Suburb State PCode
The Hon Tony Abbott
Suite MG 8
Canberra ACT 2600
Dear Prime Minister Abbott,
RE: Call for a Royal Commission into the Australian Banking Sector:
I belong to the Banking and Finance Consumers Support Association (BFCSA). It is now obvious, that there are now over 1000 of our members who have discovered not only fraud with the loan application forms, but also now realizing that much of this fraud was conducted by the banks.
As a citizen of Australia, I am one of your constituents and am gravely concerned that there is an emerging pattern of computer generated loan approvals that strikes at the very heart of prudent lending practices. All of these loans appear to have been imprudently approved by a computer and credit assessors in all major banks were not asked to conduct verification of the details contained in the loan applications.
BFCSA has also discovered the widespread practice of targeting asset rich income poor people such as ourselves. The BFCSA website is testament to the widespread abuse in our banking sector. This state of affairs is not caused by the brokers as was first thought by your Regulators. Treasury is briefed by your Regulators on a monthly basis.
ASIC has admitted the banks are the engineers of this scandal. To say we have no systemic issues in the banking and finance sector is a preposterous notion. Everything the Regulators have been saying for the past decade flies in the face of Ms. Braileys’ testimony at the Senate hearings into banking – post GFC. The evidence the BFCSA members have uncovered since those hearings prove beyond shadow of a doubt the banks were the masterminds of the entire lending processes.
With all due respect Prime minister, on Monday 18th March 2013 “Four Corners” program highlighted the issues in America that are utterly consistent with the intention to deceive by Australian bankers. As you would have been advised, American banks own one third of our major banks.
I am one of the victims of this crime and my home is under an intentional attack by our banks. There is widespread evidence of loan application fraud and as I am one of those victims, I require a formal response from you as Prime minister as to how the victims of this crime can protect themselves from these banks.
My suggestion is that all low doc loans with fraudulent loan application forms must immediately be frozen, whilst a proper Australian Federal Police complaint in every case is thoroughly investigated.