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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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Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Subscribe to this list via RSS Blog posts tagged in burification
The Federal Court was scathing in its description of predator "debt collection agency" Accounts Control Management Services [ACM] ~ an agency NAB & ConnBank dubiously engage to carry out it's "dirty-work" against purported debtors to maintain an arms length appearance of "clean hands". However, any such contrived impression could not be further from the actual truth. The court found in its description of the tone of one of ACM's supervisors as "rude, condescending and vicious, no description of this call (and some of her later efforts) can adequately capture the offensiveness involved".  ACM had engaged in repeated threats to inform a debtor's husband about her debt in circumstances where her husband did not know about it and ACM knew that she did not want him to know about her debt. --such conduct constitutes extortion. ACM "harassed debtors, engaged in widespread & systemic misleading & deceptive conduct" in chasing debts [on behalf of Nab & ConnBank] including threats of imprisonment --against the debtor. "The constant references to litigation...
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  • doyla66
    doyla66 says #
    Kyle, I know a borrower who would understand why you see that as a threat. One very distressed borrower new to all this received a
  • doyla66
    doyla66 says #
    CONNBANK do this sort of thing all the time. CONNBANK recently threatened us with:"When are you going to put your home on the mark
  • doyla66
    doyla66 says #
    Kyle "cancel YOUR card", code for "draw-down-available-credit-on-your-card", use it all to pay arrears" = care & diligence abandon
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If ever there was proof of a valid reason for ALL Australians and overseas investors to demand the Federal Government hold a Royal Commission into the Banking Sector it is a blatant ANTI CONSUMER Quote from Mark Joiner: I refer to BFCSA Member "STm's" previous blog:  JOINER states: "NAB has been growing quite strongly in mortgages and APRA shows up quite often to check we are not taking on the unloved and unwashed in our portfolio."   But I guess it doesn't matter if you take on the 'unfinancial'... Hey, why not just add 'stupid and gullible' in there, to really set the tone, Mark. Mr Joiner, your attitude has led to a decade of fraud in Sub Prime lending encouraged we suspect by yourselves and others in the elite of the Banking Groups.  You all rode on a gravy train of Low Doc Lending, riddled with fraud by your credit assessors and led...
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  • doyla66
    doyla66 says #
    We have DOCUMENTARY EVIDENCE to prove the fraud perpetrated by the banks on 100,000 decent Australian families. Bank CEOs - prepar
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Dear NAB You are lying to the public when you say the problems in America are not affecting us here in Australia.  We have the proof and are willing to hold our own BFCSA online inquiry into your activities as to how and why you lied. You may (wrongly) think that because our Members do not have the funds to stand up to you, that you can use the courts to steal homes and lie to the courts and Judges.  The reason you are misguided at best is the fact that your entire psyche is all ABOUT MONEY. In fact your bonuses are all about MONEY You measure POWER in terms of MONEY The manipulated property market that you created and pushed bubble on top of bubble is all about MONEY That the Broker Model will be driven by MONEY....your MONEY and secret bonus structures. That the borrower will be easily defeated and intimidated because they have...
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  • doyla66
    doyla66 says #
    AUSTRALIANS BEWARE. DO NOT BANK WITH NAB. CORRUPTION IS SYSTEMIC WITHIN THE MAIN AUSTRALIAN BANKS. CBA ARE WORSE.
  • doyla66
    doyla66 says #
    NAB executives will rue the day they order the destruction of homes and families. As the world shifts to a more humane approach th
  • doyla66
    doyla66 says #
    NAByourhome (NAB.AX) its gonna get "hot as hell" very very shortly ...... ........a truthful EXPOSE' of your systemic unconscio
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We will be calling for a Royal Commission until such times as one political party agrees to make it a Priority driven Policy.   Those Banksters willing to settle....here are Our Rules of Settlement: 1.  Hand over a copy of the file as a sign of good faith. 2.  Those who have refinanced their loans - the refinance remains their debt are asking to be placed back in a position as if they had never met you. 3.  If you cannot find the missing documents....your problem.....it means you cannot prove what you relied upon to approve the loan in the first place. 4.  The documents which contain fraud - all of the Loan Application Forms ("LAFs") are fraudulent..........your bank cannot profit from a  fraud and therefore you will need to negate all interest, fees and charges, from approval date. 5.  Each of our Members now have a clear understanding of their claim and have a...
