AUSTRALIAN BANKERS SCANDAL
Parents aged 55 and over? This is a MUST READ.................The 30 year mortgage LOW DOC loans are geared to IMPLODE WITHIN 5 YEARS. These loans are INTEREST ONLY, yet borrowers, upon signing, are not told of this fact. Consumers are not warned of risks. Victims will tell you that Mortgage Fraud is a MEGA BANK TRAP in Australia. Credit Cards, Buffers, Top Ups, LOCs all add to that debt and are a major part of the scandal. NO DEPOSITS are required. Loans are approved when the true incomes show these loans are UNAFFORDABLE, unsustainable and all loans are unverified.
I am always happy to help families understand more about mortgage fraud. If your extended family is suffering, then you need to join BFCSA, and read more on what has happened to them re Mortgage Fraud. Your income details are exaggerated BY THE BANKS, via a computerised system. Do not be quick to make a wrong judgement. The sellers (brokers and bank managers) of mortgage products. The loans are known as LOW DOCS and are in fact INTEREST ONLY loans yet the Consumers have no idea of the high costs. the risks and the people affected by BANK APPROVAL FRAUD DO NOT KNOW that 8 pages of the Loan App known as the LAF, contain bank induced FALSE INFO: known as 'FRAUD' in criminal circles. Bankers ensure the victims only ever see 3 pages of tame data and fine print saying "we have read and fully understood everything in this document." I pointed out to lawyers some years ago, that the "document" known as the LAF was in fact an ELEVEN page document.
No copy is ever given to the client so few knew this was the case. Same scam happening today but in computerised form. Same asset-stripping outcome.... loss of your own existing home. Eventually, borrowers discovered (4 years after approval) the existence of the fudged incomes. Then to their horror, borrowers INCOMES are revealed as computer generated FUTURISTIC INCOMES. Borrowers describe the incomes as a "pigs might fly" version. The clients are left in shock. The Regulators were bent on blaming the sellers, knowing full well that Banks are the culprit at the top level of banking sector.
Borrowers had no idea this was happening to their "innocent" forms and were prevented from discovery of the insider APP TRACKER. The LAFs as the forms are called, are always filled in by the seller by order of the Bank. NO BORROWER is permitted to fill in their own form. WHY??? No-one had any idea the loan approvals were a SUB PRIME SCANDAL. The sellers were blindly led into this caper and had no idea the entire approval system was a magnificently engineered CONTROL FRAUD.
The Bankers hid these vital pages from their own clients and developed a system of persuasion in convincing the "targets" into signing over their only asset - their mortgage free home - to bank controlled security assets. Its a CONTROL FRAUD and yes there are stupid people out there who have opinions on this subject and have no idea what the fraud is about! Nor it seems, are they willing to learn. Ah well.. It happens.
But, when the doubters watch the Royal Commission live on the telly, and that will HAPPEN, they will gasp at what the bankers were doing!!! Trust me........... even ASIC top brass quietly agreed in 2013, this was exactly what was going on with the falsification of the documentation of over 2 million families who had purchased these loans. Our Major Banks sell over $130 billion of these TOXIC loans per year!
So who or what is the CULPRIT?
The culprit is a cleverly engineered BANK CALCULATOR that actually amortizes the debt and twists it into a highly dubious future projected income. The Banks' computer APPROVES THE LOAN whether affordable or not. Banks have been busy teaching sellers to go after anyone "with a house and a pulse." Sellers have attempted suicide on a few occasions that I am aware of. The Bankers hired big player American Bankers to wander "down-under" and teach the aussie sellers how to sell product. No RISKS were mentioned of course.
The US GURUs named the target group as "ARIP's" in their seller training sessions.....older persons who owned their own home and had no debt. PERFECTO!
The Toxic Mortgage Low Doc Loan is generated at an average $500k and consumer AFFORDABILITY is never taken into account. This sub prime loan is sold to low income families and pensioners, mostly aged 55 and over. The 30 year loans are geared to IMPLODE WITHIN 5 YEARS. Consumers were not warned of risks. ITS A MEGA TRAP.
Bankers have created an elaborate plan to steal the only asset you have or are likely to have: YOUR HOME. This evil plan we refer to as DEBT FOR LIFE. Most borrowers were spruiked at their front door or via phone calls and, ASIC licenced creating wealth SEMINARS funded by these 17 BANKERS suggesting this was "the best loan for YOU and to help YOU to become a retiree...." Banks also suggest: "do not leave dead equity in your home." Sellers also fell for the same propaganda. They trusted their employers - the banks. All part of the USA, bank generated SPIEL. Now the walls of Jericho are about to start crumbling as more and more victims come forward and tell their story.
The only crime for the borrowers being the fact they placed their trust in their local BANK. Fraud made Simple.
We urgently need a Royal Commission into Banks.
Denise L Brailey President of BFCSA (Inc) denise@bfcsa.com.au Twitter: DeniseBrailey