AUSTRALIAN BANK SCAMS AND SCANDALS ESCALATE
Its not the Sellers who fidged your incomes. Brokers and bank managers and staff were simply following orders and processes. They did not know what the FRAUD was....................................and had no idea this came from the TOP of the CARTEL CHAIN
The DIRTY SEVENTEEN BANKERS and some of their DIRTIER SECRETS revealed by BFCSA to their Members...........Controlling Australia - Malcolm & Mates.
THIS IS WHAT HAPPENED:
It was not the lowly broker that invented the income fudging calculator. It is MAJOR BANKS at CEO level. ASIC AGREE with me.
"Yes Denise, Banks are the engineers, no doubt about it." 2013
The Brokers wrote down the figure but copied that figure from the Bank's own computer programmed exaggerated income calculator.
Sellers were told to only give the customer 3 of the LAF pages to sign (only 3 pages required a signature). Yes , say the sellers, we then had to "do the financials" on the other remaining 8 pages after the customer had left and fill in otehr details and DO NOT SHOW THE BORROWER. We then had to ATTACH the LAF to the Service Calculator Form and the ID documents and send in for processing.
The Tracker Sheet shows "rejected" but then internal bank staff told to do other things to "make it fit." The sellers who questioned this process were told: "Our bank lawyers have been over this with a fine tooth comb, and its all legal."
The issue is: the Bank APPROVED the UNAFFORDABLE LOAN by instructing internal staff to enter the exaggerated incomes and property valuations on the internal TRACKER SHEET.
These universal one size fits all SUB PRIME LOANS ought to have been REJECTED on the grounds they were all:
UNAFFORDABLE, UNVERIFIED AND UNSUSTAINABLE.
Brokers never ever approved loans - NEVER. The HEY PRESTO - Loan Approved by a Computer.
Tracker says "fully verified" and that is FALSE OF COURSE. Yet the Tracker, verifies only that you have a home and a pulse and that you have an A1 credit rating. NOTHING ELSE is verified.
Valuations are inflated a smidgen by the Valuers, BUT the Tracker then links the asset to the market and pumps up the valuation further to try and match the outrageously over valued purchase price which the valuer warns the bank of that anomaly BUT DIRTY BAD BANK hides this critical information from its intended customer. Instead bank then pushes for loan contracts to be signed with tricky wording....and that's another dark market secret.
IT IS A BANK SCAM SET UP by THE BANKING CARTEL and precisely why there are nation-wide calls for Royal Commission into Banks and all their disgusting Financial Products engineered by the Cartel to effect maximum damage on ordinary law abiding older citizens.
Is your bank refusing to hand over your complete file? You need to JOIN BFCSA and find out how to get your documents out of the vaults. We know many things and hence the calls for the ROYAL COMMISSION INTO BANKS.