INTENTION to DECEIVE by Bank Engineers is a CRIMINAL OFFENCE.
As a VIP guest of the Victorian Government, I stated the following at a dinner of VIPs in 2004. I sat next to ASIC Mr Peter Kell. I also wrote the following in my own reports to Parliament and with regulators over and again. I initially used this analogy in 2001 regarding MIS Scams. as a way of describing the offences being committed and suggesting again there is NO CONSUMER PROTECTION in Australia at the present time.. In 2004 I repeated the same comparison of Government failure re consumer protection relating to banks.
"If a consumer buys a washing machine and it is faulty we blame the product MANUFACTURER. Same with a car. Our laws provide safety for consumers, in that the product MUST BE RECALLED. But when the consumer is entrapped in a faulty BANK PRODUCT (ie Low Doc Loans) the Government is failing to take the masterminds / engineers / manufacturers of TOXIC mortgage loans to court. The sellers are not to blame for the quality or lack thereof, relating to the product."
Currently, the consumer bares the burden of massive losses caused by these Intentionally Toxic, Interest Only Low Doc Mortgage Loans. Banker driven ROBOTIC Computers approve the loans, not the sellers. Bankers have a legislative responsibility to VERIFY loans, yet no loans in Australia have been verified for over a decade. The Intention to Deceive in this loans scandal has made our bank scandal shoot into the stratosphere of bank skulduggery.
Senator John Williams was personally informed by Greg Medcraft in Jan 2013: "No loans have been verified for over a decade. The affordability is based upon projections. All loans are approved by a computer and have been for 10 years or more. The Banks take the risk on the property market rising." Hmmmm. They were the answers to my own questions put to the Senator in a private meeting. He rang me with the answers immediately the meeting ended.
Consumers need to get angry with Government and demand to know why the Banks were able to continue to manufacture these TOXIC faulty products with NO RECALL ON LOANS in sight????? The same products will be sold today to another unsuspecting victim right before the property market is about to crash. The Government is either PART OF THE PROBLEM or part of the Solution. They cannot deceive the people and have an each way bet! Australian Bankers have been engaging in ASSET-STRIPPING for 15 years.
Stealing homes is a criminal offence and Bankers need to be stopped.
Denise L Brailey
denise@bfcsa.com.au