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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: Medcraft, ASIC, FOS, COSL in cover up mode re Toxic Full Doc and Low Doc Systemic Mortgage Fraud

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Medcraft is attempting to orchestrate the loooooooongest list of excuses, as to why he has to lie to Parliament and say "no systemic issues in banking practices regarding obvious fraudulent loans and barrels of Maladministration in Lending.  In other words to say every mortgage loan application approved by Banker Mates was checked and verified as affordable loans to people who could afford to sustain repayments.

You can see the build up in small stream media.  You can almost guess the exact words these luminaries will use on the witness stand prior to Greggie flying off on his usual IOSCOnian Adventures.  

The problem is Mr Medcraft, you Sir will be leaving behind fractured banking industry riddled with bad practices, bad procedures and definitely toxic financial products, riddled with fraud.  You did not start the banking cartel here, but you were in on the ground floor in 1994.   You will attempt to tell the world there is no problem here - no systemic issues re sub prime lending.  

Good Luck......the victims will be following you around the globe......................and they do predict you will be permitted to resign from ASIC this year.

The fact that your obvious game plan in wandering in to Australia, from New York, from the mess that is Society Generale to be head of the Australian Securities and Investment Commission ("ASIC") was simply a stepping stone in your plan for greater grandiosement: Chair of IOSCO, the International Organisation of Security Chiefs.  I have been watching IOSCO for some years and yes, it houses some of the worst Chiefs on this planet!

Others may say that IOSCO hiddeth that which BFCSA is exposing.  You admit your Gatekeeper system using EDRs, is not working.  You admit the "disclosure policies are not working."   Our Members know that, as they are the END USERS and victims of your diabolical systems and policies.

You will bleat to me: "its Government policies, not mine."  Treasury buffoons say "ASIC is autonomous,we cannot interfere."  So if you had all of these awesome powers, as Senators Helen Coonan pointed out in 2005, along with Senators Conroy and Sherry in 2004, why did you as Chairman of ASIC, not use those powers?  Aha,  so you were not covering up for Government Officials, you were covering-up for bankster Mates?

This is NOT a two way bet Mr Medcraft.  You need some backbone!  The cover-up is obvious and costing lives.  Even with the Banksters continuing to run amok, stealing assets, developing tools of deception to hide true incomes, approving loans via computer, blaming innocent brokers who simple used those bank-made twisted tools.   Even when the evidence shows the Banksters were the Engineers and Masterminds of the entire Global Meltdown in Banking, you Sir, are still THE MAN IN CHARGE, and therefore responsible for every death, every loss, every agony suffered and every home lost.

Your hand in running a defective administration is what is under question here and YOU SIR will have to answer the Senator's questions before you leave town, yet again.  There are deaths from suicide, strokes, heart attacks, medicated zombies - real people and loved ones and they all have YOU to thank for this ghastly TOXIC SUB PRIME MORTGAGE MESS.  

Expect no sympathy from the Public Gallery!   They are the ones suffering loss and deprivation at a very vulnerable time of life, that they cannot re-live their life to even dream of receiving $800,000 a year pay packet plus IOSCO benefits and travel allowances of $200k per year.

To start with, my solution would be that given your defective administration YOU should pay back every dollar of salary you have received under false pretenses of being consumer protector, and hand that figure over to consumers for their own fighting fund as you and your Banker Mates have left everyone penniless.  And please, expect to be hauled back to Australia next year for the biggest ROYAL COMMISSION this nation has ever seen - against Banksters and ASIC's role in leaving consumers completely helpless in the face of adversity.

Why the confidence that a Royal Commission will take place?  Because the damage to this country and its economy is so great.  Suburban Housing Prices have fallen to below 2008 prices.  How do we know, because every borrower bar none, can see the fall in those real prices achieved.

