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BFCSA Members sent in 400 letters and evidence of fraud to CORRUPT ASIC re 2012 Mortgage Fraud. ASIC told Parliament in evidence: NO SYSTEMIC issues in banking and mortgages..................................................
BFCSA Members AGREE that ASIC cannot be trusted to handle consumer complaints. Collectively we have amassed mountains of evidence of the corruption if ASIC, sustained over 8 - 10 years. ASIC protected the Bankers and demonised Consumers and Borrowers. I personally had over 30 meetings with ASIC executives for over 19 years. The Commissioners have been fully briefed. ASIC should have been asking BFCSA/RECA discover the Australian Bankers Control Fraud and Mortgage Fraud.
BREAKING NEWS.....TODAY!
ASIC have told the Senate committee on Wednesday that it's finally decided to 'look into' mortgage fraud and see for themsleves "how wide spread it really is!!!" This is despite ASIC's blatant lies to the Senate, time and again: "we can see no evidence of systemic issues!"
CORRUPT ASIC have sat on a mass of evidence of systemic mortgage fraud for over a decade. They consistently tried to lie to the public that the Brokers (45%) and Bank Managers/Officers (55%) were to blame. ASIC has consistently demonised borrowers and brokers alike, and have refused to do anything to stop Banking Engineers from engaging in illegal misconduct across the financial sector. The MIS Scams which were so obvious, and the creating wealth scams funded by the Banks were appalling conduct and yet ASIC continued to blame the Spruikers and all other SELLERS of Bank induced TOXIC Mortgage and Investment products.
During this two decades of decay of the banking and finance system, Politicians believed these ASIC Criminals. Like George Pell, these sister regulators ASIC and APRA, sat on evidence and covered up for the King Pins. The public accepted blatant lies, not realising Our Nation was being bathed in criminal white collar crime.
The long suffering public started in 2010, by word of mouth, realising ASIC was either LYING or GROSSLY INCOMPETENT! These Mortgage Frauds and many other consumer RIP-OFF PRODUCTS became of feeding massive profits into the pockets of the criminal ELITES. Consumer Organisations continually gathered considerable evidence of wide spread looting and systemic mortgage fraud across the country.
At first in 2001, consumer groups made representations to ASIC re Mortgage Fraud and Low Docs, as RECA Members did. That caused the Karen Cox LLB 130 page Report commissioned by ASIC in 2002 and released in 2003.
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/Finance_mortgagebrokers_report.pdf/$file/Finance_mortgagebrokers_report.pdf
For years ASIC "pinged" a few brokers but refused to acknowledge until recently the LENDERS were to blame.
Mr Medcraft said when ASIC takes on actions it considers three factors. One is the amount of harm or loss, the second is the regulatory benefit of sending a message to the community and the third is the availability of evidence.
Amount of Loss likely to be in excess of $800 Billion.
Regulatory Benefit of warning the public: ASIC knew the LENDERS were to blame for the manufacture of the TOXIC PRODUCTS but chose to falsely tell the public it was the Brokers at fault. Same with blaming Financial ADVICE which is known to be Bank induced Financial Strategies re MIS scams.
Availability of Evidence: ASIC had 320 investigators and were given mountains of evidence from RECA, BFCSA and other groups.
ASIC have REFUSED investigate individual cases for many years,
BFCSA Members have repeatedly complained to Parliament re ASIC'S corrupt and biased dealings in hundreds of submissions to the myriad of INQUIRIES, including the 2014 Senate Inquiry into ASIC. Once again ASIC treated the Parliament with contempt. ASIC became the PROTECTOR OF THE WCC VILLAINS.
ASIC's reason for being was specifically to be Consumer Protector and to warn the public of any findings of serious misconduct. The point being these activities we report on are of a CRIMINAL nature.
So many victims of white collar crime in Australia, have received disgraceful 'BUZZ OFF' letters from ASIC after thousands of letters begging the Lazy Regulators, to investigate serious cases of mortgage fraud being perpetrated by our Major Banks.
All these cried for help were thrown into the regulatory bin!!!
With almost 2 Trillion dollars in mortgages across the country, 90% of the loan book will be LOW DOC - Interest Only loans and by the very nature of the manufacture ALL will be tainted by fraud.
The Banker engineered ROBO APPROVAL system created this catastrophe. We are experiencing sub prime mortgage fraud on a massive level, which can threaten our economy.
Bankers used financial weapons loaded with INTENTION TO DECEIVE. How many more people need to be thrown into the streets because they were intentionally set up by these Elitist Banker Crooks in the pursuit of stolen profits??
The Bank driven main game was ASSET-STRIPPING and a criminal offence.
ASIC became the $450 million per annum COVER-UP BRIGADE.
The continual dancing around the edges of this critical issue of systemic mortgage fraud is beyond our collective comprehension. Its is an affront to our own individual intelligence. The Bankers paid $34 million per year to FOS and further funds to COSL/CIO to cause even further pain to CONSUMERS!!!! Crooked Determinations did not even follow the lead of the courts but rather followed the banker's version "fairness" amid a crime scene.
THE EDR SYSTEM licensed by ASIC became the disgraceful "ASIC DOOM LOOP" and he structure needs to be demolished. The Generals such as Venga and Tregillis (ex ASIC) need to be fully investigated by the Australian Federal Police.
The bias to Bank has rendered all Determinations to be UNSAFE and as such must be re-investigated by an independent committee.
The Financial Service Inquiry Chairman David Murray has zero integrity and should never have accepted that appointment. He failed to identify serious problems in banking because he was one of the original engineers of LOW DOC products and sub prime Lending whilst being chief of CBA!!!
ASIC's Opinion cannot be trusted on any level.
THE BIG QUESTION NOW: How much harm has been caused to decent hard working Australians?
Our regulatory system is nothing better than pure farce.
https://www.google.com.au/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0ahUKEwjriYX2xZ7UAhXs7IMKHXqAAL8QFggxMAA&url=http%3A%2F%2Fwww.bfcsa.com.au%2Findex.php%2Fentry%2Fbfcsa-asic-2003-report-on-low-doc-s&usg=AFQjCNHR6LOjeozzCalu-3Ww2JyGQLtEwg&sig2=7f7MWEPfQI7DzxUYRgW_Mg