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BFCSA: Treasury Letter To Denise Brailey - Securitisation

Posted by on in Political Blindness
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Received this response from Treasury related to the truth behind securitisation and it's potential impact on the investment the AOFM has made. 

Treasury Letter to Denise Brailey Nov 2012

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  • doyla66
    doyla66 Tuesday, 11 December 2012

    What a waste of paper. Reminds me of the old Peter Sellers skit where the punch line was the summary of what was said in a politician's speech. Here it is from the movie "What about the Workers?"


    ... My friends, in the light of present-day developments let me say right away that I do not regard existing conditions likely. On the contrary, I have always regarded them as subjects of the gravest responsibility and shall ever continue to do so. Indeed, I will go further and state quite categorically that I am more than sensible of the (exact) definition of the precise issues which are at this very moment concerning us all. We must build, but we must build surely. Hear, hear! - Let me say just this: If any part of what I am saying is challenged, then I am more than ready to meet such a challenge. For I have no doubt whatsoever that whatever I may have said in the past, or what I am saying now, is the exact, literal and absolute truth as to the state (?) of the case. - Hear, hear! -I put it to you that this is not the time for vague promises of better things to come. For, if I were to convey to you a spirit of false optimism, then I should be neither fair to you nor true to myself. But does this mean, I hear you cry, that we can no longer look forward to the future that is to come? Certainly not! (Voice from the audience: What about the workers?) “What about the workers?”; indeed sir! Grasp, I beseech you, with both hands the opportunities that are offered. Let us assume a bold front and go forward together. Let us carry the fight against ignorance to the four corners of the earth because it is a fight which concerns us all. Now, finally my friends, in conclusion, let me say just this: [BIG SILENCE !!!]

  • doyla66
    doyla66 Tuesday, 11 December 2012

    Royal commission into all of this. Peter Costello one of the main players helped get the securitization policies up and running in the first place.

  • doyla66
    doyla66 Wednesday, 12 December 2012

    Dear Sir
    What about those loans that were written prior to the NCCP?no one wants to know about those and as the
    NCCP didn't come into force until 2009, no one wants to know about them.
    These are the most toxic of loans as they were the first to be securitised.We as borrowers were not informed that the banks would be using the equity we had in our homes to line their own pockets.
    As for internal dispute resolution,external dispute resolution,we haven't got a leg to stand on,why won't someone ,anyone with a backbone DO SOMETHING.

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