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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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The big four banksters plans starting to unravel.The pedestal is starting to wobble , get ready for the fall.

Posted by on in Bankers A Law Unto Themselves
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Dear members

Normally I'm not a vengeful  man but it is with delight that I've just read some of the best Sunday news for along time. The online      broker magazine" The Adviser" is running a story about Westpac raising  the rate of commission on loans. The story and article seem pretty straight forward and not much consequence but its when you read the comments the brokers have responded with that you get the true insight.

In the banksters haste to divorce themselves from direct contact with customers getting low doc, no doc, full doc loans they set up the brokers to be the front men and fall guys, so when the loans started to implode as designed after a few years the onus and blame would fall upon the brokers heads.

Next comes the GFC, our big four were well buffeted against it and still managed to make record profits while the rest of the worlds banks looked on in envy but that wasn't good enough they still wanted more. Westpac in its wisdom bellowed we're in a crisis so we're going to have to cut the brokers commissions and cancel their first years trail. Needless to say the other big greedy three followed suit and implemeted said cuts.

It seems brokers have long memories and haven't forgiven Westpac, in the comments section they state they will not refer clients to Westpac.The big four even though they dominate the market at present are concerned at broker sentiment. The brokers know and have stated that there are alot of new players coming onto the lending market and especially from Asia, some brokers have openly stated they are dealing with secondary lenders only and not referring any clients onto the big four. Non bank lender Australian First Mortgate are aggresively targeting the loan market and in the process have the top commission bracket to attract brokers, their whole infrastructure is designed to make the loan process quick and efficient and hassle free thus enabling the brokers more time to concentrate on sales.

 Westpac is trying to entice the brokers back with this rise in commisson but its of little use because even with a rise in commission Westpac is still lagging as its competitors still give more. Another ongoing problem is Westpac hasn't upt its game with BDM's and its whole infrastructure package and people and this is another reason brokers avoid using Westpac.

The irony of all this is the brokers were set up as the fall guys and now you have ASIC mouth piece Peter Kell  telling national media that the brokers and financial advisers are the bad guys and don't put all your trust in them. In leaping to the defence of the banksters and putting the blame fair and squarely onto the brokers Kell is helping to fuel the backlash against the big four heavyweights.

Former Labor Treasurer Wayne Swan put in place the regulations whereby borrowers can change lenders without incurring exit fee's and charges as a result of the big four not passing on the full interest rate cuts of the RBA.  In the last six months 12% of mortgage holders have changed lender and another 23% are contemplating a switch.

No longer will the Australian mortgage holder be a slave to the big four, Wayne Swan had to change the rules about changing lender due to the consumer backlash to the banksters greed in not passing on full RBA cuts. Now the secondary lenders are coming to the fore and giving the majors a big reality check. No longer will the cartel of four control the market. If they don't match and better the costs, terms and conditions their client base will leave in droves.

If the loss of broker support and all the new players and offers of better rates isn't bad enough, 2014 will prove to be the year of bad publicity which they can ill afford. What will they do when they see Denise and her little band of merry followers turn up at Canberra for the Senate hearings into ASIC? The big four, shall we have a table with four tall columns of corrupt and fraudulant LAF's each under their respective bank logo. Denise has over 800 fraudulant and counting LAF's for the politicians, ASIC , the banksters and the whole world to see . What will people do when Denise says that simple question? "Ask your lender for your full  12-13 page LAF." If your bank says why, bank property, not for the client, RING, RING RING the alarm bells because if they stall they are hiding something, do not fall for the old three page LAF trick. The more consumers become aware of what part the big four played in the scheme and how it was them that engineered it, watch them walk.

These new players are waiting with open arms to handle the exodus of clients from the corrupt cartel. They had it perfect the big four banksters, they have the politicians convinced they're the saviours of the nation and don't let the odd disgruntled consumer tell you otherwise, They had ASIC and its EDR's FOS and COSL under control with their little lap dog Greggy running the show. They had the courts covered because their low life lawyers intimidated and harrased any poor bugger who dared challenge their authority and control but its their insatiable greed that will be their undoing. The take, take ,take attitude and give nothing in return is backfiring.

The brokers and advisers are now the frontmen, with the exception of Aussie Home Loans which is a front for CBA. The banksters in their wisdom surrendered in house control of first contact for prospective borrowers. The  independant brokers and advisors now do that. For all the injustices and bullying they had to suffer in the past the tables have now turned. The brokers and advisors now control which path a  client walks to get a loan, do you reccomend the old big four who have been shafting you and dictating what money you get or do you go with all these second tier lenders who are doing back flips and offering bigger and better deals than the old  big four. The old cartel are going gang busters to lure them back but its a case of to little to late and while the big four are still top dogs their monopoly over the market is eroding and Australia and the world will be a better place for it . Thanks Neil T.

 

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Guest Thursday, 24 September 2020