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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: Westpac & the Dragon Ghost Writers of Loans - who ya gonna call? Michael West SMH of course

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The banks have the government pretty well licked, as you know. Tame as can be, those assorted regulators, bureaucrats and ombudsmen.

But will somebody please tell the Tuggerah Lakes police that the banks are above the law. There seems to be a misapprehension by the local constabulary that the banks are somehow subject to the laws of the Commonwealth. It is a mix-up that surely will be remedied in short order.

In the interim, detectives from Tuggerah Lakes police station are investigating St George Bank.

And Westpac, which owns St George, has begun to assist. They didn't like it at first, and refused to comply with a magistrate's warrant, then dragged the chain on a judge's warrant but, when confronted by police with a contempt of court rap, lapsed into avid co-operation.

Unfortunately, the man they blame for the missing loan documents at the centre of the Tuggerah Lakes police case … well, he does not appear to exist, at least on the police databases.

We are afraid to say it, dear readers, but it looks as though Westpac is haunted. Today we can reveal, exclusively, the Ghost of St George.


Our story begins just before Christmas in 2011 when St George customer Caroline Baker agreed, reticently, to go guarantor for her son-in-law in a real estate purchase.  Disaster Struck.  Days later, her daughter called. The husband had left her. Baker raced down to the local St George branch at Bateau Bay and tried to stop the loan.

It was too late. The funds had already been accessed by the son-in-law, said the St George teller. In passing, the teller mentioned her $210,000 mortgage.

You do know you have a mortgage don't you, the teller asked? That was the first she had heard of it, says Baker. She asked for copies of her loan documents and was duly charged for the pleasure.

The loan documents related, not to the 2011 guarantee, but as it turned out to the purchase of a house for her daughter at Boomerang Beach four years earlier.

Caroline Baker says she thought she was signing a property settlement, not a loan, and as the son-in-law must have been funding it, she was blissfully unaware she had a mortgage.

Yet, even to this day, she awaits a full copy of her loan application form.

''They [St George] appointed a man to look after me, a senior manager internal dispute resolution,'' she says.

''He kept me going with platitudes for seven or eight months. He did eventually send me the LAF [loan application form] - but not page nine.''

Baker found almost a year later that the loan had been sold to somebody else in Western Australia, a Wayne Jessup. She managed to get the mystery page from Jessup on a freedom-of-information request.

''When I got it I was beyond furious because all the details were wrong. The asset values were inflated. And I was divorced. I've been married for 50 years! And I saw that my signature was on it but I never remembered signing it. It looked cut and pasted.''

Four months earlier, in August last year, Caroline Baker and her husband James were invited to Westpac's plush Kent Street eyrie above Sydney Harbour. Legal and dispute resolution people showed them ''two whole tables of documents. Our signatures were on them, I was in a state of shock,'' says Baker.

''I told her that we hadn't signed them but I didn't have a chance to ask further questions because we were ushered out. They sat us down in the foyer and suggested we go to FOS [the Financial Ombudsman Service, which is funded by the banks]. So we went to FOS.''

FOS said it would be a ''very long time'' before the request could be handled as things were busy. The Bakers are still chasing pages 11, 12, 13 of their application. They tried St George, they tried Westpac, they tried ASIC (and received a form letter), and they tried APRA (not our thing).

They tried writing to Westpac chief Gail Kelly. A response from someone said, as it was being investigated by FOS, there was nothing they could do. So they tried the police. A few weeks ago, Detective Sergeant Tania Blondeau from Tuggerah Lakes police rang the Bakers and began investigating.

Blondeau told Caroline Baker she was looking into the husband and wife loan broker/conveyancer team behind the Boomerang purchase in 2007 but the bank was not being helpful.

When, after a contempt of court threat, the information finally arrived from Westpac, it was still missing the pages from the LAF.

