THE AUSTRALIAN FUDGED INCOME BANKING SCANDAL BREAKS WIDE OPEN. Here come the Mechanics..................
Yes Readers you almost have it. Income figures were fed into the Serviceability Calculator as COMPULSORY STEP ONE, and when hypo income is calculated using bank induced fake tax add on's and add backs and neg gearing: Hey Presto a NEW AND INCREASED INCOME IS BORN. The sellers including bank managers then write futuristic computer generated figures coming from the CALCULATOR and transported to the LAF. Then the LAF is faxed in to the bank as a forty page document. Sellers are told DO NOT SHOW THE BORROWER. No COPY is ever handed out to the customer.
SELLERS and BORROWERS have no idea its a BANK CONTROL FRAUD. No idea the Aussie bank target market is around $800 billion in dud loans. No idea Chinese Mums and Dads living in Shanghai have been stitched up with another $800 billion, using same scamming tools.
BANK WINS, YOU LOSE YOUR HOME in less than 5 years.
Then the bank processing center set up an APP TRACKER and via NEXT STEP start massaging income and valuation figures via bank engineered fudging income settings to further commit fraud by computer. Fake/ futuristic rentals are added (against the law to use rental income). Tracker STARTS at REJECTED position and is massaged over next few days to end up APPROVED. No loans are rejected as long as you have HOUSE and a PULSE.
NEXT STEP 15 data entry operators add another piece of the jigsaw and THEN VOILA the unaffordable, unsustainable, unverified 30 year INTEREST ONLY LOAN to 50 years and older, churns out the other end of the machine as APPROVED.
Borrowers heading or homelessness are then encouraged to blame the sellers. Borrowers lose their home and the investment property and end up with a $200k DEBT TO BANK FOR LIFE. Banks make obscene profits based upon GRAND PLAN DRIVEN BY FRAUD, using mortgages as the weapon of choice for the GRAND THEFT PLAN. You are told: "this 'F' plan will suit you perfectly!"
Simples,
HOWZAT!!!!! BUT ITS NOT CRICKET is it CHAPS?
Denise L Brailey