BFCSA Members see the property market movement before any other tainted agency.  We are the peak grass-roots consumer support group.  Members are fighting back, hanging on to homes because of the fraud and yet, the agony that causes the strength is the fact that every HOME has lost around $150k or more int he past five years and the banks know this!  People are scared to think they will not only lose their beloved homes that they worked 40 years for, but they will end up with a short fall of around $200k and Gadens will gladly assist in throwing 90 year olds into bankruptcy!  Gadens are making big dollars from these activities and shown where their lack of integrity belongs.

I would imagine your Bankster Mates have briefed you on the property market collapse?  Oh I see more fudged figures from Industry bods to tell you the opposite.  Yes well anyone can purchase opinions.  We are speaking of a $100 billion market.  Imagine the carnage?  Consequential thinking is not your forte?

The losses are staggering.  The most galling part of this saga is without doubt - that your resume said you were the securitisation guru and you had no thought as to the financial devastation and life-changing carnage visited upon ordinary Mums and Dads.  Your beloved banks chased ARIP's - older Australians with their own homes - unmercifully with equity lending.  The only way you could personally become rich was the plunder of Asset Rich and Income Poor - people with a modest home that had risen in value over 30 years, yet were now on a pension with no superannuation.  You and your Bankster Mates targeted coined that target label.

The Banking Industry recently boasted tricking one in five families with these ludicrous bubble creating strategies that were your m,ate's creation in 1994.

You all taught Brokers to target ARIPs and told them the product was completely legal.  That was lie number one.  By necessity, all loans involved fraud to pull off this heist so you developed the service calculator to have the Internal Bank Calculator to make up fudged income figures for Brokers to use. That was ingenious - set up the broker channel to be the fall guy when sxxx hit fan!

And who is now looking after the SUPERANNUATION DOLLARS?  Your Mates with the same appalling attitude to wealth.  The wealth creation industry of this country become the "poverty sham/scam for ordinary folk."  

"I want to experience wealth and I do not care who I trample on."  That seems to be your fatal Mantra.

You call it ambition.  NO Greg, its not ambition when loaded with criminal activity; its the greatest scandal this nation has ever experienced.  The cracks in the Cartel are only just starting to appear and you know that.  

I invited you to meet with me in January 2013 and you declined.  You sent  a lackey Commissioner to have a chat.  You told them to say: "Brailey has no evidence, its just marketing!  The emails between banks and brokers and tips like "you can now do ABN's for a day" is just marketing?  Marketing to whom?  These were just INTERNAL BANK EMAILS.  We blogged them for the public to read.

I take it you see nothing wrong with "ABN's for a day?"  You see nothing wrong with "service calculator must be attached to your deal or we (bank) will not process your loan?"  or BDM saying "I would love to write up some more apps for you, hope some are for us....."  Nothing wrong there?  What about: "Good News, no need for service calculators, we do NO DOCS, no financials needed."  What about all the LAFs hidden since 2004?

Did the BDM's in all banks make this up on the same day?  The 2000 emails show a ghastly pattern of following each other in systemic criminal intent. The email instructions came from the Engineers of Product at the top of the banking chain and from the Four Major Banks.  Your own Commissioner admitted "yes banks are the Engineers, no doubt about it."  

The issue here is defective administration for one simple reason: This crime is about ASIC's gross negligence on all levels. ASIC failed to protect consumers from known and identifiable criminal activity in the banking sector, involving defective bank engineered products.  You were the bloke in charge, you knew what was taking place from past experience as the "guru."  

These orders were coming down from the TOP of the Banking Industry to "pump up volume."  You saw nothing wrong with Banks setting up their own Fraud Departments to examine their own frauds coming from the TOP?  ASIC accepted that and deemed the Bankster Cartel was abiding by the Code. On which level Mr Medcraft?  It was your own duty to call in the AFP.  Instead, you instructed your minions to send letters out to the victims saying WTE "bugger off, go and get a  lawyer even though we know you are mired in debt and my mates are wealthy because of that fact."

Please feel free to use the Defective Do Not Use label on the front door of every ASIC office. On your own luggage if you wish.