Whatever the truth of the Baker situation - and Westpac has not ruled out ghosts - this is one of thousands of apparent loan document frauds. Caroline Baker had done the ''ring-a-ring-a-rosie'' of FOS-ASIC-banks and contacted Denise Brailey, whose Banking & Finance Consumers Support Association (Inc)subsists with zero state or bank funding. Brailey had 1170 victims in June this year, mostly low-doc loans. In most cases, the income figure on the LAF had been increased to justify more credit.

''There is not one clean LAF among them,'' says Brailey. It is a systemic problem, bogged down in regulatory stonewalling. Increasingly there are many full-doc loans, such as Caroline Baker's, among them.

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  • doyla66
    doyla66 Saturday, 19 October 2013


    Gail Kelly you an absolute disgrace and you have the hide to take part along with another banking a-holes to sit in the street and for publicity, pretend you are experiencing the conditions of the homeless while the TV cameras are on you and pretend you care about the homeless Gail you are a grub

  • doyla66
    doyla66 Saturday, 19 October 2013

    Just another sordid tale of the lenders greed. It is amazing the different cases that keep cropping up all the same ending. Lender doctored loan files, missing/lost files, innocent people being taken advantage of. Criminal and cruel!!! Nab unilaterally added an applicant as guarantor unbeknown to us. Of course Nab did not contact anyone during the alleged Broker/Nab process. I have lost all faith and trust in any Lender now. Nab are not to be trusted ditto the other institutions. Nab acted in good faith, what a lot of rubbish. Nab need to come up with a better one than that!!!!
    How could they act in good faith they do not know the meaning of it. Greed, profits are all Nab are interested in. Shareholders you are being duped. All Nab's defaulting loans are not attributed to the customers. Nab's greediness has bought them unstuck on thousands of loans handed out. Nab cannot continue to fraud Aussies by fraudulently giving out millions of dollars in loans and them taking their homes. You are the losers shareholders. Just in our situation Nab will go down the shoot by hundreds of thousand of dollars. We have no money, Nab know that, but they fought us through the courts with a top legal team, so you can imagine the cost of that little episode. You Shareholders are the one's loosing out there. Combined, how many millions overall is Nab down the shute, by providing fraudulent loans through doctored and misrepresented loan applications. Mr. Clyne will not miss out on his salary nor bonuses, nor will the figure fudgers in the Nab that perpetrated these loans with the full knowledge of Nab hierarchy. Nor will the Brokers lured into the Nab scandalous activities. Everyone has their hands out for their divvy of the pie except the Shareholders. You are the losers.!!!!

  • doyla66
    doyla66 Sunday, 20 October 2013

    The Trouble Begins at ASIC: A Life of an Australian Consumer in the Wild, Wild West: Hardcover (Amazon)

    Michael West (save Mark Twain) superbly puts into context how bank$ters got "rich-quick" digging up $100m FRAUD NUGGETS while home owners got "poor-fast" on a one one ticket out of town on bumpy stagecoach to the Far West.

    BFCSA members may take heed from Mark Twain: "Don't let schooling interfere with your education," he wrote.

  • doyla66
    doyla66 Sunday, 20 October 2013

    What a superb tale! Naughty banks and clever cops - busting open the Bankster shennagins and machinations. All in a day's work at a Bank. What a fun paper trail this one will be! Good luck, Caroline Baker!

  • doyla66
    doyla66 Monday, 21 October 2013

    Dont be too hard on Gail,Tom

    Tom I think you were just being a little harsh on Gail Kelly I feel sure she was doing the homeless thing for the right reasons and not just for the publicity. After all it seems her research will be put to good use, she wont exactly be out in the street but her cell wont exactly be the extravagant lifestyle she is used to either.

  • doyla66
    doyla66 Monday, 21 October 2013

    The big difference on the streets is the notional freedom. The choices are limited but for some that's preferable to a jail cell. Maybe they'll let Gail take her own doona and teddybear to prison.

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