In a few weeks all will be revealed.
The most diabolical scam ever to hit Australian shores. We will reveal all the mechanics of how 17 Bankers targeted the lowest income people in Australia to steal their one and only asset: their home.
These people were the back-bone of the Australian economy. Very few woke up one morning and decided to ask the local bank manage for a loan to take 130% equity out of their home and invest in a second investment unit. Most of these people were on an old age pension, had no mortgage and were DEBT FREE.
The Banker Engineers packaged up a LOW DOC loan to look like a "normal mortgage," and attached a spiel for sellers to suggest: "its no risk and payments are cheaper, the rate is cheaper and banks want to make you happy!" That was how the product was sold to almost a billion Australians who had worked and saved 25 years for their homeowner status....albeit modest abode.
These scams started in around 1998 to coincide with a slack regulator known as ASIC: the Australian Securities and Investment Commission. The Australian Government tore away all semblance of consumer protection. They did not have to re-write laws or delete them. The Pollies simply decided to "not use them." Policies were developed for 'non enforcement of laws' relating to bank products.
Over $300 billion of these wretched 5 year loans (sold as 30 year mortgages) would see Ma and Pa homeless and financially insecure within 5 years or less and all payments were paid with banks lending more money to mask the affordability factor.
The bankers as a Cartel, were engaging in a massive white collar criminal crime scene of their own design. Banks funded the complaint handling service and banks funded spruikers to gather the victims in: "Anyone with a house and a pulse," I am told.
I will write a series of articles that show how banks pulled off the greatest bank heist in Australia's history. Stay tuned.