One more thing Greg: why did you fail to report the evidence I gave you to the Australian Federal Police?  Why did Treasury fail to bring in the Feds?  Why was the public kept like mushrooms  - in the dark?  So you are an accessory to grand theft?  You may yet face criminal charges?

The ordinary folk of this country will search for the truth.  They will eventually discover your game-plan and will be less than amused.  95% of Australians are ordinary folk.  I would say the odds of having a Royal Commission into Banking in this country are very high right now.

I presume your already starting to pack your bags....................... This email address is being protected from spambots. You need JavaScript enabled to view it.

ASIC, Treasury and EDR staff read this site regularly so you are sure to get a are the State Police.

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  • doyla66
    doyla66 Sunday, 09 February 2014

    Insider trading rife - today's headline in Brisbane times.. ASIC did nothing.. The failures of ASIC on all levels with the banks is disgusting. ASIC is a failure...on a path to self destruction! We need a separate and new Federal Consumer Protection Bureau.

  • doyla66
    doyla66 Sunday, 09 February 2014

    Medcraft should not be permitted to resign. He ought to be sacked! ED: Then you should all write to the PM and tell him your thoughts and why.

  • doyla66
    doyla66 Sunday, 09 February 2014


    Do you get it Greg, you have failed miserably in protecting borrowers while giving your banker mates immunity from committing fraud. It will eventually catch up with you, may not be next week or month but its just around the corner. You are directly responsible for ruining the lives of ordinary Australians along with your cohorts the banking cartel ,fos and cosl. You have manipulated the structure of the EDR's and allowed their current behaviour to escalate and that will be noticed by the senators, they will certainly be informed of the current tactics of taking away borrowers rights of appeal and lack of giving fair outcomes. The banks and lenders have chosen the deceitful fraudulent method of scamming so it's up to them to pay the price for criminal intent.

  • doyla66
    doyla66 Sunday, 09 February 2014

    Well said Denise and so true of Medcraft....he has to go and yes he must be sacked on the spot Gladiator right after the Inquiry but not before facing his just deserts. He needs to suffer the way that he has caused all of us to suffer. He does not deserve any privileges like being allowed to resign and should be obligated to stay and face the music on the big day....after all he is the Chair person and the one who is responsible for all the carnage imposed on good Australians. Don't go to lightly on him, hit him right between the eyes. He is guilty and has so much to answer for.

  • Denise
    Denise Sunday, 09 February 2014

    Stay tuned around the 19th

  • doyla66
    doyla66 Sunday, 09 February 2014

    ASIC has beens

    Speaking of cover ups there seem to be a few ASIC has beens being re-incarnated and installed with FOS , no doubt to protect their former colleagues

  • doyla66
    doyla66 Sunday, 09 February 2014

    Medcraft as the head of ASIC must take full responsibility for its actions, that old croc about just following the politicians orders is a cop out. It doesn't matter whether you're the captain of a ship or a company CEO ultimately the buck stops at the top and as such the chairman's position at ASIC.

  • doyla66
    doyla66 Sunday, 09 February 2014

    Italian ferry captain

    Neil I suspect that Medcraft will do the Italian ferry captain trick and the first person to land as the ship sinks

  • doyla66
    doyla66 Sunday, 09 February 2014

    The first to abandon ship is a coward with no guts or backbone. He can dish it out but can't take it. We shall see his reactions when he is cornerd with all the BFCSA evidence thrown at him. Let him try to wriggle out of this one in front of a huge bfcsa audience enjoying the show.

