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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: NAB Bank axes LOW DOCS but, Homeside subsidiary plays on as normal. Faulty Product still in production

Posted by on in Bankers A Law Unto Themselves
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Does this mean that NAB will clean up the debris?  Pay out Compensation to everyone its hurt financially? OR are the NABBERSs planning to "cut and run."  clueless NAB says no impact for customers....................what about the financial destruction of people's lives this has caused?

It means the fourth pillar of the banking world simply says its STAR product is "unpopular!"  YES BFCSA members have kept up the public pressure over products you Nabbers engineered, manufactured, promoted and profited from.  Yes NAB, you have been publicly exposed for selling a deliberately fraudulent loan system that kept you in BIG FAT BONUSES, whilst you kept your customers IN THE DARK like bleeding mushrooms!  

So MR CAMERON CLYNE, in the recent Board Room Meetings I hope you have a very big COMPENSATION BUDGET put aside for the longer suffering NAB customers to benefit from.................................Oh and I believe Homeside ran similar products in the US.................YUK!  So you want Homeside to bring in the back door profits and bonuses to you through the same faulty product and disgusting service calculator techniques.

Major Bank wraps up low doc loans

http://www.brokernews.com.au/news/breaking-news/major-wraps-up-low-doc-loans-183738.aspxby | 05 Feb 2014
 
A major bank has discontinued a low doc loan product, citing the loan's unpopularity as the reason.  

NAB his announced it will discontinue its Low DoC home loan as part of its strategy to "simplify" its product range.

"In line with our ongoing promise of making it easier for our customers to do business with us, we’re simplifying our product range and removing products which are no longer popular," said the bank.

"Given the current take up of NAB’s Low Doc Home Loan, the removal of it should have limited impact for customers."

Applications for NAB Low Doc loans received prior to 24 January 2014 will continue to be processed, but all applications received on or after this date will not be accepted.

Homeside's Low Doc loan is unaffected by the change.

"Your self employed customers can continue to benefit from the range of NAB and Homeside home loans," said NAB.
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Comments

  • doyla66
    doyla66 Friday, 14 March 2014

    Finally an admission such loans are too hot for Mr. Cameron Clyne to handle! Wonder if NAB has done what banks have been doing in the US in selling off their toxic mortgage business to credit agencies? If yes woe betide any unsuspecting person who has taken out one of those toxic NAB loans! As usual ASIC look to have given their mate another get out of jail free card!

  • doyla66
    doyla66 Friday, 14 March 2014

    I smell a brand re-badge of same foul product, Low Doc loans not popular any more so NAB pulled it??.. pull the other one NAB! Keep the pressure up people.. and as previously commented do not throw away any of your old loan docs (even though your broker/bank says theirs was shredded/missing)
    Class actions here we come!!

  • doyla66
    doyla66 Friday, 14 March 2014

    I don't believe a word of what Nab are indicating. Come on Nab, this will not deter you from LOW DOC loans. What is the definition of a LOW DOC loan. You will just re brand this type of activity and carry on with your ruthless deceitful traps. There are thousands who have been caught out with full doc, business loans, investment loans, credit cards, top ups etc. manipulations. So this little bit of publicity is pie in the sky. I for one do not believe a word of it. Mr. Clyne you need to put your house in order. Stop ripping us all off. Stop taking our homes and STOP THIS FRAUD YOUR STAFF ARE INVOLVED IN. While you sit at the top of the tree it is your responsibility to see that Nab are looking after the customers to have continued support from them. Nab want the profits for the Shareholders how about doing it legally. Nab's bad reputation has lingered in the air for many many years and from what I can see it is still the smelliest bank. I remember in 2007 when we received our fraudulent business loan I had a Nab credit card which was maxed out. I was continually upgraded with further credit limits and this amazingly was not included in Nab's assessment anywhere.
    Within a couple of months my credit card debt had been onsold to credit management company who hounded me to death. Threats came thick and fast. They would not accept payments of any kind wanted the whole lot over $20K. I believe from what I have been able to find out they paid approx $7K.

  • doyla66
    doyla66 Friday, 14 March 2014

    They'll just rename low doc loans to "NO LOANS REFUSED JUST LET US FILL IN THE INCOME FOR YOU LOANS".

  • doyla66
    doyla66 Sunday, 16 March 2014

    True or Easy Loans or Flexi Loans or Homesafe Loans or whatever their crafty marketing bods come up with. Dressing up a pig to look like an angel again. We know that - unfortunately many Australians are still keen to get their homes as soon as possible or buy that property or doodah for emotional reasons, always the worst possible reason to make a big purchase and commitment. Real Estate agents and Brokers play to this weakness encouraging people to have their dreams now not later. Only ever buy property for rational reasons based on well-researched facts and you're on the right track.

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