BFCSA Blog

Bankers created the loans that are now the thorn in the side of ASIC regulators.  Banks were the engineers of the Products (Lo Docs and FULL Docs)  that became the catalyst for widespread lending.  I had one banker saying to me this morning "the fraud and forgery are irrelevant!"  Really?  I am afraid our members do not see it that way.  ASIC is trying to mumble it had no laws with which to prosecute banks pre 2010.  That is false - hence the High Court and six other similar cases were won by consumers (albeit with funding) against THE BANKS>  The Brokers were irrelevant in the fraud and forgery as the fact remained according to Judges that the Banks had a duty to reject unaffordable loans.  They had that obligation under the Banking Code of Practice.  Non Bank Lenders who are not members of the code (but ASIC does not warn the public of that minor problem) must...

Don't let the banks take your home.   Fight back and occupy your home for as long as possible.  Some of our members have been in default for 4 years and are still living free of harassment.  Others have had their mortgages reduced by up to 75% and a few for 100%.  We have also arranged "till death do us part" remedies.  Interest has had to be paid back as compensation. We are looking into a class action against banks and lenders that engaged in fraudulent loans for a HOMES LOST purpose. We have enough evidence to sink a battle ship.  Its numbers we are after.  If you have LOST your home already then you also need to join us and be part of the class.   Australian Banks have been getting away with major fraud for far too long - almost two decades on, and no accountability in SUB PRIME...

The Low Doc Loan scam is set to escalate.  Australian Securities and Investment Commission ("ASIC") could have stopped this Tsunami of financial misery,dead in its tracks in 2003.  ASIC knew the model and the role of the banks in approving such dastardly loans.  These mortgages were designed by clever Bank Engineers to present as 30 years loans, but geared to self implode in less than seven years.  The Banksters involved were simply after BIG business and were prepared to sacrifice ethics, honesty and compassion for the sake of their own fat retirement obsessions.    These Bankers were/are criminals, engaging in criminal work in splendid fashion and protected by the regulators as "Too Big To Fail."    The moral compass had been thrown out of the top floor window in the late nineties.   All ASIC had to do was ensure that every page of the Loan Application Form was signed and...