MY COMMENTS re today’s news item on ABC
The wheels on the Bus go round and round...............but oh so slowly where the greatest BANKING SCANDAL in our Nation’s history, slowly unravels!
Its great to get even a smidgen of attention re this scandal
But once again there are ERRORS. I will release series of UTUBES shortly. Guaranteed Content Explosive
RE THE ABOVE ARTICLE
This bit is utter stupidity or worse intentionally deceptive:
Most people who have applied for a home loan would have filled out an application form on which they listed their income and regular outgoings — in banking jargon, "declared living expenses".
Here is the truth of the discoveries on over 2000 cases I have investigated.....................
NO-ONE in Australia FILLED OUT THEIR APP – NOT one person that I am aware of. It was standard industry practice and still is to NOT ALLOW ANY BORROWER TO FILL OUT THEIR FORM. It’s a key component of the intended fraud for profit.
- The LIVING EXPENSES are worked out by the ROBOT
- NO-ONE was asked what their living expenses were. It was electronically engineered
- ALL PERSONS around Australia were only shown THREE pages of the eleven page document known as the LAF
This is also Nonsense: The Westpac customers whose loans are the subject of the court case also did this.
Victims need to be asked: How many pages were you given to sign (answer will be THREE ie not financial detail pages – so they had no idea of the fraud)
Did you fill out your own form? Answer will be: NO we did not, the sellers did. We were not permitted to fill out our own.
If it is electronic LAF the same rules apply and same game is in play.
THIS BIT IS TRUE and hence the necessity of using the SERVICEABILITY CALCULATOR – calculation done by sellers AFTER the people have signed three pages an AFTER they have left the place where they were asked to SIGN three pages.
Instead, the bank substituted a "benchmark" assessment of what people would need to live on to pay for absolute basics such as food, kids' clothing, utilities and transport with some money left over for discretionary items.
Expenses are called (by sellers and staffers the COL) COST OF LIVING and was hidden inside the SERVICE CALCULATOR. So never mind what peoples' actual cost of living was, and what they told the bank about their actual outgoings. If the customer met the "benchmark", "computer said yes", automatically.
THIS IS DISTURBING
Westpac says the loans identified by ASIC are all meeting or ahead on repayments.
Well that is a big worry ASIC have cleverly hand-picked those cases.
It means these loans were affordable anyway...................OR they are making payments with the bank’s money from further buffer loans as extra DEBT. Ie not affordable from income.
Also the Bank cannot use RENTAL in the mix and when talking to reporters/journalists they DENY USING RENTAL FIGURES (as Westpac did to John Rolfe in the DOWNER case) Yet the rental figures are used IN EVER DEAL or as one bank officer told me quietly: If we did not use the rental it would not work and loans could not be approved."
Banks targeted people aged 50 and over up to 90 years old! The BIG FOUR labelled them as ARIPs in 2005. All sellers were told to HUNT DOWN ARIPs - "anyone with a house and a pulse and no debt" mostly over 50...................
Yes customers' ‘incomes were massaged’ BUT BY THE CALCULATOR COMPUTER not by the sellers, and that is the major point. Ie all loans in Australia ROBO APPROVED and MEDCRAFT admitted that to Senator WILLIAMS in 2013 in answer to MY questions re verification and dud approvals. Williams did not raise this in Parliament BUT did ring me at precisely the excited the moment he came out of Medcraft’s office to tell me the answers. He was in the corridor and genuinely gobsmacked at the candid answers.
He told me: “you would not believe it denise, Medcraft admitted all loans were approved by a computer and have been for over a decade. Also: NO loans are verified and have not been for at least ten years.
They were the answers to my questions. Medcraft told truth to Williams but neither would go public. We can only imagine the conversations between the BIG FOUR CEO's and PM Malcolm Turnbull, at his Harbourside Mansion with Scotty watching on!
The public do not realise A COMPUTER is fudging incomes, and is APPROVING a constant daily stream of DUD Loans and........... the COMPUTER is going to have to take the blame......publicly!
ASIC has been busy bees, blaming a few brokers – yes some are crooks – ASIC and I agree 3% maybe. BUT most of the loans approved were INTENTIONALLY SUB PRIME Unaffordable, Unverified, Unsustainable.
Lending Standards were lowered across the BIG FOUR MAJOR BANKS for Profiteering and Racketeering purposes, so the entire PROCESS was intended to STEAL HOMES in a gasping-for-breath asset-stripping programmed scam.
Sellers (broker agents and Bank Staff) and the process center staffers employed as data entry operators who worked the APPLICATION TRACKER, had no idea what the fraud was.
Sellers have not been interviewed except by me. Internal staff ditto. They have explained the system to me.
LF Economics have spent the past four years pushing for this to be exposed and using STATS to demonstrate carefully researched and analysed economic risks for Australia.
Three years ago BFCSA MEMBERS flooded APRA and AFP with hundreds of personal story letters explaining this fraud that’s why the regulators are admitting they knew in 2013, what was going on...........................
Look at this shock statement from ASIC: But it's hard not to conclude that lending standards are periodically trashed in the banks' competitive battle to maximise lending volumes.
That statement is ridiculous: periodically trashed: The Bank Scandal is a wholesale slaughter of people’s lives. In every case I have looked at.
The L F Economics statement by Lindsay David, ought to have been placed at the front of the article................................
BFCSA Memebrs have stayed resolute despite nearly 50% having lost their homes by now.
There has to be JUSTICE
There has to be COMPENSATION
There has to be an end to this criminal conduct.
There has to be a no holds barred expose of the INTENTION TO DECEIVE the innocent public to load them up with DEBT.
There has to be an END to these Cartel activities.
There has to be an exposure of CRIMINAL ACTIVITIES BY BANKERS and that can only be achieved by:-
A ROYAL COMMISSION into BANKING, FINANCE, CARTEL Operations, Financial Advice, and all Banking PRODUCTS
The wheels on the Bus go round and round...............but oh so slowly where the greatest scandal in our Nation’s history, slowly unravels and TRUTH in POLITICS becomes the greatest asset this country has to offer.
Denise L Brailey, President of BFCSA (Inc)
www.facebook.com/BFCSA