ASIC is suggesting yes there were sub prime loans prior to 1 July 2010.  In fact our regulatory gurus advised Government in 2007, "Houston..... we have a bit of a problem here with Full Docs and Low Docs."   Parliament responded with a raft of changes to laws and gazetted the new NCCP laws in 1 July 2009. BUT for the hapless borrowers in circa July 2009 to June 2010.....ASIC decided to give the Banks a little moratorium on prosecuting Banksters and permitted the Low Doc Scam to continue until 1 July 2010.

ASIC has not a clue how to deal with consumer protection.  It only knows how to protect rackets run by Banks, including the four majors.  ASIC told the banks: "we will give you a bit of a holiday to continue to write loans, but just try and clean up the dodgy paperwork during the coming 1`2 months, or we may have to issue you with a small fine after 1 July 2010."  Meanwhile everyone of the seven year imploding loans continued to feel as they lived on Foreclosure Street and more homes were lost.  This wet lettuce regulatory approach gave FOS and COSL all the excuses they needed to not address these serious complaints of Maladministration and Fraud in Lending and provided ASIC with more excuses not to investigate any pesky consumer complaints.

We do have people with dirty loans post 1 July 2010.  WE want everyone with a mortgage after this date to check in the file and see if they have a copy of the LOAN APPLICATION FORM.  If answer is NO then please come forward and contact me.  The Game Plays On!  

If your loan is less than three years old....we want to speak with you.               This email address is being protected from spambots. You need JavaScript enabled to view it.