Dear Victim of Australian Low Doc 30 year Interest Only Toxic Mortgage Loan Fraud
From a local MP who at least wrote to Federal Treasurer Scott Morrison
Response letter to single 40 year old disabled woman, who is also suffering cancer and being threatened by Liberty with homelessness: - read previous blog from FOS and WESTPAC etc. Federal Government has no intention of holding a ROYAL COMMISSION into the BANKS. Morrision wants to "blame the victims."
Morrison blames the woman for "not making good decisions about manging money!"
This FRAUD BY BANKERS Mr Morrison! Wakey, wakey...............There are now an estimated one million people who used to own their own home and were debt free and the along came the Cowboy Bankers! 30 years of self regulated banks have created giant Ponzi Financing , $300 billion of toxic loans, massive construction housing gluts, empty units, and BIG BIG PROPERTY BUBBLES, along with $60,000 families who have been left with so much debt. Every loan BFCSA has looked at and collected documents on is FRAUDULENT and that fraud took place because of VEO engineered "amortisation calculator" - a bank program that fug=dged every income figure witout the borrowers knowledge or consent and without sellers (inc 50% bank staff) realising this was Ponzi Financing led by the Banking Cartel.
Mr Morrison said NO to a Royal Commission into his banker mates' criminal activity, same as Joe Hockey said NO and appointed a former member of the same Cartel to run their controlled FSI Inquiry.
Morrison's words are contained in this LETTER to the victim:
"I made a representation on your behalf to the Treasurer, the Hon. Scott Morrison MP, - his response in order to provide you with the most up to date and accurate information available.
I am sorry to hear of your unfortunate circumstances and I appreciate that this must be a very distressing time for you. What I would note at the outset is that the Australian Government is committed to providing appropriate consumer protections, and building the capacity of all Australians to make better decisions about managing their money. Since 2010, a comprehensive series of reforms to the regulation of credit to make banks, other lenders, and brokers more accountable have been introduced. These measures include the establishment of responsible lending obligations, a requirement on lenders to test the capacity of borrowers to meet repayments, as well as the introduction of a national licensing regime for lenders. I acknowledge that the loans at issue in your matter predate these reforms.
I understand that you have already sought advice from the Credits and Investments Ombudsman (CIO) who has advised you that they do not have jurisdiction to assess your case. The CIO is an independent external dispute resolution scheme, overseen by the Australian Securities and Investments Commission (ASIC). It is important to note here that while ASIC approves and licenses EDR schemes such as the CIO, ASIC does not have jurisdiction to overturn, cancel or amend a decision of the CIO. Similarly, under its governing statute the Treasurer is specifically precluded from giving ASIC a direction about its policies, or priorities in relation to a specific case, such as yours.
I am sorry that I am unable to provide any further assistance in this matter. However, I hope the above reassures you that the Coalition Government is continuously working to improve consumer protections and in ensuring consumers are able to make informed choices about managing their finances."
The Government may as well have said: "now BUZZ OFF." Morrison has listed everything he cannot do. He has the power to seek a ROYAL COMMISSION , into Banks an Bank CEO's, BUT NO COURAGE TO DO SO.
This matter will come back to haunt you Scott. Don't bother asking the million or so victims for their valuable vote.