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  • doyla66
    doyla66 says #
    Thanks Denise.
  • doyla66
    doyla66 says #
    This makes it crystal clear Denise. Thanks.
  • doyla66
    doyla66 says #
    ....Yes Bankster....the Bank wars have begun......rock your "towers of power" to their very foundations we will....do not under e
  • doyla66
    doyla66 says #
    Thank you for this blog as well Denise. Now I can clearly see where we are headed and I can see light at the end of the tunnel.
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    Friday, October 12, 2012 11:08 AM Bank of China Warns of Ponzi Schemes China's Demographic Peak Birth Rate Comparison China vs. US "China Will Grow Old Before Growing Rich"       Bank of China Warns of Ponzi Schemes The Ponzi schemes and off-balance sheet loans in China's banking system are in the forefront of today's news. Reuters reports Bank of China executive warns of shadow banking risks. A senior Chinese banking executive has warned against the proliferation of off-book wealth management products, comparing some to a Ponzi scheme in a rare official acknowledgement of the risks they pose to the Chinese banking system. China must "tackle" shadow banking, particularly the short term investment vehicles known as wealth management products, Xiao Gang, the chairman of the board of Bank of China, one of the top four state-owned banks, wrote in an op-ed in the English-language China Daily on Friday....
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  Fat, Cats and the Cream Friday, 9 November 2012   Albert Einstein once said, “Wire telegraph is like a very, very long cat, you pull its tail in New York and his head is meowing in Los Angeles. Radio operates in exactly the same way: you send signals here they receive them there. The only difference is that there is no cat” yet, despite almost one hundred years of technological advancement and much virtual cat tail pulling on my part I have, until this week, remained both impatient and noticeably void of any communication on the subject of my Halifax Bank of Scotland mortgage miss-selling case or my complaint sighting unfair practices within the Financial Ombudsman Service.   Regularly experiencing, firsthand, the lack of regulatory impetus which continues to halt the complaints progress for the individual, it has been no surprise to hear that not only are global financial...
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  • doyla66
    doyla66 says #
    The lack of specific complaint statistics doesn't necessarily reflect the true situation, in Australia or anywhere. Thus the provi
  • doyla66
    doyla66 says #
    FSA investigating mortgage 'misselling' By Bridgid Nzekwu Updated on 20 May 2008 Financial watchdog confirms to Channel 4 News tha
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Dexia bank needs billions in new capital
  Further help cannot be ruled out says minister as lender is handed third bailout amidst mounting losses   Simon Neville The Guardian, Thursday 8 November 2012 20.02 GMT       Dexia bank has been given billions in new capital by France and Belgium. Photograph: Julien Warnand/EPA Franco-Belgian bank Dexia has been given a third bailout as the repercussions of the banking crisis continue to shake the financial system four years on. The French and Belgian governments will pay €5.5bn (£4.4bn) to take near-full control of the bank, once the world's biggest municipal lender, after it reported a nine-month loss of €2.39bn. The institution lost €11.6bn last year due to its exposure to sovereign debt across Europe, and contributed to Belgium's credit rating being downgraded after the French and Belgian governments guaranteed €90bn of loans. The latest bailout involves Belgium paying €2.9bn and France €2.6bn, leaving them guaranteeing 51.4%...
