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BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

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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BFCSA Blog

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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Time to write second letter to Ms Julia Gillard The Hon Julia Gillard, Prime Minister, Suite MG 8, Canberra ACT 2600, CC: The Treasurer Hon Wayne Swan  Dear Prime Minister, Hon. Julia  Gillard, URGENT Call for a Royal Commission into the Australian Banking Sector:  I belong to the Banking and Finance Consumers Support Association (BFCSA).  It is now obvious, from Member generated collective efforts that there are now over 1100 families who have discovered not only fraud with the loan application forms, but also realise that much of this fraud was engineered and carried out by the banks, most of whom used the broker channel.  Over 10% of us have FULL DOCS generated by Bank Managers and no brokers are involved. As a citizen of Australia, I am one of your constituents and am gravely concerned that there is an emerging pattern of computer generated loan approvals that strikes at the very heart of prudent...
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  • doyla66
    doyla66 says #
    My COSL case manager said the workload would be too huge to investigate Fraud, analyse handwriting etc and that it's best left to
  • doyla66
    doyla66 says #
    So your case ends up in the too hard basket because of the workload at COSL?! Will this result in a denial of your access to natu
  • doyla66
    doyla66 says #
    To simply leave wronged consumers shut out in the legal wasteland is a human rights issue and one that requires real solutions fro
  • doyla66
    doyla66 says #
    In addition to Lisa's comments, the EDR system which has been set up for consumer protection is at best a sham or joke. Completely
  • doyla66
    doyla66 says #
    thankyou Denise and well written Lisa. We have written and posted off our letters today.
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Thatcher is being buried today - a $14 million dollar extravaganza....to "celebrate" the misery she left behind to thousands of Brits and Europeans.  Yes, she will never be forgotten by those who suffered loss of homes.  Ding Dong Song has hit the number 2 spot on downloads in past three days...such is the intensity of anger, and fury at the catastrophes she caused.  For those who find the anger of Thatcherism and Reaganomics too hard to understand..........just ask today's family members:  "are you about to lose your home?"  If the answer is YES, then you know who to blame.   After 53 years of stable banking, it only took Thatcher less than 20 years to unleash the misery.: the repeat of the Great Depression and Goldman Sachs is there somewhere, shorting the market in the name of GREED IS GOOD. When will the TOXIC LOW DOC Loans and FULL DOC Loans unravel?  A planned and brilliantly...
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  • doyla66
    doyla66 says #
    I am just thinking of possible reasons for her silence and i am fully aware of the huge conspiracy between Government, Banks regul
  • doyla66
    doyla66 says #
    MS Gillard is very well aware of this massive crime i'm sure, but we are not certain if she is in fact recieving our mail? Is it g
  • doyla66
    doyla66 says #
    For our children not to go through what we have endured the past years re housing loans we must act now and command a ROYAL COMMIS
  • doyla66
    doyla66 says #
    Our government must backdate consumer protection laws re Finance ASAP. The Government has backdated TAX Laws in the past, and no
  • doyla66
    doyla66 says #
    Yes! Thatcher's cold blooded legacy of economic rationalism lives on in the heartless behaviour of Australian banking staff. Bank
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One of our Members writes: Thanks Denise, I remember my father giving us quite a few Commonwealth Bank money boxes. You see, he was an old school bank manager. He enabled a sense of pride in those money boxes we worked hard to fill.  He taught us that working hard, saving hard and not living beyond your means were great strengths to have. He used to say with pride that he knew every customer by name and joined many socially via the tennis or cricket clubs in our town. He says the bank started to lose its soul when the decision to centralise operations through the 70's and 80's, so he decided to hang up his pen and pad (he never used a calculator and at 80, still relishes mental arithmetic) and laments that the bank let things 'get out of hand' He reckons the big bonuses to execs should stop, besides...
