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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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Posted by on in From My Window
Hi All, I thought I'd put these important definitions up for all members because, after reading a lot of older posts, I notice that there is a range of knowledge levels amongst our group and I feel that it's important to help all members to come to understand what has happened in their particular situation. To do this, certain concepts need to be understood. The following links include a definition of the term, an explanation of the term and, in some instances, a video to further explain the term. It's definitely a good starting point for anyone who needs to improve their knowledge on this complex topic. If this post gets a good response, I'll continue to add to it over time. Apologies to any members that already know this stuff. Maybe you can chime in with some further useful terms and definitions? Contract: http://en.wikipedia.org/wiki/Contract Debt: http://en.wikipedia.org/wiki/Debt Equity: http://www.investopedia.com/terms/e/equity.asp Equity Stripping:...
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  • doyla66
    doyla66 says #
    FOS and COSL are supposed to be independent dispute resolution schemes, a part of the ridiculously conceived concept of self-regul
  • doyla66
    doyla66 says #
    Good info, but the problem is : most of these corrupt Banks & corrupt regulators deliberately choose to ignore the Laws, their own
  • doyla66
    doyla66 says #
    Apart from legislation, there are also things such as ASIC Regulatory Guidelines (which are interpretations of the actual legislat
  • doyla66
    doyla66 says #
    Good post, lee. I'm personally all for this kind of information being shared but I don't make the rules so... If people want it
  • doyla66
    doyla66 says #
    Add one more CRIMINAL CODE - SECT 408C 408C Fraud (1) A person who dishonestly— (a) applies to his or her own use or to the u
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  NAB Class Action  Legal action by shareholders against National Australia Bank Limited is being considered to recover losses suffered as a result of alleged non-disclosures. The non-disclosures relate to NAB’s exposure to toxic debt in Collateralised Debt Obligations (“CDOs”). Frozen credit markets were forcing financial institutions to make huge provisions on CDOs from at least October 2007. Why did NAB take so long to writedown the value of its CDOs? Did NAB keep the market informed of all information which it knew or ought to have known was material to the price of its shares? Maurice Blackburn Lawyers is investigating a potential class action against NAB on behalf of shareholders who purchased or acquired an interest in shares between 1 January 2008 and 25 July 2008. By August 2007 concerns regarding the US subprime sector had broadened into a more general credit crisis. In the latter half of 2007, as credit market liquidity froze, major financial institutions announced huge write-downs across CDOs and significant losses.   NAB’s CDOs As...
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  by Barry Ritholtz, Columnist, Washington Post Published: February 26, 2012 After many months of wrangling, a foreclosure settlement has been reached between 49 state attorneys general and a consortium of banks.  It is an epic failure of law and a triumph for bank attorneys. It will accomplish little of value, as I’ll explain. First, let’s recall what the “robosigning” foreclosure scandal was all about. Foreclosure is an extremely serious issue in American jurisprudence. As a nation of laws with strong respect for property rights, we have always treated this process appropriately. After all, having a sheriff forcibly evict a family that typically made a down payment, moved into a home, lived there for some years, made payments, etc., is disruptive — for the family, the lender and the neighborhood. Foreclosure laws vary from state to state. However, all are specific and precise as to the legal steps that must be...
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http://www.bfcsa.com.au/index.php/entry/sophisticated-nonsense-from-broker-industry-asic-s-latest-trick What a bunch of prize idiots ASIC are! - and their desperado lobby mates are sneaky and nasty to boot.  The NCCP protects all, not just the consumers. It's because the financial sector has exploited the consumers to the max and been caught red handed that the industry sees the NCCP as protecting consumers while all the dirty laundry is still being collected and attended to, one grotty piece at a time. This is another Bransgroves - blatant self interest for the "poor" accused perpetrators of large scale crime, fraud and sundry legal scams. I'll hold Greg while you hit him for me too, Denise.  Well there's no risk of my situation ever being termed "sophisticated" at any stage of the game - unless they've put the Loan Service Calculator over every source of income to try to turn me into a baby Packer! Just because people have acquired (e.g....
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Securitisation - Australian Residential Mortgage Backed Securities
  This looks like the sales spiel for exporting our financial services overseas.  Page 8 ... "Strong Rule of Law"... In short the borrower bears the full responsibility for keeping the whole thing afloat.  It all sounds rosy - we know it's not.  Our ratings status has been downgraded based on the "housing bubble" information, dropping values, rising LVRs, possible reclassification ...  There is considerable information on the AOFM site about the doings between the government and the RMBS investment.  http://www.aofm.gov.au/content/rmbs.asp   I've been looking everywhere for a list of investors or countries who have in effect loaned Australian lenders money on this basis. Can't find it ... What happens when the "investor" in the Australian RMBSs decides to get out of the deal?  What security or guarantees does the Australian government have, and by default each one of us?  What security do we as home owners/borrowers have?  Most of us...
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  • doyla66
    doyla66 says #
    Minimum: banks must do LAF veracity checks on defaulting home-loans = ascertain true LAF facts from borrower!!!
  • doyla66
    doyla66 says #
    I was watching a video with Governor Jesse Ventura quizzing bank top dogs about their distorted values and lack of accountability.
  • Denise
    Denise says #
    What of the funds came indirectly from Superannuation DIY funding - via bank investment products????? More lovely fees. It also me
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  On the page http://www.aph.gov.au/About_Parliament/Senate there is a link to order of business in the Senate. ("the Red") I've noticed that there are NCCP Amendments listed. Has anyone else read them? Do you consider these are an enhancement of our consumer rights or detrimental to our debtor relationship with the lender, from the consumer perspective?    There is also a link to all the Senators on Twitter - you can subscribe to their feeds. Interesting quick reading about what's going on.  EDITOR:   New NCCP Laws will not assist consumers - due to the FACT that ASIC has admitted it is not there to handle consumer complaints.  So no enforcement of law means we are better off having no laws, than made to believe we have Clayton's Laws that never get used or applied.  False protection is worse than the truth: There is no protection as there is no enforcement...
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  • doyla66
    doyla66 says #
    Thanks for the Editor's comments. You're right IMHO. No one knows, not even the Parliament of Australia, who is responsible for
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Posted by on in BANKSTERS
If the regulators don't know the Law and don't enforce it anyway If the banks possibly know the Law but don't respect it If the lawyers know the law but bend it to their advantage If the government break the Law they made and fail to amend their wrong decisions If the media are cobbled by their fear of the criminals What we have is anarchy And a lawless bunch of thieves hiding in their glass and steel towers empty the pockets of good hardworking citizens on a daily basis This is the basis for a revolution in other countries. In Australia the best we have is a Royal Commission. Put the documented truth on the table now for all to see. Suspend the licenses and take the passports of all the suspects.  Bring all the culprits to the judgement of the Law and the people. NOW  ...
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  • doyla66
    doyla66 says #
    Got it in one
  • doyla66
    doyla66 says #
    Thanks,Geoff. I wonder what they're going to do about it?
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