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Australian Office of Financial (mis)Managememt [AOFM] pretend to be "none the wiser", but Australia's tainted derivatives market stinks to high heaven. However, notwithstanding the ridiculously obvious, the ever smart Govt [by half] decided in late 2008 to place substantial taxpayer cash "bets" on this twisted caper via it's AOFM [on-going] toxic programme purchasing an astonishing $15b to $25b of fraud-laced, ratings distorted [FedCrt2012: S&P liable] residential-mortgage-backed-securities{RMBS]. These RMBS 'liar' products are increasingly complex - to evade the truth, avoid liability - with associated absurd risks being taken in this Govt folly of buying-up "site-unseen" tranches of tainted mortgages - as favours to banksters - with these "risks" being hidden from regulators and the public alike. In Aust local councils were able to gain a court judgment against the rating agency S&P because S&P gave knowingly false triple-A ratings status to a complex set of derivatives. In essence the rating agency chose not to declare & appropriately factor-in...
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Posted by on in Bank Collapses
  The collapse of rural financier Banksia has highlighted the critical role of auditors. Now a new rule is likely to radically change the industry, putting greater responsibility on auditors' shoulders. That will help investors, but at a price.   An example of the new rule [if implemented] --Auditors would write up issues that might have been raised in the audit committee but which, until now, never found their way into the accounts. It will provide more information on a company for investors. would apply to what’s termed as “public interest entities” which would, at minimum include listed companies but could also extend to large non-profits [others]"   Roger R wrote: "Self-regulation doesn't work; it's because it fails that so many industries always want it. Many financial catastrophes and long and costly investigations would be avoided were auditors not merely honest, but also competent. Knowing how and where money was received and spent...
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  • doyla66
    doyla66 says #
    Great post, Andy. Too many failures by auditors. Auditors' licences too easy to get through ASIC? All Auditors are fallible - if t
  • doyla66
    doyla66 says #
    Another good post Andy.
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"The Bankwest Job" ~methodology~        On 26 Oct, 2012 --out of the blue, CommBank marched out a letter en mass to it's beloved "[LowDoc] Investment Home Loan" customers, alerting them of a "name change" [without explanation] to the loan species in concert with impending 0.25% interest rate increase --effective 14 Dec, 2012 ["the ConnBank letter"] whilst maintaining a neutral position on commensurate "Investment Home Loans". This action goes against the grain of "falling" interest rates, and if indeed genuine in nature [not] could have otherwise been more harmoniously achieved by executing a "neutral" bias towards the newly labelled "LowDoc Investment Home Loan" concurrent to last months "rates reductions" and/or "future" rate cuts expected. So why [if applicable] did ConnBank choose to agitate their "valued" customer base by executing an inflammatory regime to achieve it's "changes" when commercial "best practice principals" would ordinarily dictate otherwise? Conclusion [unequivocal]  The ConnBank letter is both a cloaked de~facto "letter...
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  • doyla66
    doyla66 says #
    ...I sense a movement on the Dark side of the Force.....the banking monoliths are stiring slowly.....CONNBANK in relation to is St
  • doyla66
    doyla66 says #
    Andy, your conclusion is 100% spot on. Yoda is also correct with his example. We also got the letter from CONNBANK. We also got ph
  • doyla66
    doyla66 says #
    Good post, Andy, and a timely warning for CBA's GFC 2. Watch all the others try the same.Thick as bricks and so damn obvious. Pu
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Macquarie Group is barging back into the mortgage business with Mark Bouris' - [credited with opening up the non-bank lending market thru 'Wizard' which sold to GE for $500 million] - Yellow Brick Road as it's 'prop': Following a trading halt yesterday YBR announced a new deal with MacQ that will allow it to distribute $billions in mortgage funding and will see MacQ manufacture the loans, no doubt in a manner  "to make the [home-loan] deal fit"  --a practice known to include widespread falsification of prospective customer "loan application forms"[LAF] --a system engineered by MacQ to "wilfully" steal homes from our fellow Australians. Home loans within the "non-bank" sector, are destined for securitization thru the secondary market{RMBS}, and sold as a purported "clean asset" to the Aust Govt [taxpayers] knowingly purchasing $billions of tainted RMBS thru it's AOFM entity, spuriously labelled as "AAA Rated" by the likes of Standard & Poors [Fitch & Moody's] ratings agenciy, whose...
