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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 Banks stealing our homes say the Greeks - sent to jail for DEBTS!!! Low Doc Scandal deepens.

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Australians will soon feel the pain suffered by the Greeks.....all because of rogue banking system - out of control in de-reg, meaning NO REGULATION banking sector.  Warning, if you have agreed to a Low Doc Toxic Mortgage, known as Liar Loans in America, this is what to expect.  

Banks created the mayhem, with bankers paying themselves big fat bonuses worth millions of dollars in retirement plans (ie SELFIE SUPER), then bankers jump ship and ask the nation to bail out the banks.  Australians are lucky if they lose their homes that they worked hard for 25 years to achieve.  At least they cannot be thrown in jail!  NO Bankers jaiiled of course for providing unaffordable fraudlent loans.    This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Greece: 'They are stealing everything, even our homes'

Saturday, April 26, 2014

By Afrodity Giannakis, Thessaloniki

 

“I wish I could leave Greece. I can’t go on living here. I work very long hours and live more frugally than ever, but I still can’t pay the bills, the income tax or the other taxes like the property poll tax. 

“My tax debt keeps building up. I’ll end up losing my home. They are stealing our homes and they are not communists. And people are getting sadder and madder every day. I can’t go on like this.”

This was the response I got when I greeted a stall seller at an open-air market in my area. Due to my own extremely difficult working and commuting conditions, I hadn’t seen him in months.

His anger and despair were much stronger than before, as is the case with most ordinary people in Greece.  My friend’s allusion to the communists concerns a decades-long anti-communist argument used by the power elites.

The argument went that if the communists came to power, they would confiscate people’s homes. It was recently used by far-right health minister Adonis Georgiadis.

In fact, small real estate property is being confiscated under capitalism. People are losing their homes to banks for failing to meet mortgage payments, or to the taxation department for accumulated tax debts.

Home confiscations have been facilitated by a recent law enabling salary, pension, bank savings and property seizures for tax debts as low as 500 euros. In practice, there have been seizures of all kinds of assets (including land and home) for smaller debts.

The number of confiscated homes has risen in recent years. A big wave of fresh house seizures is expected.  Financial hardship, combined with recent law changes, has led to a dramatic rise in debt-related jailings. Prison conditions are barbaric and unconstitutional.

Austerity................The vast majority of people are bound to have difficulty paying their mortgage or to run up a tax debt sooner or later. This is due to the extreme austerity measures imposed on Greece at the behest of the “troika” — the European Union, European Central Bank and the International Monetary Fund.

People in Greece are suffering a high unemployment rate (officially well over 27%, the highest in Europe), huge income cuts, unfair and unpayable taxes and the sky-rocketting fees imposed on many middle-class professionals.

Since the first “memorandum” agreement signed with the troika in May 2010, real estate taxes have risen by 684%.

The situation was already pretty bad before the first memorandum. It has been getting even worse since the so-called “aid” from the troika and the required “structural adjustment” reforms it comes with.

Despite their stated aim, the loans given to Greece were intended to destroy rather than help the country’s economy. In May 2010, Greek public debt was 120% of GDP. Today, after four years of savage measures, it is 175% and growing.

Most of the bailout money is used to pay off previous loans and excessive loan interest. It is also handed to parasitic banks and insurance companies. On top of that, the people of Greece have paid 100 billion euros more than the loan given to their government

 

 

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