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BFCSA
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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: BIG BANK CARTEL BARONS ON THE LOOSE.............Low Doc Madness to continue - its profitable FRAUD that's why

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WHEN WILL ASIC CHARGE AND JAIL THE BANK ENGINEERS AT THE TOP of THE BANKING SECTOR?  The BIG BANK CARTEL BARONS

Readers have had a gutful of the Big Bank Cover-UP on fraudulent mortgage loan approvals, created by BIG BANK Service Calculators and BIG dollops of predatory lending and deceit.  Now the Banks are set to demonise the victims all over again and give them BIG BLACK MARKS!!!!!

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From one reader:  

I suspect ASIC are trying very hard to look good, look at us, look at our work, we have banned yet another person.  ASIC fail on all levels.  They are Masters of Failure.

BUT........the real criminal here is Westpac!
If I can see that, surely the good Senators and the government can see it.......

Why was Westpac approving the loans with out verifying information?   BIG FAT PROFITS that's why - and yes FRAUD a key ingredient.
It's the same for all big 4 Banks.

There needs to be a special fraud squad brought in to work on this and sort the mess out.......
They just don't care and give out millions of dollars without verifying customer information and checking affordability.
As DB has said " It can be fixed with one phone call to the customer "   
It can be fixed by a copy of the Loan Application being handed to client at point of signing - all 11 pages !!!!!

It can be fixed by banning the dodgy fudged figure "Service Calculator".......................................

ASIC DOES NOT WANT TO FIX THIS.....Banks do not want to FIX the problem of unaffordable loans.  Their mates each make megabucks out of Maladministration in Lending and FRAUD.  Why kill the Golden Goose?

But the banks choose not to curtail their crime spree,  because they would then have no business.  Shareholders would gulp at no profits and in fact lost dividends.  Wait until the Sub Prime Mortgage scam hits the property bubble.  All these dirty toxic loans will ooze out across the Aussie landscape.

It's all wrong - a crime scene - and Australian families are crippled by this disgraceful SCAM.
The banks must answer for the SERVICE CALCULATOR SCAM THAT THE FOUR MAJORS ENGINEERED IN THE 90'S.

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Comments

  • doyla66
    doyla66 Wednesday, 12 March 2014

    All one has to do is heed words from Chairman Getsmart Medcraft uttered a few weeks ago to know it's all about perception but I never thought I would see ASIC make an admission in their own words on their own website to prove who the guilty party is! Not that they have probably yet figured it out themselves of course!

  • doyla66
    doyla66 Wednesday, 12 March 2014

    I agree

  • doyla66
    doyla66 Wednesday, 12 March 2014

    ASIC won't do anything to the Bank Bosses or their Cartel Mates. They, I mean ASIC Staff, get their pay and "Bonuses"from them and you don't bite the hand that feeds you do you ????
    No ASIC just screws us some more with these new Credit Rules where we get penalised if we can't make a payment on time for Loans that ASIC has sanctioned; out Toxic Loans that were based on fraudulent documentation and bulying/cons by the Bank Managers and their agents.
    Medcraft wants to deflect attention away from himself so he can avoid going to GAOL for lying to Parliament and his corrupt practices .

  • doyla66
    doyla66 Wednesday, 12 March 2014

    Gfs246

    ASIC must stop making up rules as they go.
    Unjust and unfair
    Criminals at their best......
    This small group has the POWER to stop.....
    We have DB backing us all the way to the top.... We can't get better than this

  • doyla66
    doyla66 Wednesday, 12 March 2014

    Independent Fraud Squad Needed

    The US used an independent squad to investigate the sub prime lending and fraud over there, NOT INTERNALLY OF THE BANKS BY THE BANKERS OR EDR'S that are paid by the banks - standard conflict of interest stuff- WHY ARENT THOSE IN POWER NOT APPLYING BASIC PRINCIPLES TO OUR SITUATION??

  • doyla66
    doyla66 Wednesday, 12 March 2014

    gfs246

    because they think we are all STUPID
    because they think our POWER is not strong enough to make changes
    because they DONT want to FACE the HUGE problems
    because they KNOW JAIL TIME is ahead
    BECAUSE HEY ARE GUILTY AS SIN AND THEY KNOW THIS

    BUT WE KNOW BETTER Never Give Up

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