  • doyla66
    doyla66 Sunday, 09 February 2014


    If it wasn't such a serious matter it is laughable to think that ASIC, FOS and COSL come out in their submissions saying that borrowers who are in trouble with their mortgages are most likely distressed and don't know what to do, well I can tell them we are distressed and bloody wild when they come out with this shit. Of course we are bloody wild as you Cretans have ruined our lives through inaction. To FOS and COSL have you informed ASIC of this fraudulent behaviour of the banking and lending institutions and when ASIC has tried to pass the buck or cover up has anyone tried to go further e.g. Treasury, Politicians, AFP. I guess not going by the pathetic submissions you have both put in. You will most likely be going down with the same ship. We have a problem with mortgage fraud in this country that will kill the economy as well as decent Australian lives who have been conned by the banking industry and all their offsiders with their distain and deceitful doings all in the name of greed. What I can not work out is no one has the balls to say it's fraud (not maladministration) and we all know how serious that is. I presume it is possible it may be reported to ASIC because the EDR's don't want to be seen handling fraud cases and ASIC with all these cases of fraud coming in saying that there are no systemic issues and to get a lawyer or it's not in their interest. HANG ON THERE that's your job ASIC you pack of lazy clowns!!!!! that's exactly what your bloody job is- straighten out scamming banks but then you would have to go after your mates in the cartel or maybe when you get the boot from ASIC your mates wont want to know you for your next career.

  • doyla66
    doyla66 Sunday, 09 February 2014

    Rats are always the first one's to desert a sinking ship, I hope Greggy remembers to take his cheese as the good ship ASIC founders on the rocks of justice.

  • doyla66
    doyla66 Sunday, 09 February 2014

    Profile of the Grim Reaper

    From the asic website.........

    Greg Medcraft was appointed ASIC Chairman on 13 May 2011 for a five-year term.

    Greg joined as ASIC Commissioner in February 2009. Prior to ASIC, Greg was Chief Executive Officer and Executive Director at the Australian Securitisation Forum (ASF).

    Greg spent nearly 30 years in investment banking at Société Générale in Australia, Asia, Europe and the Americas. More recently, he was the Managing Director and Global Head of Securitisation, based in New York.

    In 2002, Greg co-founded the American Securitization Forum and was its Chairman from 2005 until 2007 when he returned to Australia. The American Securitization Forum is an industry group representing some 350 member institutions comprising all major stakeholders in the US$1 trillion US securitisation market. In January 2008, he was appointed Chairman Emeritus of the Forum.

    Before joining Société Générale, Greg worked as a Chartered Accountant with KPMG. Greg was elected by the IOSCO Board in May 2012 as its next Chair. His current term commenced in March 2013 and is due to finish in September 2014. In his capacity as IOSCO Board Chair, Greg is also a member of the Financial Stability Board, which reports to the G20.

  • doyla66
    doyla66 Monday, 10 February 2014

    How will Greggy handle the pressure

    I am so interested to see how Greggy handles genuine pressure (the same sort of pressure we victims have had to cope with every day of our lives now for five years and for some more). No taking questions on notice Greggy and KELL as you two usually do coz lets face it we don't get that right with FOS.
    I really think you Mr Medcraft are a disgrace treating people just like your own parents, hard working honest plodders that accumulated everything in life by just sheer hard work. You are showing that you obviously have no appreciation for the sacrifices I am sure your parents must have made to get you where you are today by the fact that you as the gatekeeper have the power to bring these crooked BANKS into line but flatly refuse to do so.
    I can tell you now what it is to sacrifice to help your children, my wife and I were not born with a silver spoon in our mouths we have worked hard for every single cent we have ever got but we both applaud our parents for doing the best they could. We now have passed on the same principals of improving our children's opportunities in front of our own needs, our two boys are highly qualified and sought after in their chosen fields as tradesmen and our daughter has made us exceptionally proud by finishing her university degree with honours. I know that the first people all of our children would thank for what they have achieved is us as their parents and I will take that accolade as we worked very hard and sacrificed much for them to achieve their goals.
    I think it is high time that ASIC and its figure heads stand tall and make it clear that Australia plans to lead the way in compliance and administration of sanctions against those who chose to buck the systems that are in place. Our Banking and Finance Industries only distort the system to suit their own wicked ways because they are allowed to, the laws in place are there to stop the rorting and are powerful enough, they are just not administered by our regulators.
    How long will our government take the low road approach and let Banks go on producing Fraudulent Products unchecked against its citizen. If ASIC are going to take a stand back approach and just watch while it (a crime) is being perpetrated maybe it is for our FEDERAL POLICE to expose the scam. We constantly hear of scams coming out of African Nations and our Government goes to great lengths and expense to uncover the source but right here right now it is going on at home under their very noses with nothing done to help its own. Lets not kid ourselves our Banks only exist for one product MONEY and if they think they can get away with making more of it they will, the product they peddle is illegal in the case of the LOW DOC, NO DOC Mortgages there is endless amounts of proof and no Government Department wants to expose it. We need a full investigation into all Banking products from Mortgages to Secuitised investments but it must be done by people qualified to remain impartial and with no vested interest in the outcome. Please give all of us affected by this traumatic event a real chance to have this exposed futures and lives depend on the truth.

