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SPIT LOANS DEFY BANKING LAWS - Key Indicator of criminal behavior by bending rules to make PROFIT FROM FRAUD
ASSET STRIPPING is a Criminal Offence and Gaol-able........................
Dale McCahon - BFCSA Member
Yes Kaye same bank slightly different story but it all ends in the same result "asset stripping" of good long standing customers. Westpac had the opportunity of standing up for us the customer and giving us an out clause once we found a zoning change in our contract of sale, instead they sourced another Bank to assist with the loan to split the lending rules.
Just to rub salt into the wound we found upon receiving our documentation back once setting our case at FOS that they must have known some 12 months earlier when the deposit loan was set up as they had made the loan document out to SHARES not Deposit as it was being used for.
FOS would not look at that portion of the loan even though we never had a share portfolio. The whole sordid affair stinks, it reeks of impropriety, lacks prudence, breaks all codes, and is downright FRAUDULENT.
We won our case at FOS against both Banks and yet we were made to take much of the blame in a Fraud perpetrated on us, the law says if a Bank is found guilty of Fraud it is to return you to the position you were in prior to meeting your Bank.
FOS and the Banks have this well covered by being only a mediation service and the word FRAUD can not be used, when you win in the EDR system your Bank can only be found guilty of MALADMINISTRATION or perhaps IMPRUDENT LENDING, both nice ways of saying FRAUD "but" with this wording it also allows the apportioning of blame against the borrower, a really nice out for the Banks.
The system is so out balanced in favour of the Banks that no matter how good your case is you can't win, let's face it long term customers who have never had a mortgage default nor purchased lavish unnecessary luxuries don't just all of a sudden think I know what I'll do today I will buy a high risk investment property chasing a quick buck that will probably destroy my retirement.
No conservative people as most of us were went out to buy an investment that would service our retirement, but Banks also knew from our history that we were also the types that would not let our good name be hurt by any defaults so they could milk every cent from our type because we would go till the end when we had no more to pay and then the Bank could pick off the carcass to take the last possession, yes the family home. The doom loop cycle never to get off.
Well Banks and Government have disturbed a sleeping giant all those pushovers that were targeted the Mr nice guys that everyone thought would roll over and either go away or die are fighting back.
We all believed that there was protection against crooks targeting decent people, well we found that to be wrong but we have also found the inner arsehole that no one thought we had and we are going to use it to track crooks to the end.
We were nothing but target subjects in a sinister game of asset stripping, mainly targeted for our good constant record of stability and a need to look after our own interest to not burden society in retirement. You have to ask now how is this good for our country, if politicians think Bankers becoming mega wealthy at the expense of decent people becoming welfare reliant on pensions the philosophy is ludicrous.
There must be a "wide terms of reference" Royal Commission to thoroughly investigate how and why hundreds of thousands of Australian families were targeted by this Ponzi scheme is asset stripping, the list of players is endless. Right from the Real Estate agents giving false grossly overstated valuations to the final Liquidators charging exorbitant fees to settle properties and of course all the Bankster alignment in between.
Something must be done urgently, as this behaviour is beyond criminal it is downright sinister and a blot on Australia as a whole. Yet of it takes another 2 years to move closer to the START of the Royal Commission into this Ugly Banking sector then so be it!
We are in for the long haul to protect future generations from being made captive of the Bankers and the fraudulent Banking System. We will achieve JUSTICE because the evidence that has been amassed y BFCSA has no parallel in Australian history.