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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: Consumer Complaints against ASIC received by Senate: One third are relating to LOW DOCS

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Low-doc loans make up one third of ASIC submissions to Senate

    AUSTRALIAN BROKER NEWS
by | 20 Jan 2014
The final submissions to the Senate committee’s review on ASIC’s performance are in, and low doc and no-doc loans are a hot topic.

At last count, more than a third of the 400+ submissions received related to low-doc and no-doc loans.

The latest submission, by Rocco Cassaniti, hits out at ASIC for failing to act after he alleges incomes were “grossly inflated” in their low-doc loan application in order to secure funding.
 
“Simply these matters are shrouded in legal protection for banks, hurting the livelihood of the unsuspecting citizen in the process,” wrote Cassaniti.

“With so much evidence against bank inappropriateness, why do we have an organisation who does not protect the consumer?”

A further common theme amongst the submissions was the collapse of Trio/Astarra, which was mentioned in 20 submissions. The failure of Storm Financial received 11 submissions and negligent advice relating to Commonwealth Financial Planning resulted in five.

Overall, less than 40 submissions were related to the advice and financial planning sectors.

Of the 410 submissions received 70 were confidential, 10 were received from academics and academic institutions and 45 from industry bodies, associations and consumer groups. 
 
ED: How would you feel if your loan documents had been altered by the banks who engineered a service calculator formula designed to deliberately alter income figures without your knowledge or consent.  And, no copy given to client, to hide secret for at least 3 - 5 years.  Bring on the Royal Commission into banking.  This email address is being protected from spambots. You need JavaScript enabled to view it.
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  • doyla66
    doyla66 Monday, 20 January 2014

    Denise, a broker I assume has commented to this story on Australian Broker News and is trying to twist the facts by saying he reads it as the borrower inflated his income and then signed knowingly.He is putting the onus back onto the consumer and saying now they are in strife and they are blaming everyone else.The banksters blame the brokers and the brokers blame the consumer.

  • doyla66
    doyla66 Monday, 20 January 2014

    It is exactly what I would expect from a Broker Neil. Trying to save their own bacon again. These Brokers and Banksters unfortunately are all tarred with the same brush. Oh what a tangled web we weave when first we practice to deceive.

  • Denise
    Denise Monday, 20 January 2014

    Yes Neil, an idiot in the industry who thinks he knows what happened and he has never met Rocco. He is wrong of course and quite nasty, but gradually the decent people, brokers and planners in the industry are waking up to what is really going on. Many also have Low Doc Loans and are now asking the Banksters for their copies of the LAF!!! Now will they be in for a BIG surprise. Wait until this nasty pelican guy is jailed by ASIC. The lazy regulators only pick on Brokers not lenders as we have noticed! [email protected]

  • doyla66
    doyla66 Monday, 20 January 2014

    Duped

    I can't wait to see Medcraft and Kell on parliament live stumbling around like idiots after questioning from Senators. Bring that on fast! Surely with so many people reporting that fraud has been discovered on their laf's and ASIC has turned down every one of them for assistance, as if to not be wasting their bankster friends time, they will be forced to admit they have seriously wronged the borrower. If they don't maybe they should be charged with deception having knowingly let this scam roll on out of control.

  • doyla66
    doyla66 Monday, 20 January 2014

    Totally right, Duped. :)
    ASIC has to be in line for charges soon. So many allegations. Where there's smoke there's fire. I hope the Senators really drill them and don't give up or let them off the hook this time. Decent Australians need to know that someone in government cares about white collar crime and is willing to put that into action. ASIC management need a huge wake up call over their "willful blindness". The world will be watching the Senate Inquiry into our Corporate Regulator. The good senators will not let us down. And judging by the anger of the Trio people, combined with the disgust of BFCSA members and other defrauded home mortgage people, there must be strong enough action come out of the ASIC Inquiry asap to send the message to the world: Australia may be open for business but above all our new consumer and corporate regulatory system will not be tolerating white collar crime ever again.

  • doyla66
    doyla66 Monday, 20 January 2014

    ASIC as it now stands is a joke and a hurdle to foreign investment in Australia. For years overseas's investment have complained that a lot of our business laws are too complex and convoluted, too difficult to understand and damn near impossible to get resolution from the regulator" ASIC'' if problems arise. Tony Abbott has fired the first shot by looking at a lot of laws and red tape that can either be dumped or modified. A complete overhaul of ASIC would be a logical and timely event to instill business confidence both domestically and internationally.

  • doyla66
    doyla66 Tuesday, 21 January 2014

    Well done Denise, I've just viewed some of your comments in The Australian Broker news where you have tried to enlighten them on how the banksters screwed them over as well as us. I get the feeling though some brokers still regard clients/customers as a means to an end merely to make a profit. Its a bit worrying looking at all the spelling mistakes in their blogs, mine is due to the aging process, if brokers have to be up to speed with the latest rules and regulations and products you would think their written word would reflect this.