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  • doyla66
    doyla66 says #
    How many "mistakes" can be made on a loan/mortgage before they stop being just mistakes and start to look like this was actually i
  • doyla66
    doyla66 says #
    How can fraud be "legal" for banks but not for other businesses?
  • doyla66
    doyla66 says #
    Yes 1979 was probably the first time we were taken advantage of by a bank manager. He would have been getting close to retirment.
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Now we all need a good LAF.  Last year on the 16th April,  Mike (GM of Group Finance of CBA) chaired the Annual Australasian CFO Forum.  You all know this is where the overpaid set gather to pat themselves on the back and enjoy lunches that we plebs can only dream about in our "democratic" system. We have written a speech for Mike for this year's Forum:  "the RISK OF GETTING CAUGHT FOR FRAUD is negligible in the banking sector as our Australian Securities buddies from ASIC love our free lunches.  No-one is investigating our files and has not done so since 1986.  NO RISK FOR US and we banks are free to do whatever we want.  It is indeed the lucky country FOR US." "The REWARDS are fantasmaglorical..........our gouging rates are minimum $80,000 on average mortgage of $300,000.  Our Low Docs usually last a magical 6 years and then collapse under the weight of...
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  • doyla66
    doyla66 says #
    To all bank CEO's, which one of you are prepared to stand up and be the hero in extinguishing these fraudulent loans. The first on
  • doyla66
    doyla66 says #
    Nab listen to your customers. Mr. Clyne take note of what is going on within your organisation. Are you not the head hocho?. Nab
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Each week we receive what we call a "classic" stuff up with criminal overtones.  Consider this: A $2.4 million loan approved by ANZ for Centrelink recipient.  The woman concerned had experienced three major traumas in her life one on top of the other. 1. Breakup of marriage 2. Injury of a child 3. shocking injuries in an accident, depression etc. Mrs C was the perfect target for an agent of ANZ.  The agent of ANZ suggested she borrow funds to pay out the husband and mortgage the home and to borrow further funds to refinance existing mortgage.  She could not see what could happen if she trundled down this path but she trusted the banking sector to "do the right thing."  Ah yes...............easy prey for the ANZers. Still under medication and trauma, "the nice man" was going to rearrange her finances..........well he certainly did that.  Mrs C like so many others thought that if the bank did the wrong...
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  • doyla66
    doyla66 says #
    all these Big 4 are in same basket however Commonwealth Bank Australia is on top..CBA took advantage of my husband 84 yrs old now
  • doyla66
    doyla66 says #
    The Commonwealth Bank of Australia did the same. Their agent (the broker) tried to get us to take a loan of $540,000 when UNEMPLOY
  • doyla66
    doyla66 says #
    SO WHY ARE YOU NOT TAKING OUR COMPLAINTS SERIOUSLY?
  • doyla66
    doyla66 says #
    Where o where can the Prime Minister be. We know trade with China is important but she (Julia Gillard) has shown no response what
  • doyla66
    doyla66 says #
    ANZ what a pathetic lot. All you banksters cannot keep getting away with this criminal fraud. The big 4 are all rotten to the cor
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The FBI has written that any discussion of the crisis that ignores the role of mortgage fraud is “irresponsible.”  But instead of prosecuting fraud, the government just continues to cover it up.”     Partly sourced from www.dailyreckoning.com.au   “The FBI estimates 80% of all Mortgage Fraud Involves Collaboration or Collusion By Industry Insiders."  Here in Australia its run by the Bankster Cartel of the Major Four Banks plus Mortgage Mackers. BFCSA can confirm that it was fraud by the big banks world wide –  which caused the global financial crisis  and, at the expense of the ordinary Mums and Dads trying to get enough nest egg to retire on, or  a few extra dollars for those on a pension. Here in Australia, the same fraud exists on a massive scale. Macquarie Bank  Allan Moss told 1000 Planners in Sydney in 2005: “Target Asset Rich and Income Poor.”  Then all Planners went out with the target...
