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.
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.
Changes to Penalties? It's more of Australian Securities and Investment Commission ("ASIC") Chief Medcraft's Muddle and his equally mind-blowing smoke screens: He wants parking ticket type fines increased for misdeameanors BUT DOES NOT MENTION immediate action AGAINST LENDERS. Lenders APPROVED these dodgy loans - every last one of them. Medcraft's Banker Mates set up the consumers to enable the Banks to steal ordinary Mums and Dads homes and his Banker Mates set up the Borrower agents to take the wrap!
Then there was the securitisation scandal re the Australian Office of Financial Management to buy the TOXIC products and and "profit from the fraud."
Medcraft says he wants stiffer penalties but only takes the annual obligatory handful of actions via DPP, and only against the little cases - brokers with foreign names...........did you notice that? Easy targets? Not too much hard yakka? Your bias is showing.
Greggie, What about the...
Hi Anton. Joe Hockey's Mother in Law. If the bubble bursts, then yes, Shareholders opf Major Banks (85% Low Doc market share) have been given fudged figures as to the true exposure to bad practices and toxic lending ie 36% of TOXIC loans created by Bank Officers - no broker involved. ASIC say 97% of brokers are hard working good guys - we agree. Banks tell Parliament "only 1% of loans credit impaired" That is plain rubbish. Banks telling lies to APRA and Parliament? APRA's figures to Treasury are gleaned from only one source and left unverified.
Figures come from trusted banks and are not cross's analysed! Do shareholders know this? Indeed, I raised the RMBS issue in Parliamentary Senate Inquiry into Banking Post GFC, last year (8th August 2pm) that "Government cannot profit from fraud..." Treasurer Swan acted soon after and shot down "our most profitable policy of purchasing RMBS." Treasurer Swan realised...
Our growth rate as a support group – the peak and only support group doing this work – is gathering momentum in number of new members at around 30 per month and that will escalate as the main stream see the bigger picture. We now know that a third of loans are via banks and no broker involved.
We also know that our latest surveys have revealed 18% are full docs…….arranged by bank managers from a pool of $1.28 Trillion mortgages. What concerns me is that RBA have continued to trot out $1.28 Trillion for the past few years. RBA suggest this figure has not changed in that past 5 years, yet the MFAA suggest their members are writing X number of these new mortgages per annum. There is of course a contraction in the settling of mortgages each year, yet the low docs we know intentionally implode within 7 years.
The...
Supporting evidence at the end of this link
http://www.spankyourbank.com.au/commonwealth-bank-of-australia-top-twenty-shareholders
HSBC is the number one shareholder in all the big four banks.
Who are HSBC??
https://en.wikipedia.org/wiki/HSBC
https://en.wikipedia.org/wiki/The_Hongkong_and_Shanghai_Banking_Corporation
HSBC Custody Nominees (Australia) Limited is listed as the number one shareholder for all of the Big Four Banks. It is a wholly owned subsidiary of HSBC Holdings Plc - You Know... HSBCBANK - Yes, that's right... HSBC Bank owns more than 10% of all of the big Four.
http://www.spankyourbank.com.au/hsbc-custody-nominees-australia-limited
2012
HSBC CUSTODY NOMINEES (Aust) LTD shareholding in COMMONWEALTH BANK grossed about AU$736,000,000.00 from dividends.
It is clearly a supply/demand issue. AUSTRALIA is rich, survived the GFC, pouring resources into China, money filters back through the Aussie banks to London to prop up ailing banks in other parts of the world.
The "Big Four Banks" are just fronts to send the money out of the country.
MORTGAGE holders are inconvenient...
For the Head of the Australian Bankers Association to suggest the Senate Inquiry into Australian Securities and Investment Commission is not about the BANKS is a key indicator that the ABA is corrupted or stupid. He cannot have an each way bet on this appallingly gross Australian Mortgage Low Doc Scandal.
If there were "only" 1,200 victims of the LOW DOC FULL DOC scams in Australia, the 30 Banks and Non Banks would have immediately moved to use their petty cash reserves to discharge everyone of the LIAR LOAN Mortgages and defuse the public scrutiny. The truth is there are possibly 200,000 of these hideous loans out there and 18% of these toxic loans are FULL DOCS arranged by Bank Managers and internal staffers. The ABA simply just sits there and GULPS!
Of course the Inquiry into ASIC is only the first step in releasing long hidden information as to why...
Changes to Penalties? It's more of Australian Securities and Investment Commission ("ASIC") Chief Medcraft's Muddle and his equally mind-blowing smoke screens: He wants parking ticket type fines increased for misdeameanors BUT DOES NOT MENTION immediate action AGAINST LENDERS. Lenders APPROVED these dodgy loans - every last one of them. Medcraft's Banker Mates set up the consumers to enable the Banks to steal ordinary Mums and Dads homes and his Banker Mates set up the Borrower agents to take the wrap!
Then there was the securitisation scandal re the Australian Office of Financial Management to buy the TOXIC products and and "profit from the fraud."
Medcraft says he wants stiffer penalties but only takes the annual obligatory handful of actions via DPP, and only against the little cases - brokers with foreign names...........did you notice that? Easy targets? Not too much hard yakka? Your bias is showing.
Greggie, What about the...
Time to let you in on a few secrets I was told by somebody I know who just happens to work in a council. Councils are being given