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  • doyla66
    doyla66 says #
    Yellow Brick Road ... what happened to the sweetheart deal between Firstmac and Macquarie? And mentioning S&P & tainted securities
  • doyla66
    doyla66 says #
    it's all like same story, kicking the can down the yella~belly~brick~road[wall]..."out" all of the crooks in home mortgage space..
  • doyla66
    doyla66 says #
    CONSUMERS BEWARE - DON'T GET ON THE YELLOW BRICK ROAD. IT WILL LEAD YOU TO RUIN..
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White House,: Barack Obama used innovative methods of organisation to win big --and emphasised a lot of digital innovation in his own campaign which enabled him to access more followers and donations. Five tech trends employed by Barack Obama’s election campaign:~ 1. Gather the data. Then use it:~  Obama’s team put it to their advantage, coordinating the teams deciphering this data with the people in charge. How using big data to analyse what people actually wanted could influence business decisions. In fact, they were so important campaign spokesman called the data crunchers “our nuclear codes” 2. Put all your databases in one place:~  the campaign spent time creating a single database that could be used by pollsters, fundraisers and other officials.The benefits of this type of system are huge. You get more accurate results, you can spend your money more efficiently, and it results in less waste. 3. Target the most effective customers:~ target your customers better by coordinating databases,...
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  • doyla66
    doyla66 says #
    Great post, Andy. The well annotated database is the most valuable item in any marketer's kit. In the olden days a "high tech" cam
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Australian Banks need to learn to value their frontline staff. Unrealistic expectations, abusive conduct, bullying, intimidation: Bank lending industry must be forced to address their appalling track record of misconduct toward both staff and borrowers. FOFA legislation must apply to lending conduct and products - not just investment conduct and products.   _______________________________________________________________ "It is unconscionable that a bank has a best interests duty to its investors but does not owe the same professional duty to its borrowers." _______________________________________________________________     - 1 -Submission toSenate Economics References CommitteeInquiry into the Post-GFCBanking SectorSubmitter: Geoff Derrick (National Assistant Secretary)Organisation: Finance Sector Union of AustraliaAddress: Level 2, 321 Pitt street Sydney NSW 2000Phone 1300 366 722Fax (02) 9320 0094Email: This email address is being protected from spambots. You need JavaScript enabled to view it. - 2 -ContentsDisclaimer statement 3Introduction 4Scope 5Operation of lending targets 6Best interest duty 7Changes in the lending environment 8Impacts on finance sector workers 10Conclusion 13 - 3 -Disclaimer statementWhilst all due care has been...
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  • doyla66
    doyla66 says #
    FSU members and other bank and non-bank lending and collections staff, we hear you and we understand what's happening to you. I w
  • doyla66
    doyla66 says #
    Lisa, very nice Westpac[loans] lady[2007]left on health issues to work in RebelSportsShop--needed to account every minute per hour
  • doyla66
    doyla66 says #
    To all abused bank staff & ex-bank staff, please e-mail bfcsa & tell them your story of how your bank victimised you. This abusive
  • doyla66
    doyla66 says #
    .....great & damming evidence Kryptonite in this document to use in your case against the Banksters.....BFCSA should snuggle up to
  • doyla66
    doyla66 says #
    Original doc is PDF #156 located in submissions to Senate Inquiry into post-GFC Banking. http://www.aph.gov.au/Parliamentary_Busin
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  VERIFIED FIRST AMENDED COMPLAINT FOR DAMAGES, INJUNCTIVE RELIEF AND THE APPOINTMENT OF A RECEIVER PRESS RELEASE NEW YORK, NY-- (10/25/12) -- Spire Law Group, LLP’s national home owners’ lawsuit, pending in the venue where the “Banksters” control their $43 trillion racketeering scheme (New York) – known as the largest money laundering and racketeering lawsuit in United States History and identifying $43 trillion ($43,000,000,000,000.00) of laundered money by the “Banksters” and their U.S. racketeering partners and joint venturers  – now pinpoints the identities of the key racketeering partners of the “Banksters” located in the highest offices of government and acting for their own self-interests. In connection with the federal lawsuit now impending in the United States District Court in Brooklyn, New York - involving, among other things, a request that the District Court enjoin all mortgage foreclosures by the Banksters nationwide, unless and until the entire $43 trillion is repaid to...