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  • doyla66
    doyla66 says #
    What is the mind set of the two political parties, they would know exactly whats going on but to sit back and let the banksters co
  • doyla66
    doyla66 says #
    Dear Sadie, the bank managers new what they were leading you into, but because they are concerned with the monthly targets and th
  • doyla66
    doyla66 says #
    As one of the mom's and dad's who had a nice, small, affordable mortgage with only 6 years remaining on a 25 year mortgage (even t
  • doyla66
    doyla66 says #
    It's so disheartening to hear one more "we acted in good faith" comment by the banksters.and politicians. Rubbish!! We want to see
  • doyla66
    doyla66 says #
    APRA,RBA, AOFM Failed to detect the fraud,hmmm Banksters pulled the strings,the governments are but puppets in the Banksters hands
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BFCSA Members have been road testing the Financial Ombudsman's Service (FOS) and the Credit Ombudsman's Service ("COSL") for the past 4 years.  Lenny M has revealed in the previous BLOG what we users of FOS and COSL - the regulatory complaints handling system involving Banks and Lenders gravely influenced by Banksters. Banksters are given 28 days to respond to FOS and COSL.  Consumers are given 7 days.  Too bad if you were away!  Banks Advantage. Banksters are profiting from the fraud with zero investigations by FOS or COSL.  Banks Advantage. Lately the EDR's are closing files at Case Management stage and do not advise consumers to "ask for" as investigation.  Banks Advantage. FOS is telling consumers :"because you did not ask for Maladministration in Lending case is closed. Banks Advantage. FOS is telling pensioners to investigate their own cases................. Banks Advantage. ASIC, FOS and COSL are aware that the $280,000 compensation limit is woefully inadequate as the average scam loan is now $600,000. Banks Advantage. The problem is this:  Banks pay...
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  • doyla66
    doyla66 says #
    Wayne Swan appointed Medcraft without due process with special exemption given by Julia Gillard. Why? And why is ASIC given a lic
  • doyla66
    doyla66 says #
    PREDATORY LENDING BIG TIME. We can't let them get away with it.
  • doyla66
    doyla66 says #
    Dear Prime Minister Gillard and Mr Swan, It's time you both acknowledged this banking scam which is currently sweeping Australia l
  • doyla66
    doyla66 says #
    Message for the Treasurer: Dear Mr Swan. Fraudulent mortgages are putting our country's economy in jeopardy. This is not just a
  • Denise
    Denise says #
    You now have my express permission to start laying into FOS and COSL. No holds barred. [email protected]
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Our Australian Federal Police need lessons from the FBI.  Look at the difference in websites!.  AFP are the perfect example how not to handle mortgage fraud by treating victims with contempt and failing to investigate the Banksters.  Its all too hard for ASIC. These scams hit us right where we live. From foreclosure frauds to subprime shenanigans, mortgage fraud is a growing crime threat that is hurting homeowners, businesses, and the national economy. We have developed new ways to detect and combat mortgage fraud, including collecting and analyzing data to spot emerging trends and patterns. And we are using the full array of investigative techniques to find and stop criminals before the fact, rather than after the damage has been done. General Information- Overview- Mortgage Fraud Reports: 2010 | 2009 | 2008 | 2007 | 2006- Response to Article on Mortgage Crisis Key Mortgage Fraud Scams- Emerging Schemes- House Stealing- Reverse Mortgages Distressed HomeownersYearlong law enforcement effort charges 530 and finds more than 73,000 victims.Details More News & Features http://www.fbi.gov/about-us/investigate/white_collar/mortgage-fraud/mortgage_fraud Just the Facts:...
