BFCSA Blog

Good onya Joe - blame the consumers for being spruiked with bad financial strategies into unaffordable LIAR LOW DOC LOANS by GREEDY bankers using fraud, forgery, and buffer loans to mask unaffordability on a grand scale.  Yes indeed, cover up for the banker wankers - that'l work!  It will go down a  treat with the aggrieved consumers who are about to be thrown into the streets when four years ago they owned their own homes and no debt. You then say to them: "why don;t you manage your budget?"   Are you seriously embracing political suicide Joe? Question Mr Treasurer:  "Did you receive 2% loans by any chance?"  The plot deepens. http://www.lawchat.com.au/wp-content/uploads/2014/08/Hockey-ABC-interview-cars.pdf  .................PRESENTER: You’re listening to Treasurer Joe Hockey on 612 ABC Brisbane Mornings. Moving on, away from the Budget discussion. Yesterday we heard about some of the big banks facing the country’s biggest class action aimed at recouping hundreds of millions of dollars in unfair late fees...

All Banks have to do to boast Prudent Lending Practices that advantage their customers, is to PRESS THE EASY BUTTON?  Will Banks do that and stop their nefarious activities in Toxic Liar Loan Mortgage Lending?  Not likely. They say all too hard as no profit in clean products but obscene profits in toxic mortgage products...engineered by four Major Banks.   Bankers use Fraud, Forgery and Maladministration in Lending in approval processing aided by their favourite weapon:   the dreaded service calculator.  Next banks will move the loan approval process OFFSHORE as if a Nigerian Scam...............wait for it....coming to a bank nearest YOU! ASIC and APRA will bleat: outside our jurisdiction.......................Back to 1950's BUYER BEWARE OF BANKERS and toxic financial products. They simply tell our Australian Prudential Regulator ("APRA") to bugger off.....same as bankers have been doing for two decades.  Then ASIC sends form letters to aggrieved consumers complainants re Banks,  to clear off as...

Sadly there is a glaring poverty of thinking by regulators and industry bodies.  Today we received a communique sent to all Planners as to 10 complaints a year regarding members and imprudent loans. IT should have started with a simple: "We need a Royal Commission into the Two Big to Fail Banks, namely ANZ, CBA, NAB and Westpac, and here is why....  WE shall re-write the content for every member of the public to read and those 234,000 followers world wide..... To all those Organisations and their info impoverished members who do not understand the banking white collar crime scene……………………….   The Org suggests “financial planners advisers” – their own members are the culprits. - Really?  It does suggest that a small number complaints exist (10) – rubbish as there are 30,000 complaints re Banking, Insurance, Super to Ombudsmen.   The communique does not mention or explain the following facts:- Does not recognise potential probable 200,000 victims of Low Doc lending in...

http://www.standard.co.uk/news/london/london-bank-executive-who-moved-to-us-shot-his-wife-dead-before-killing-himself-9596515.html Thursday 17 July 2014   JP Morgan bank executive from London shot his wife dead before killing himself in the US   A bank executive from London shot his wife dead before turning the gun on himself.  Julian Knott, 45, an executive director for J P Morgan, shot 47-year-old Alita repeatedly, police said................. The father-of-three was found dead alongside her in their home in Jefferson Township, New Jersey, on Sunday. He had worked in the City for almost 20 years before moving to the US in December 2012.  Mr Knott joined J P Morgan as a network services manager in 2001. He moved to New Jersey when he was promoted to be executive director of the global network operations centre.....................In a statement, police said: “Preliminary investigation has revealed that the two adults died as a result of gunshot wounds and the incident has been determined to be a murder/suicide. Julian...

http://www.crikey.com.au/2014/03/07/for-farmers-drought-not-the-most-dangerous-predator-on-the-horizon/?wpmp_switcher=mobile&wpmp_tp=1   For farmers, drought not the most dangerous predator on the horizon Amanda Gearing|Mar 07, 2014   Unfair lending practices and a system that favours bankers over farmers is threatening rural Australia’s livelihoods, says a Queensland farmer and grazier. Freelance journalist Amanda Gearing hears his story. Lack of water can be the least of a farmer’s worries in times of drought. Predatory banks can be just as deadly to a farmer’s livelihood.  Former Queensland farmer and grazier Lynton Freeman has become increasingly anxious about the financial tightrope being walked by Australian farmers as the record floods of 2011 have given way in only three years to savage drought. He fears for hundreds of family farmers at risk — not from lack of water, but from lack of knowledge in how to manage their businesses through the drought and keep their heads above the financial water that will threaten many before this drought...

Senators need to question:  ASIC Commissioner Greg Tanzer, Director Malcolm Rodgers and ASIC General Counsel Brendan Byrne as to why they signed Dec 2005 Class Order 05/1122 – exemption on serviceability calculators for Low Doc Loans – risks to consumers: 15 Dec 2005 In May 2005, IFSA suggested, according to the Wheeldon evidence (2nd April 2014), that if ASIC lawyers did not sign off on the EXEMPTIONS for Superannuation Calculators they would lean on the Commissioners.   Parliament would put in place laws to protect consumers and ASIC would then give exemptions from prosecution to the Banking Fraternity - the very people who had been preying on vulnerable Australians for years.  The laws were to protect people.  ASIC gave immunity to the Bankers and left consumers exposed to catastrophic losses of homes and life savings. The Sub Prime purpose of all these calculators: to entice and entrap consumers into RISKY strategies, investment advice, toxic loans...

Sadly, I can only agree.  What a mess and now we lose jobs and sell off the family farm whilst Bankers count the loot in Tax Havens.........ASICkers will be shipped offshore to $3 million contract jobs with other regs for three year stints - tax free of course!  I have watched 14 benefit to date and I keep a LIST of names.  I don't forget the way you managed to garner a 10 star luxury retirement, stepping over the bodies of those who came to each one of you for assistance.    From a Reader - Organza................. This article I am afraid to say has literally knocked the socks off me knowing ASIC have now dared to stoop so very low to further flaunt good people.   Take your choice re the real interpretation of words for to me if not absolute proof that they at the helm of the sinking ship...

BFCSA is calling on the Federal Government to ensure  FREEZE ON ALL FULL DOC AND LOW DOC MORTGAGE PAYMENTS where fraud is present.  Every bank should be made to hand over copies of the client files immediately.  ASIC refuse to do anything at all except spend tens of millions on office reno's.  The Prime Minister must direct policy of  such a nature as to protect consumers from further threats from the guilty Bankers and Lenders. To all those miserable bank warlords who are trying to intimidate the holders of Fraudulent Loan Application Forms - do not even attempt to threaten anyone.  I can guarantee you that every such letter on bank letterhead will be BLOGGED for the entire world to understand this complex scam.  Bank Executives were the creators of these monstrous scams.  36% of all FULL DO AND LOW DOC liar loans were arranged by BANK MASTERS with not a...