GLOBAL SUB-PRIME CRISIS

BANKILEAKS

Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook
 

facebook3           facebook2 

BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

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.

Visitors

Articles View Hits
740374

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

Denise Brailey

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

BFCSA: Medcraft Mumbles free enterprise - tells 90 year olds to look after themselves with TOXIC LOANS. ASIC continues failure to deliver consumer protection.

Posted by on in ROYAL COMMISSION URGENT
  • Font size: Larger Smaller
  • Hits: 1964
  • 0 Comments
  • Print

Chairman Medcraft knows that pensioners have no money for lawyers.  He knows there is only a chance of class action AFTER you lose your home: ie for HOMES LOST CLASS.  He knows there is no chance of getting class funding to SAVE HOMES.  Then he states: “Mr Medcraft said class actions backed by litigation funders was a welcome development that complemented what ASIC did.

Yes Greg – you just want the funders to do YOUR JOB whilst you sit like Mother Hen on all the obscene “accumulated funds” that ASIC has at its disposal.  Problem Greg: you did not use the funds for the past decade of LOW DOC LOAN VICTIMS.  Instead you allowed Banks to run up even bigger debts for pensioners and those on centrelink benefits.

You are a worm Mr Medcraft, and a W Banker and no help to Consumer Protection at all.  You did provide heaps of protection and cover-up for Banker Mates and I presume you are doing the same thing as Head of IOSCO!!!!  You permitted Australian low income families to be robbed of their only asset - their home.  .  You forced people to live in Caravans that five years earlier all these people had owned their own home for a decade or two. 

You used tax-payers money to protect the predatory lenders who were the engineers of these dreadful deceitful financial products, riddled with intent to deceive customers.  You permitted your Banker Mates to develop evil financial strategies to suggest they deliberately target vulnerable ARIP’s.  I was there front row Greg!!!  Asset Rich Income POOR.  If people do not have a copy of the LOAN APPLICATION FORM in their file/folder they need to contact us urgently LOW DOCS AND FULL DOCS, and now the next bundle under the so called "new laws 2010" are coming to light.  The market is going to reel from the level of deceit and dastardly conduct of the Major Banks.  Loans to Older people - on pensions - $600k average loans - using centrelink forms - convincing people to become "responsible" retirees via using equity in their homes.  Telling people not risky at all due to buoyant markets....then giving them buffer monies to afford the payments for five - six years and thereby have FOS then say "Oops over the six year time limit." ITS A BANKER ENGINEERED SCAM - the biggest Australia has ever seen.  85% of all loans are with Major Banks. Bloombergs announced sudden 39% increase in INTEREST ONLY LENDING IN AUSTRALIA.  Its going to get very messy indeed.

Watch the Bankers jump ship with $100 million in bonuses for our own aussie Crime of the Century aided by ASIC.

Remember when a well known broker stated: "I always use a Centrelink Form........................."  should have rang BIG BELLS to an honest regulator.  The person that "approved the loans" was not the broker - it was the greedy BANKERS.

ARIPS the $50 billion market -we now know is around $100 billion toxic loans created by your own neglect  This email address is being protected from spambots. You need JavaScript enabled to view it.  

 

ASIC targets financial advisers

June 25, 2014

http://www.smh.com.au/business/asic-targets-financial-advisers-20140624-3arb3.html

Australian Securities and Investment Commission chairman Greg Medcraft said the $120 million in budget funding cuts over four years wouldn't hamper its ability to monitor whether incentives the federal government will allow under its revised FoFA rules are driving poor advice.

With less resources, he said the regulator would rely more on targeting high-risk areas, and financial planners would be one of these.

''At the end of the day, we will look to enforce the law and focus on what we consider to be the highest-risk areas. Financial advice is one that we regard as high risk,'' he told an Institute of Company Directors lunch. ''We will identify those areas within that legislation where we feel there is greater risk of lack of compliance and not complying with the spirit of the law - that's what we do.''

But he told the gathering in Sydney on Tuesday that they will rely more on individuals, industry and class action litigators to be vigilant and help ASIC do its work. He said much of what needed to improve in the financial advice sector was cultural and this was hard to regulate.

''My message to the financial advice industry is that you need to win the trust and confidence of Australians,'' he said. Mr Medcraft said class actions backed by litigation funders was a welcome development that complemented what ASIC did and the regulator may in some cases directly support such actions.

''Personally, being a free enterprise person, I would rather people sort out the issues between themselves rather than involving ASIC,'' he said.

''That's why I see class actions as a good development because the market decides it is something that they want to take on and if somebody is willing to fund it rather than calling on the public purse, then that to me is part of market efficiency.''

ASIC had, however, accumulated a ''large balance'' in its own litigation fund. ''We're very open to pursuing direct action ourselves,'' he said.

Mr Medcraft said ultimately investors needed to ensure they were being careful.

''We will continue to do the best we can, but it is important for investors to take care, get an education and make sure you to try to do the best you can on your own is equally important.

''At the end of the day nothing has changed in individuals taking responsibility for themselves.''



Read more: http://www.smh.com.au/business/asic-targets-financial-advisers-20140624-3arb3.html#ixzz35gW6Jh17

Last modified on
Rate this blog entry:

Comments

  • No comments made yet. Be the first to submit a comment

Leave your comment

Guest Thursday, 24 September 2020