servicability Calculators the Brokers will be taken to court and the Judge never gets to hear or see the Bankster's testimony????

How can the consumer then sue the Broker who is broke by this time?  No remedy there.......Banks get off Scot free and permitted to lend as per normal: dirty lending practices.......more victims for BFCSA to look after.

So consumers can now jump for joy:  ASIC finally used the NEW NCCP LAWS against a Broker.......whooppeee dooo!!!!  Could be a maximum fine of $11,000 for using a service calculated $200,000 income for low income earner AND possible 2 years jail........

So WHAT ABOUT THE BANKS?????  Government legislators on the advice of ASIC decided to protect the banksters at all costs.  So ASIC is now crowing: "we will get tough!!!"  Huhhhhhhh?  Its the Banksters stupid!!!  Our fiels are the proof of that statement.

Where is the CONSUMER PROTECTION?   Oh I see, The Banksters promised to be good boys and girls in future and, the brokers will be "punished."  Of course, this means the Banksters get away with all their illegal LOAN MORTGAGE FRAUD activities - no punishment for the manufactured money crowd.

All the consumer victims for the past decade, 100,000 or more are told: "Bugger Orf you pesky people. The dirty secret of IMPRUDENT LENDING has been exposed thanks to BFCSA Members BUT we Banksters can now "honestly say" no systemic issues since 1 July 2010 as we promise to be good little banker wankers from here on in.

ASIC picks on a couple of Broker Bunnies - easy targets - and tells the long suffering public: "look we are finally doing a modicum of work....$6000 fines.....parking tickets again."  ASIC love "nice and easy...."  Next time ASIC bleat about the New NCCP Laws - whack them down into their burrow.

COSL (Credit Ombudsman's Service Ltd" are also on song with ASIC and just as useless: "we only help Non Lender Bankster Members.  We can only look at the New NCCP Laws - post 1 July 2010 - or we can take action under old UCCP laws if you are aged, disabled, or no speaka de English.  Consumers not wanted."

What about the consumer?  How do the New Laws protect the consumer or even bring about relief for Queenslanders for instance, where no case against Banks has ever been won by the consumer - not one case - not even on UNCONSCIONABLE CONDUCT.

Victims cannot get funding from anywhere to take the Banks or Brokers to court to have mortgages extinguished.  That is precisely the protection we seek.  With the ONUS on Brokers, Banks can say unjust contract by broker but we are not to blame so still entitled to collect the debt....and the old "we have been lending the funds in good faith."  The High Court did not take kindly to the Bankers' "in good faith" argument.

Perhaps decent lawyers out there may want to correct me regarding the NCCP and I am open for discussion........

THE BANKSTERS have yet again manipulated the system to avoid scrutiny, thanks to the Federal Government.  

Dear Prime Minister, you need to get on a plane and come and see us........please mark the journey with some urgency.

For consumers, not only is this deplorable situation unbelievable, but its like living in Disneyland!

We battle on.  Hang on to your hats its going to be a bumpy ride.

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