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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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Michael Burry, the man who correctly predicted the sub prime housing collapse and made over a billion dollars from it.

Posted by on in SUB PRIME LENDING
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Dear members

I have just watched a Bloomberg program called 'Risk Takers", this episode is dedicated to Doctor come hedge fund manager Dr Michael Burry who saw the sub prime collapse coming, warned about it and in turn bet against it to profit handsomely from it. Its a twenty five minute show and if you google Michael Burry you will see the Bloomberg link to watch it. Its scary stuff watching powerful people playing and how it all filters down to affect everyday people.  

Its twenty five minutes well spent to watch and is another insight into the whole sub prime fiasco which we are all suffering from its effects now and into the future. Thanks Neil T.

http://www.bloomberg.com/video/72756316-michael-burry-profiled-bloomberg-risk-takers.html

 

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  • doyla66
    doyla66 Sunday, 12 January 2014

    Very enlightening Neil I wish I had the mans vision

    Well worth the watch Neil just goes to show you go with your gut instinct and its usually on the mark. I just wish I had gone with my gut instinct before I invested in Money Choice's wicked, crooked misleading crap I should never have gone that direction as I always thought Matt George was not quite right and guess what I was spot on with that assessment. I will always remember his opening line at the seminar DONT WORRY ABOUT SUBPRIME LENDING IT CANT HAPPEN HERE IN AUSTRALIA, that should have sent alarm bells ringing. Still that line was the first line in the BANKSTERS spiel to the Brokers I feel sure, it would have gone something like this Broker Q: Mr Bank Manager what is the first thing I should say at my seminars A: Well Mr Broker start off with a big fat lie to get their confidence, something like DONT WORRY ABOUT SUBPRIME LENDING IT CANT HAPPEN HERE IN AUSTRALIA THAT SORT OF THING ONLY HAPPENS IN AMERICA, that should certainly put them at ease.
    No use going any further with this line of example, we all went to these crooked stage shows and got had and then the Banksters backed it all in and the rest is history I just wish I had the vision of Michael Burry very cleaver man.

  • doyla66
    doyla66 Sunday, 12 January 2014

    Duped

    Exactly the line that got me roped in to Tony and I still went for it. Strangely enough I thought myself at the time he would be a shifty customer but he had the gift of the gab and made it sound ok getting a loan when unemployed (crook ) and years later realising he or someone had falsified near everything on laf's except our names. Getting back to ASIC they believe that this practice is ok but we now know it's not.

  • doyla66
    doyla66 Sunday, 12 January 2014

    ASIC believe everything ok if its done by a bank

    Well Duped and Tony it seems to me that ASIC believe everything is ok if it comes from the mouths or off the pen (oops sorry no wet copy allowed) of a Bankster. Employed, unemployed, on a pension, self employed on low income, never employed with zero assets it really does not matter the broker would trap you and the bankster would lock you away in debt for life take away the new asset they had sold you black list you and expect payment forever for something you no longer own. What a win win win situation they set up for themselves all validated to the brokers and initiators by massive trailing commissions. Why in gods name would these brokers and Ponzi banking set ups ever want this to stop? Of course at the top our Big BANKSTERS were enjoying another windfall as soon as you got into trouble in kicked the Mortgage Insurance you had paid, to keep the Banksters safe to always get their money and all this sanctioned by good old ASIC. What a pack of winners. Maybe ASIC should have taken advice from Michael Burry as a consumer adviser but then again why would they do that when it may well have made life difficult for their Bankster mates.

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