  • doyla66
    doyla66 Monday, 10 February 2014

    Members if you think the banksters have it good now wait until Joe Hockey relaxes all the rules which he stated he was going to do when he spoke at the Lowy Institute last week. He stated relaxing the rules will upset some people but it has to be done so big business will release the purse strings and they can be confident government is doing all in its power to help big business. Remember Joe Hockey cut his teeth as a bankster lawyer first., it was stated last week that Joe wants to establish his reputation on the world stage by being the spearhead that leads Australia to economic recovery and sets an example for the world to follow.He has a vision for global recovery and that's why he wants to make his mark in preparisation for the G20 this year in Brisbane.Is this history repeating itself ,haven't we already had the worlds greatest Treasurer before? Little men big egoes, says it all doesn't it?

  • doyla66
    doyla66 Tuesday, 11 February 2014

    Fix the problem first JOE before you open the doors to a new one.

    You are so right Neil we are certainly seeing yet another limp wristed sook out to appease the masses instead of making the long range decisions that will really count. Swan took the quick fix method now JOE the bloke we all thought would be our saving grace with his idle chatter about fixing the Banking and Finance problems has shown he too will bow to his cobbers up the top of the big city towers. No doubt about this country we have become a sell out nation and we laugh about how business is done in Indonesia, credit to the Indonesians at least they are open and do it in the streets all our political backhanders happen in back rooms and at the top of big city towers. Other countries and there are many of them have taken their Bankster Cartels to task and admitted this kind of illegal behaviour had taken place. But not here we would far prefer it eat away seemingly undetected under the total protection of our political parties until it has devoured our economy and only then will we take the big stick to the perpetrators.
    We are watching all of our industries disappear completely or go off shore our natural resources getting stripped from the ground while we flatly refuse to put in processing plants to turn raw produce to finished product. And yet we still sit and watch our Banks grow beyond the rates of any other in the modern world without asking how are they achieving growth of this magnitude while the rest of our economy stagnates and industries disappear. We are because Government is doing nothing to aid new industries or helping to grow old established industries heading for a huge down turn and massive unemployment crisis in a very short space of time. But to the rescue will come our shining lights the BANKS (yeh of course) look at it logically people they cant help, they produce nothing, they rely on us the workers to buy houses and vehicles and take the risk in starting businesses then peddle their toxic finance products to lock us in for life. This is all achieved with the blessing of our Government or the abysmal regulators they entrust to keep thing honest. You might want to ask you boys in Canberra when was the last time one of our Major Banks really contributed or helped create a new industry or employed more AUSTRALIANS because you certainly wont find any of them in their call centres. Yep just keep looking after the Banks as they certainly contribute plenty back to society.

  • doyla66
    doyla66 Thursday, 13 February 2014

    Clear policies should be made

    We hear daily lot about the scams and cheating on these issues. Therefore government should come in front and should make strict policies about low doc loans. This is the only way by which we can stop it.

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