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  • doyla66
    doyla66 says #
    We have all the evidence. I don't understand it! Do something. Banks must end what they started. Easy come easy go. Extinguis
  • doyla66
    doyla66 says #
    Australian Federal Police are you listening, at least the FBI are trying to do something. You guys are just as guilty as the banks
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The problem for British victims of Mortgage Fraud is their needs are being "looked after" by the Bankster Mates at the FSA.   A conflict of Interest going back to Guy Fawkes.  Perhaps Guy had the right idea.    Regulators in the UK discovered widespread  mortgage fraud by checking tax returns with Loan Applications.  Yet no-one it seems has worked out its the Banksters as the Engineers.  No UK Politician wanted to discover that fact.  Brits need to wake up: This was reported in 2009, the first time around.  Unfortunately, the UK does not have a BFCSA nor any consumer support agency.  Online forms were tampered with - of course they were!  You have all been fried like fish and chips! Mortgage Fraud on the Rise in the UK Posted on December 2, 2012 by carlyfie — Mortgage fraud in the United Kingdom has increased steadily over the last few years, possibly in response to tighter lending criteria and a troubled economy....
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  • doyla66
    doyla66 says #
    People all over the world are waking up to the Banksters tricks and say enough is enough. We don't believe you any more! You don't
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Whatever country you live in, if you have a mortgage loan....look in your file and see if there is a copy of THE LOAN APPLICATION FORM.  This is the form you would have signed but most likely were not given a copy of that document.  It is universally 8 - 12 pages.  I suspect the answer is NO.  There is no copy in your loan file.  WHY?  NO COPY OF THE LOAN APPLICATION Form ("LAF") is a  key indicator of fraud.  This is a systemic issue. If you signed up online application - did you print off a copy?  YES?  Good One!  Now ring your bank and ask for the bank's copy of that form.  Most likely the actual document has been tampered with after you clicked SUBMIT.  Compare the Bank's copy with yours.  Most likely there will be discrepancies you had no idea existed.  You are part of a MASSIVE WORLD WIDE BANKSTER FRAUD....
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  • doyla66
    doyla66 says #
    It wasn't a foolproof scheme after all. It is coming undone and this is just the start. The goodies always win in the long run. Th
  • doyla66
    doyla66 says #
    Never in a million years did the Banksters dream that one day we would expose their dirty deeds by asking for a copy of our loan a
  • Denise
    Denise says #
    People need to be at war with their banks, not each other. Politicians create wars to avoid bigger domestic issues like their own
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Dear Ms Kelly   A disabled man we shall call Adam, is wondering who will look after him.  His Mother is a 72 year old pensioner and his carer.  Mum owned her own home.  Then the Kelly Gang came calling.  You Madam are attempting to steal their home.  Who does that to fellow citizens and gets away with it?   Ah yes, seasoned Banksters of course.  We warned Australians in 2003, that Reverse Mortgages are a death trap.  Same as the UK disaster.  So Many UK Mums and Dads thrown out of homes they had worked 30 years to achieve ownership.......then as now the Banksters came knocking, offering wonderful "opportunities in financial products."  In less than five years a the victims had gone from owning their own home to having their homes stolen and no money in the bank for them to fight the Banks. Adam's Mum is now having to fight YOU for the family home....
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  • doyla66
    doyla66 says #
    Dear blogers/victims, we have up to now avoided a recession for well over 23 years. In 1990 some property prices halved. How do y
  • doyla66
    doyla66 says #
    One house is enough..but the problem is they pushed and bloody pushed everyone into financing their own retirement and the older g
  • doyla66
    doyla66 says #
    Maria, i was thinking the same thing. I think they are all tied in together supporting one another. It really does entice people
  • doyla66
    doyla66 says #
    Have you seen one of the latest St. George Bank ads? "Do you love your bank?"