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  • doyla66
    doyla66 says #
    Where are our leaders who will act now with courage and fairness who will charge the Banks with the crimes they have committed and
  • doyla66
    doyla66 says #
    The Irish people are taking massive action against their banks. I am following their progress with interest on debtoptions faceboo
  • doyla66
    doyla66 says #
    I'd like to see the same done in Australia. In fact it should be done in Australia asap. I wonder how they got the information on
  • doyla66
    doyla66 says #
    WOW - Fantastic- Well done SPIRE LAW GROUP for standing up against this evil corruption. JAIL all of the corrupt scum for 15 - 20
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IMF holds meetings in Europe over S&P court case   [Published 7 Nov 2012]  The impact of the Federal Court's historic ruling against ratings agency Standard & Poor's for misleading and deceptive conduct in its issuing of AAA ratings to high-risk financial products is set to become global, according to a report by The Australian.   IMF Australia chief executive John Walker is reportedly planning to hold discussions with investors from Britain, France, Germany and The Netherlands over the weekend about a possible legal case there against S&P.The European discussions will revolve around more than €800 million ($A980 million) worth of synthetic derivative products. “I am going to speak with people in Germany and France and the UK and The Netherlands about their investments in CPDOs to see whether they are interested in joining together in a claim against what is now called RBS and S&P to recover some compensation,” Mr Walker said, according...
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  • doyla66
    doyla66 says #
    Agree - Stop the corruption and halt the damage to decent Australians now! ROYAL COMMISSION INTO BANKING - WIDE TERMS OF REFERENC
  • doyla66
    doyla66 says #
    FEDERAL COURT rules against Standard & Poor's for MISLEADING & DECEPTIVE CONDUCT, in its issuing of AAA ratings to high-risk finan
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RBA could already be selling $A overseas: UBS   [Published: 7 Nov 2012] -- Investment bank UBS believes the Reserve Bank of Australia (RBA) could already be printing Australian dollars and selling them to foreign central banks in a bid to minimise buying pressure on the currency, The Australian Financial Review reports. Such a move is said to be an exact adherence to suggestions made by former RBA board member Warwick McKibbin to the newspaper in August. According to the AFR, UBS analysts Gareth Berry and Andrew Lilley have raised concerns over what they deem to be a sudden accumulation of foreign exchange on the central bank's balance sheet during the months of August and September. The accumulation has been labelled a form of “passive intervention” and reportedly been matched by a lift in deposits of overseas institutions held at the RBA. In the week ending October 31, $2.1 billion is reported to have been deposited, which...
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  • doyla66
    doyla66 says #
    .....Hmmm? .....most interesting .......Yoda... also spoke to the RBA in August! ...... suggested that they "secretly" print mone
  • doyla66
    doyla66 says #
    Thanks for posting this, Andy. I heard about this and had been looking for the 'evidence'. Could someone please explain to me wha
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If the Australian government is willing to learn from the mistakes of others this interview with Nigel Farage contains some timely lessons in history and the capacity of human beings everywhere to repeat their own mistakes in the belief that this is progress. There is a better way and that way is true democracy, strong oversight on the corruption of referenda and other voting opportunities and drawing on the inherent strengths of each country independently interacting with other independent nations. Bureaucracy breeds more bureaucracy and inevitably that creates more waste, the need for more debt and serves few amongst those who actually pay for the "service" out of their own pockets. Source: http://www.youtube.com/watch?v=LmROimOLWBo&feature=related    ...
