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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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SECRET BAIL OUT LOANS FOR WESTPAC AND NAB!! Load 'em up with DEBT says NAB

Posted by on in From My Window
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‘A senior National Australia Bank executive expressed grave concerns about the credit market in an obscenity-laden email sent in February 2008, two months before the bank officially recognised a portfolio of sub-prime loans were damaged goods.’ – Age, 17 September 2012

‘Home loans classed as “sub-prime” accounted for about one in 10 of the nation’s mortgages when the global financial crisis hit, with those loans now more than six times as likely to be in arrears as normal loans.

‘The figures reveal that claims Australia was insulated from the worst of the GFC due to vastly superior lending standards, a notion encouraged by many of the biggest banks, are exaggerated.’ – Australian, 27 September 2012

‘America’s subprime mortgage scandal triggered the Global Financial Crisis and the world’s still recovering from it. What’s less known is that Australia too had its own subprime loans scam, the full extent of which is only just emerging.

‘Banks and other lenders abused the system of so-called low doc loans, which are designed for small business people.

‘They were sold by the thousands to pensioners, single mums and people on welfare and many investors are still struggling to pay the price of it.’ – ABC 7.30 Report, 13 August 2012

Good work by the mainstream media. It’s just a shame it took them four years to catch up. It might have been good if they’d backed us up when in 2010 we revealed the secret loans obtained from the US Federal Reserve by National Australia Bank and Westpac.

But no, not a peep. The mainstream was too busy cheerleading for the wonderful Aussie banking execs who had supposedly steered the banking sector through a global crisis. But they forgot to mention the Fed’s secret loans, the first homebuyer’s bailout, and the banking deposit guarantee.

The Aussie banking sector would have been toast without those three direct and indirect taxpayer funded bailouts. Given the fragile and corrupt state of the global banking system, it could still be toast.

from moneymorning

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Guest Friday, 18 September 2020