  • doyla66
    doyla66 says #
    St.George ad seeks consent of bodily exchange of all that "dirty-underwear" between debauched cross-dressing swinging cartel membe
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A little FACT reporting today comes from repeat offender FIRSTMAC: Firstmac told FOS this week: "Firstmac had no duty to advise the applicant and was entitled to rely on the figures provided in the LAF." As part of its approval process, all loans are subject to its debt servicing calculator which assess assets and liabilities etc....." I hate to say we told you so, since 2002.  One by one, Australian Banks are now admitting  Our COMPUTER fudged all our FIGURES....... Aha: Skippy the Computerised Loan Fudger         No humans, but Android Bank fraud!  Onya Firstmackers....nice attempt to excuse your own magical mystery tours into debt and financial ruin for all your customers   You employed a COMPUTER to APPROVE LOANS? really?  You admit that now?  Why did you mislead the Judges of the High Court on that little point? Anything else you would like to fess up to before we call in the Australian Federal Police...............
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  • doyla66
    doyla66 says #
    For the records....BANKWEST so called Home Loan Calculator on their website spat out we could of only borrow $84,000. SO hows is t
  • doyla66
    doyla66 says #
    I asked "Skippy the loan calculator" how much we would be able to borrow,(for the record every bank has a Home Loan Calculator)if
  • doyla66
    doyla66 says #
    On the ball again Denise.
  • doyla66
    doyla66 says #
    The Federal Government has sat on their hands and done nothing to stop fraud in the banking industry for decades now, both Labor a
  • Denise
    Denise says #
    Big Question Is: How does the Government intend to clean up this Mortgage Scandal Mess? All loans MUST be extinguished immediatel
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Now why are we NOT surprised?  Aussie Homes Loans was the first of the Originators to tell authorized rep Brokers to "shred the original Loan Application Forms containing the victims' signatures.  And it must be done within seven days of approval."  Remember?  Now I wonder why that happened?  Aussie predictably denied this but we printed the truth according to those whistle blowers who had the goods and gumption. So now Commbank is purchasing all those loans that we are reporting to the External Disputes Services.  This is part of the latest soft shoe shuffle.  Bankster Barracks "B" is changing dirty underwear with Bankster Barracks "A."   This is like ING and St George and Challenger and Advantege and a host of others jumping ship.  You chaps are soooooo OBVIOUS!  You want to confuse the already confused FOS and COSL: The Ombudsmen of the World of Banksterism. Like Rats Up a Drainpipe!  So to all our "Aussie" Members of BFCSA, you should be writing very...
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  • doyla66
    doyla66 says #
    So Ozi John you weren't the goody two shoes you made yourself out to be - your a dirty shameless crook just like the rest of them.
  • doyla66
    doyla66 says #
    I always thought Aussie John was honest, at least that's what he portrays himself to be. He's nothing but a filthy crook. Shame o
  • doyla66
    doyla66 says #
    Maria, Ozi-John was former solicitor, now lives $80m Point Piper(Syd) Harbourside Mansion thanks to "Skippy" the computer, you kno
  • doyla66
    doyla66 says #
    To name John Symonds father of the year is an insult. He should hang his head in shame for all the misery he has caused to so man
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BIG CRIME DESERVES BIG TIME:  President Obama needs to get a  grip!  "SACK LANNY" A group of American whistle blowers were willing to speak out to cameras and talk to a single feature film producer.  Yet the Chief Prosecutor for the US Justice Department (ie No Justice) gave feeble excuses for four years post GFC  doing bugger all to prosecute anyone.  Lanny Breuer could find no evidence!    In fact NOT ONE WALL STREET VILLAIN HAS BEEN CHARGED.  Not One!!!  Lanny Breuer you are a miserable excuse for a prosecutor. You should work for Australian Securities Investment Commission ("ASIC") who sit around all day and bleat "we can find no evidence of fraud in mortgages loans"  that the public have come to know as LIAR LOANs. Lanny you could also become part of the WIGGLES and we could then say WAKE UP LANNY THE LIAR. The Chief Bumbling Prosecutor - friend of the Banksters of...