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Posted by on in From My Window
  Bara Kristinsdottir for The New York Times   Updated: July 9, 2012 Iceland is a small but rugged country far from anywhere that suffered from financial wreckage as severely as any in the developed world after its overstretched banks failed in 2008. In a matter of weeks after the banks’ collapse, the unemployment rate jumped to 10 percent, house prices fell, the currency plunged and inflation surged. During the boom years, Iceland became a nation obsessed with banking. The success of the nation’s banks, however, was deceptive. The economy was fueled almost entirely by foreign money. Then, as the global financial infrastructure teetered on the verge of collapse, the bonds came due, and Iceland’s banks couldn’t repay them. Depositors in other countries raced to pull their money out of Icelandic banks. The government didn’t have the resources for a bailout; the banks failed. The government did guarantee that Icelanders would...
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  • doyla66
    doyla66 says #
    There is much we can learn, but what we need are brave and true regulators and responsible i.e. able to respond, government.
  • doyla66
    doyla66 says #
    One of the challenges in assessing what's really happening on the ground in other countries is the tendency of the MSM to skew the
  • doyla66
    doyla66 says #
    most of the country’s homeowners remain awash in debt, weighed down by inflation-indexed mortgages in which the principal, disastr
  • doyla66
    doyla66 says #
    Bizarre - principal rising with inflation. Why would they do that?
  • doyla66
    doyla66 says #
    This is what Australia needs now. A CRIMINAL TRIAL against our Prime Minister, to be charged, with doing too little to protect the
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  Standard & Poors [cohorts] until this weeks Australian court decision sat comfortably behind the [purported] protected free speech under the first amendment to the US constitution, spuriously asserting that investors could not rely on the credit ratings issued by the 'agencies' as they were only "opinions" and not "financial advice" and there was no contract between the investor and the credit agency. But this is not the Americas and any abused first amendment "shield" is not a US product import 'down-under', otherwise granting impunity to credit agency's misdeeds operating within strained US jurisdiction.   Events must now compel the AOFM to immediately "REVIEW" all RMBS purchases completed under the umbrella of the credit agency's imprimatur, purporting AAA status, as their "stamp of approval" is not worth the paper it's written on, the RMBS related 'paper', bought site unseen relying on contrived 'face values', ongoing since 2008 on behalf of Australian Taxpayers (inc) --as they must be deemed 'unsafe' securities. The...
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  • doyla66
    doyla66 says #
    Here is a link to the AOFM and the history of their investments with our money into RMBS's. http://www.aofm.gov.au/content/rmbs.a
  • doyla66
    doyla66 says #
    Captain Kipper, Banksia WAS a PONZI scheme. I think what Wayne meant was to take your money out of these Managed Investment Scheme
  • doyla66
    doyla66 says #
    Take your money out of the AOFM? They are the investment and debt issuance arm of the federal government. You can't put your mon
  • doyla66
    doyla66 says #
    Another PONZI scheme ripping off decent Australian people. WARNING: Take your money OUT of them immediately, otherwise YOU will be
  • doyla66
    doyla66 says #
    "plain packaging and a wealth warning with graphic photos of impoverished investors, crying at the mortgagee sale of their homes,
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Posted by on in Bankers A Law Unto Themselves
    Come in Spinner!  TRUST ME:  We give you no copies of documents and we never ring you to ask what your income is.  The loan is extremely expensive and WHEN your loan goes pear-shape we will steal your home and say ITS YOUR FAULT! We will also blame the Broker.  We rejig the Service Calculator oops, but that's a secret weapon we use against YOU. As an added bonus (I love big fat bonuses) if you last ten years on struggling to pay us, then you will delightfully discover your initial debt is still the same..... AND although its against the law, we will actually give you (shhhh) buffer monies so you can pay us with our own money.   We also help you with the fraudulent parts. Try our Low Docs today: Load yourselves up with a lifetime of DEBT and become a slave to our Bank......we are the best at this caper....
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  • doyla66
    doyla66 says #
    Geoff,they're horns?.."we provide free oxygen-masks on all loans as "we make our money out of 'thin-air'.
  • doyla66
    doyla66 says #
    Careful, they might just want to employ you
  • Denise
    Denise says #
    Geoffrey you made us LAF yet again!!! We need the humour. So funny!!! Keep them coming....there are 36 Lenders involved. [email protected]
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