  • doyla66
    doyla66 Tuesday, 21 January 2014

    Just a couple of quick points Neil that are worth mentioning

    As usual Neil your points are well worth a read. I just noticed your first blog regarding the Broker blaming the customer for inflating incomes to get a loan approved, as we all know there is only one person or entity in the chain that can approve the loan and that is the BANK. Of course interesting to note when did the Broker decide that the customer had given him dodgy figures, when he sent them to the Bank to get the loan approved, when the Bank stopped paying his commissions because they have been told by FOS about the customer bringing action against them, or was it when the Bank put their hands in the air and said it wasn't us it was the Broker. Wake up Brokers you weren't getting big fat commission cheques, O.S holidays, weekends away all paid for or nice restaurant meals free gratis just coz the Banksters loved your work NO SIREE they wanted patsys, fall guys, you were all their pet monkeys while they did the organ grinding.
    You hit the nail on the head with the education side of things too Neil for a large percentage of the glory days while brokers were being recruited the qualification period to become a Broker was an extensive two day course. You did not have to have any more schooling than a leavers certificate however you were encouraged to seek higher education if you wanted to make Mortgage Broking a career. For god sake the moron that sucked us in was a washing machine salesman just two years before opening up his own mortgage broking and investment office. I think we all got caught thinking that this dubious profession had a greater entry level than what we found out much too late. My personal opinion of Broking and Investment Planning was that it must have required years of study and was a very respectable profession seeing as though these people were being entrusted with the biggest purchases you would make probably in your entire lives. Little did we all know that it was purely a profession ( no sorry not a profession, to be a professional you need more than a two day qualification) for money grabbers with nothing more in mind than a quick buck, well along with a quick buck comes consequences. Your greatest opportunity is now, any Brokers if you are reading this site and you saw displays of pure dishonesty or you were asked by the Banksters to do thing with or to customer files that were unethical or just morally wrong your chance to live without a conscience full of regrets for not standing for what is right will forever be gone. Decent peoples lives have forever been change with a few strokes of a poison pen and some lives which it truly saddens me to say have been lost forever to their families who are left to lament the day they met their Broker who introduced them to their Bankster. I implore anybody Broker or Banker with the strength and the conviction to say I know what I saw and did was wrong and I am going to make myself stand above the others and give Denise Brailey the information she requires to rid the activities of these common crooks from our society. Keep fighting the good fight bloggers and BFCSA members.

  • doyla66
    doyla66 Wednesday, 22 January 2014

    I have always thought that Brokers whether insurance, mortgage, financial were a created industry and totally unnecessary. All these created industries do is add further cost to the customer. All receive on going commissions, kick backs etc and are quite handsomely rewarded for their efforts which ultimately the customer pays for. Trained to take your money with a glint in their eye every time they con some poor unsuspecting Aussie. You don't see them driving around in beat up old cars or wearing the old Target brand gear they are regarded as professionals and something to look up to. It takes a certain type of person to look you straight in the eye, full well knowing that they are but taking advantage of you. Training is a joke. It certainly does not take to many smarts to be trained by the banksters as to what they want you to do. Their programs/training are designed to the advantage of the bank. If the Broker does not provide the paperwork required by the bank he is then informed of this by the bank and further documentation is required from the Broker which keeps everything sweet for the banks. It lets the banksters off the hook and lays blame squarely on the head of the Broker. A convenient and dirty trick contrived by the banks for gullible innocents. The banks training , the banks programs, the banks stationary, the banks service calculator nicely wrapped up with a bow. Eazi peazy for the Broker, just follow the trail and dot the I's as you go. The insurance companies, banks etc have relieved themselves of the staff to carry out these jobs and the consequences that come from imprudent lending and dodgy insurance products. Oh well I guess these so called professionals make unemployment figures look better for the Government, at what cost though to Aussies.

  • doyla66
    doyla66 Thursday, 23 January 2014

    dead peasants and janitor keys

    Ho Hum! Are our banks into this evil insurance rort along with their big bad US cousins? Read a few very interesting articles today re the key which is something I had not before heard or nor was aware was possible to do. Seems the big bad US banksters have been doing this with ALL employees minus their knowledge and call them “dead peasant” or “janitor” loans! Yep – even take out such policies on their own cleaners and have been cleaning up and collecting keys for 25 years!
    So what is a Key Employee Insurance Policy? A life insurance policy taken out by companies on behalf of an employee – i.e. they insure the staff member just like you insure your home contents. The policies give tax breaks, are tax exempt and the payout cover is tax free under existing law! Came out in the Senate hearing going on over there – just tried to see if there was any mention of our banks doing it and up came some site called speedy insurance explaining all about such policies so – guilty or not guilty I wonder??!

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