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  • doyla66
    doyla66 says #
    What has really happened to theBankster fraudsters? Their crimes have far reaching effects on the nation - our nation. These Mort
  • doyla66
    doyla66 says #
    NO we are not going to take the rap for the banksters.. WAKE UP AUSSIE GOV AND ASIC
  • doyla66
    doyla66 says #
    Lanny Breuer will retire extremely comfortable with the money the bankers cartel would have thrown at him, don't worry about that.
  • doyla66
    doyla66 says #
    Breuer and Medcraft one and the same. I wonder if they're in contact with one another. The FBI are pathetic as well reminds me of
  • doyla66
    doyla66 says #
    Very strong program, it puts a lot of insight into how this all came about GREED!...how pathetic is Lanny Breuer..Frustrating excu
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I agree with Dario (his comment will be placed back up there later today.)   There are so many lawyers who have already taken very large sums of money from people - large because $10,000 maybe their entire bank account.  Drained dry and with no result, consumers are then thrown back out onto the streets.  Lawyers should be saying: "our legal system is mega expensive. It is only for the super dooper wealthy and not for YOU Mr and Mrs Average Decent Hardworking Citizen.  The average amount you need to go all the way (and banks go all the way....) starts at $600,000.  Honesty is essential here.   You will need funding whereby the funder picks up the risk of party party costs.  The reason seven cases have been one by victims in the courts in the past decade as those cases were fully funded. Go to the Premier and Attorney General in...
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  • doyla66
    doyla66 says #
    318 Storm clients who bankrolled the $7 million cost of the litigation (class action Storm Financial) will recover about half of t
  • doyla66
    doyla66 says #
    I'd say that when Denise is finished with the bankers and their mates that she'll go hounding after the second most greedy lot in
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Something is rumbling in this camp this week....... Peter Kell of Australian Securities and Investment Commission   You said in 2003, you "hold concerns about so called "wealth creation" SPRUIKERS.  You repeated this in 2004 after the Henry Kaye debacle and LOSSES. In Parliament four weeks ago you Mr Kell,  stated: "we have concerns about SPRUIKERS."  I continually warned your superiors about 110 active spruikers  as did NEIL JENMAN at that time.  ASIC ignored the fact that people were being spruiked into a lifetime DEBT. The target market was  MR and MRS AVERAGE DECENT CITIZEN....Mums and Dads on modest incomes.  Mr Kell, you are the one that spoke again at subsequent consumer protections seminars.  Please tell us Pete, why did ASIC allow this game to keep in play????? And which bank was responsible for nasty equity loans to Mr and Mrs Average stitching them up with LOW DOCS?   Ah YES MACQUARIE BANK IS first cab off the rank.  No...
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  This is an interesting historical article on perceptions about Australian RMBS. It certainly pays to be informed about risk in the marketplace.   by Hardeep Dhillon     In terms of collateral, the Australian residential mortgage-backed securities market has performed better than its peers for several years, thanks mainly to its blemishless default history. After a post-crisis slump, a revival of domestic issuance is under way; but it could take much longer for cross-border transactions to follow.   The peak came in February 2007 with the A$7 billion ($5.5 billion at time of issue) multi-currency transaction by Commonwealth Bank of Australia, via its Medallion programme. As well as being the largest RMBS by an Aussie borrower, the deal set a new pricing benchmark, with the most senior US dollar-denominated notes offering a pick-up of just 4 basis points over Libor. Around that time, spreads on deals from the three other banks...
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  • doyla66
    doyla66 says #
    This bank has publicly issued over $9.5 billion of RMBS since 2003. Through our RMBS program we currently manage the collections
  • doyla66
    doyla66 says #
    "Australian Banks have full recourse to the borrowers" yep they sure do,they can take our houses,this is unconscionable,and they h
  • doyla66
    doyla66 says #
    I'm looking forward to seeing the list. There is no excuse for politicians who might think they can avoid the issue. There are c
  • Denise
    Denise says #
    Brilliant find LISA Yes we are all receiving an amazing education over all these banking products and skull-duggery. We are also
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