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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: ASIC investigating low level lenders for same crime as Bankers' Crime - unaffordable Loans to steal homes

Posted by on in Dumb ASIC
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Indirectly this story has some correlation with the Lo Doc lending practices of the banks.

 THE nation's second-largest payday lender is being probed by the corporate regulator over allegations it has doled out loans that can't be repaid.


"Under the National Consumer Credit Protection Act's responsible lending obligations, providing money to people who likely cannot repay is banned."

 

Financial Services Minister Bill Shorten said he couldn't comment because of the ongoing ASIC investigation. He was, however, "extremely proud of our reforms which offer better protection to consumers, through the first ever national cap on interest rates for payday loans".

The Payday lenders get prompt attention from ASIC. Where as the Banks are shoved in the too hard basket for ASIC.

Am I missing something here?? 

ASIC hovers over these Payday lenders like a Hawk with Consumer Law Protection Act. Yet cower under the desk when pushed to do something about the banks..

 

http://www.news.com.au/money/money-matters/payday-lender-cash-store-probed-by-asic/story-e6frfmd9-1226658350450

 

Seems to me for ASIC when come to the banks,,,,,,,,,,,,,,run!!

Mort----gage

A very MIFFED victim

 

 

ALL TO HARD

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  • doyla66
    doyla66 Thursday, 06 June 2013

    ASIC 'made aware' by lender whistle blowers of contrived "credit assessment calculators" but ASIC's love affair with lenders continues unabated! --So what action packed response has ASIC's Peter Kell & cohorts taken to curtail this systemic blight inflicted upon borrowers? ---

    "As for the corporate regulator's probe, The Cash Store said it had an "ongoing relationship'' with ASIC for two years."

  • doyla66
    doyla66 Thursday, 06 June 2013

    Bill Shorten is well aware of the no doc, low doc, full doc fiasco, I have an official request to him from our local M.P. requesting full access to all documentation assocated with our LAF. I'm not holding my breath for a satisfactory result considering I have a copy of a letter Bill Shorten sent to a fellow bfcsa member when he was the Attorney General. This letter states we recommend you seek independent legal advice ( sound familar). No matter what portfolio these ministers hold it all boils down to one problem, DERILICTION OF DUTY, they are supposedly there to help us and not avoid us. If the response from Bill's office is unsatisfactory I have also sent the same request to Mathias Cormann so I've backed both sides and wait with baited breath for a result. In reality I'm not expecting much from the pollies and know I'll get more results from being a member of bfcsa and Australian Voice party.

  • doyla66
    doyla66 Thursday, 06 June 2013

    ASIC: Do the Maths on more widespread Bank Broker "errors"

    Pay and cash lenders - no collateral on loans? Only security promisory notes?
    Different to pawn brokers who hold goods pending repayment by borrower?

    From the perspective of the lender and risk to lender, home loans can be repaid/redeemed multiple ways:
    - according to contract, regular payments from borrower (and parallel deposit accounts, offsets and something like credit swaps)
    - selling mortgaged property
    - LMI
    - securitisation and investment
    - refinancing

    ie. incapacity to repay has been assumed to be a breach of contract issue - now some hardship provisions - ABA offering help from banks - if then you can't repay it you have to sell you property - plus consumer laws ... all ok and covered from ASIC/govt perspective ...

    ASIC/Government/Banks have not gotten to grips with the maths of inherent lack of affordability built into the loan from the beginning and unbeknownst/unbelievable to borrower, securitiser, investor, property owners and the whole domino effect right up to ASIC and Australian Government.
    More of these "errors" ?
    Or just a co-incidental and unfortunate by product of rampant rogue brokers who spent many years trawling for victims and raiding their homes and bank accounts?
    Could we give ASIC, Bill Shorten and everyone some examples of how the lack of ability to repay the contract was built into the loan set up?

  • doyla66
    doyla66 Friday, 07 June 2013

    Common-denominator: Banksters "corrupt-loan(mortgage)-approval-calculator", 90%-100% approved loans "infected"

    Lisa maths parallel to global recall of 242,000 faulty TOYOTA(braking problems)-But no ASIC enforced recall over 200,000 'faulty' mortgages, models engineered/marketed/distributed between 2003 - 2013, ...go figure? ..and aggrieved home owners -- and/or "homes lost" re-former-lawful-owners -- treated as "collateral damage", because politicians addicted to the seat of power, ---and banksters have captured most of them hitherto.

    "The two models were manufactured between March and October 2009."
    http://www.dailytelegraph.com.au/news/breaking-news/toyota-recalls-1650-cars-in-australia/story-fni0xqi3-1226658041883

    The affected drivers will be contacted by the company in July as parts become available and will be advised to contact a dealer for an inspection, said Toyota spokeswoman Beck Angel.

    "The vehicle will be inspected and if needed the brake booster assembly part will be replaced at no cost," the spokeswoman told AAP.

    It comes as part of a global recall of 242,000 Prius and Lexus hybrid cars.

  • doyla66
    doyla66 Friday, 07 June 2013

    Good example, Andy.
    ACCC in conjunction with ASIC should have called for borrowers to bring in their loans for testing and possible replacement? Or ab initio refund? I guess it depended on the particular fault and whether they wanted to keep the loan.
    This failure led to more consumers buying into the lender/borrower market.
    It put more consumers' wellbeing and even lives at risk.
    In a car manufacturer this would be met with outrage and legal action from consumer regulators and massive media reactions and warnings.
    The failure of government to address these issues appropriately has cost lives and billions of dollars.
    It is not too late for government to take the appropriate action against these Banks for their faulty products and their gross misconduct in stealing money and homes illegally.
    The ASIC/FOS/COSL system of financial compensation must finish now. It defies natural justice and principles of law. It is unacceptable.

  • Denise
    Denise Friday, 07 June 2013

    Just remember that Peter Kell is left to deal with a justifiably angry "mob" backlash because Medcraft flew off to Russia and Warren Day flew the coup for a few weeks, just as Parliament wanted to ask a few questions. Bank Engineers all jumped ship in 2008. That means they left the stench of all this behind them. Going to eb a BIG clean up job as all banks and non banks affected with toxic loans [email protected]

  • doyla66
    doyla66 Friday, 07 June 2013

    It still amazes me that all involved have gotten away with what they did for so long!
    And how they expected Australians everywhere to put up with it and pick up the bill as well.
    Both sides of the house - maybe not all of them were in the know - I'm looking forward to their explanations.
    Such is the power of party politics combined with money?
    Or were they simply afraid?

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