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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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RMBS's are Really RIBS's

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How can ONE mortgage be backing MULTIPLE securities derived from it?

It can't. 

Typically, multiple securities are derived from the one mortgage.  I've spoken to a person, with excellent credentials, in the USA, who told me that the worst case he personally investigated was where 30 securities were made from one mortgage - each claiming to be backed by that one mortgage.  I understand that even more have been created at times.

That's why, as another expert has told me, the securities are NOT backed by the mortgages.  They are back by the INSURANCE that is taken out on the securities.  It protects the Trust.  The Borrowers lose.  The End Investors lose.

So, the term 'Residential MORTGAGE backed Securities' is misleading.

They should be called 'Residential INSURANCE backed Securities'.

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  • doyla66
    doyla66 Thursday, 09 August 2012

    I couldn't agree more with you

    The insurers have been the hidden beneficiaries of this scheme.

  • doyla66
    doyla66 Thursday, 09 August 2012

    That's how it sounded to me too.
    With plum sauce :)
    ASIC warns about derivatives while the government is dabbling in RMBS which to my mind are just another form of derivative.

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