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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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Subscribe to this list via RSS Blog posts tagged in IOSCO Regulators Kept Quiet over Bank Scams
What a thoroughly dishonest man is Meddlesome Medcraft, Chairman of ASIC and IOSCO.  This is just plain balderdash!  Mortgage Originators are under orders from Four Major Banks and the regulator is captured by the same TOO BIG TO FAIL FOURSOME.  Ask any victim of mortgage fraud.  The fraud and forgery is carried out INSIDE THE BANKS via the processing channel using a wicked serviceability calculator that is used for fudging figures and with a note: NO COPY TO BE GIVEN TO CUSTOMER............Go Figure! Securitisation to fund real economy, says Medcraft Wednesday, 12 November 2014   IOSCO chairman Greg Medcraft has called on Australian banks and RMBS issuers to recognise the “integral role” that securitisation can play in financing the real economy. Speaking at the Australian Securitisation 2014 annual conference in Sydney yesterday, Mr Medcraft said securitisation has funded the economy in the past, very successfully in Australia, and has the potential...
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  • Susan
    Susan says #
    MORE securitisation? How can Securitisation fund the 'real economy' when the money that is supposedly generated through the secu
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Medcraft is attempting to orchestrate the loooooooongest list of excuses, as to why he has to lie to Parliament and say "no systemic issues in banking practices regarding obvious fraudulent loans and barrels of Maladministration in Lending.  In other words to say every mortgage loan application approved by Banker Mates was checked and verified as affordable loans to people who could afford to sustain repayments. You can see the build up in small stream media.  You can almost guess the exact words these luminaries will use on the witness stand prior to Greggie flying off on his usual IOSCOnian Adventures.   The problem is Mr Medcraft, you Sir will be leaving behind fractured banking industry riddled with bad practices, bad procedures and definitely toxic financial products, riddled with fraud.  You did not start the banking cartel here, but you were in on the ground floor in 1994.   You will attempt...
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  • doyla66
    doyla66 says #
    We hear daily lot about the scams and cheating on these issues. Therefore government should come in front and should make strict p
  • doyla66
    doyla66 says #
    You are so right Neil we are certainly seeing yet another limp wristed sook out to appease the masses instead of making the long r
  • doyla66
    doyla66 says #
    Members if you think the banksters have it good now wait until Joe Hockey relaxes all the rules which he stated he was going to do
  • doyla66
    doyla66 says #
    I am so interested to see how Greggy handles genuine pressure (the same sort of pressure we victims have had to cope with every da
  • doyla66
    doyla66 says #
    From the asic website......... Greg Medcraft was appointed ASIC Chairman on 13 May 2011 for a five-year term. Greg joined as ASI
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Lenders, including the Major Banks dreamed up a dastardly weapon against consumers known as THE SERVICEABILITY CALCULATOR.   The clever little lenders, on salaries and bonuses of $4 million per year, wanted 20,000 "agents" to use their tools to fudge income figures.  How did they manage to find 20,000 dishonest people to become brokers and earn commissions from a  grand scale fraud?  Truth is the possibility of finding 20,000 dishonest people was a little ambitious.  No, this plan was subtle: "how to have 000's of Bank Officers (BDM's) and 000's of brokers, use the Service Calculator Tool, and allow the tool to create futuristic income, yet at the same time convince bank staff and its agencies that "all of the above was within the law." Brokers ask: "what is your income please?"  Little old lady ("ARIP") - that's bank jargon for Asset Rich Income Poor......the bank taught TARGET MARKET.....she quietly answers...
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  • doyla66
    doyla66 says #
    It seems to be that there is not one honest person in either the political arena or regulatory authority or for that matter the on
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Low Doc loans were created as a smoke screen for a massive criminal operation: widespread global looting of people's assets and financial security.  The entire structure continues to be run by a powerful Cabal of Banksters.  No relief is in sight in the immediate future, due to the reluctance of elected Governments to deal with the turmoil and chaos within.  Therefore, the game plays on. The official version in the late 1980's began with a Low Doc Mortgage product, supposedly for marketing to small business people, who owned or had large equity in their own homes.  The loans could be for business purposes (to boost small businesses) or for investment purposes (to boost property/building industry sectors).  The rules were simple enough: proposed mortgagors had to demonstrate minimum two years strong business figures and you had to supply a current Business Number.  In Australia its called an ABN number.  Other countries have...
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