FOUR CORNERS TO TELL YOU THE AUSTRALIAN PROPERTY MARKET IS ABOUT TO CRASH:
Will they demonise and blame sellers and borrowers? Or will they lay BLAME on the perpetrators of predatory lending: THE MAJOR BANKS?
This story will be a significant one for perhaps the wrong reasons. Four Corners had the opportunity to tell the Mortgage Fraud Scandal from eye witness accounts of the long suffering borrowers.
ABC called me several times in April and May wanting to chat and asked repeatedly would I assist them in supplying a stream of consumers “to speak to.” I was uneasy with the approach. 60 Mins beat up the same story last year and produced a disaster for consumers. I refused to be involved, and nor would I agree to expose the victims to those sort of sham stories. I have my reasons. There are people involved who will profit handsomely from the collapse. They have never met a borrower and have no wish to bother.
These chaps want to be the first to announce THE BIG SHORT. They admitted: “yes we have a bet on.” They hope to make a “killing” from betting SHORT. In actual fact, they harbour no desire to have the banks become demonised. Quite simply, if the market collapse that is not how they make their pile of money. No-one denies there is fraud, BUT the angle of these "experts" is to demonise the sellers and borrowers, as does ASIC and the bankers. The ill-fated 60 Mins story last year was justifiably criticised by other media outlets as 'SPIN.'
It could be that 4 Corners will try to run a similar version tomorrow night: The market is about to collapse. Bankers are invited to deliver their own expertise relating to the current market conditions but of course will be PROTECTING THE BANKS' position and DENY any wrong doing.
All will agree the property market Bubble is about to Burst. Yes, we all have stats to show the PONZI structure, we have stats to show $139 billion worth of IO loans are being sold every year!!! We doubt this will be shown. 55% of all toxic loans sold are sold by the internal bank staff. Only 45% are sold by brokers who the courts have deemed “Agents of the Banks” under Master Servant relationships.
Four Corners admitted they had no intention of calling me for an interview................they simply wanted me to supply them with people. The researchers asked me on several occasions and each time I politely said NO. Quite simply I had grave concerns. I asked questions and realised what the “angle” of the story was.
I respectfully refused to provide borrowers for this Banker version of the likely cause of collapse "if it happens." I feared they will demonise the borrowers and use the ASIC VERSION to intentionally demonise the Brokers. For years, I have demonstrated that I am fiercely protective of consumers and their best interests.
Our Property Market Bubble is a crime scene and weird things will start to take place. Strange characters will start to come out of the woodwork. Government does not want to blame the banks and nor do they suggest the banking system will collapse.
Yes its all a nightmare. BANKS HAVE TARGETED "ANYONE WITH A HOUSE AND A PULSE." Its a PUMP AND DUMP MODEL.
I am at the coalface of this scandal. I work on the front line. I see the carnage and the TRUTH of the manipulation of data by bankers to maximise sales from TOXIC SUB PRIME INTEREST ONLY Mortgages. People are being sold IO loans without knowing these loans can NEVER EVER be paid off. These older persons when faced with this appalling truth cruelly realise they have been entrapped by Bankers. Consumers have been LIED TO by both ASIC and FOS. APRA Stats are fake and are created by bankers.
IS THIS THE STORY FOUR CORNERS WISHES TO TELL? Not at all. That's why Libs have encouraged Pauline to turn against the ABC as a big stick warning.
There is NO DOUBT THE AUSTRALIAN BANKERS ARE RUNNING A CONTROL FRAUD as described by Professor William K Black in his iconic book: "The Best Way to Rob a Bank is to Own One." It is Philip Soos (LF Economics) who first gave me a copy of this book. He recognised the value of our work and was the first to see the similarities between Black's expertise and the evidence coming from our borrowers support group. The comparisons of fraud as a direct cause of the global GFC is present within the Australian Banking System.
Sadly, my fear is that Four Corners will not have the courage to go against the banks. I understand why.
The long suffering victims of MORTGAGE FRAUD will be busy pushing for a desperately needed ROYAL COMMISSION INTO THE BANKS.
Yes, the property market will collapse and banks will be forced to raise interest rates and will overload with DEBT all those sold INTEREST ONLY Loans. Generally, the people did not know until recently their loans were IO.
That is the Mortgage Fraud scandal and many people in all States have found out the mechanics for themselves from BFCSA researching skills.
However, three million banking product consumers have already been trapped and hence the crescendo of cries for help.
Borrowers found out an obvious fraud on every LAF. They discovered documentation that proves the fraud is not the fault of the seller (including bank managers) but rather the genius of a sophisticated SERVICEABILITY CALCULATOR engineered by the Major Banks which I reported to regulators in 2010 and again to Parliament in 2012.
The public have been tricked with disgraceful propaganda.
Government and Banks are on damage control and the last thing they need is to have a particular pesky consumer advocate working at grass roots level having a voice in mainstream media. The Banking Scandal is highly political. You will eventually find the architects of this Scandal are John Howard and Peter Costello.
That is precisely why Liberals and Nationals say NO RC (I wrote a letter to Abbott in Jan 2013......Williams flew over within a few days to meet with me. Abbott tried to convince me the Hockey “solutions would work and then appointed one of the chief engineers of the scandal David Murray on damage control to steer the FSI debacle) Hockey immediately received promise of dream job in NY and quit politics shortly after the 2013 election.
Australian Labor says YES RC after I wrote a letter as to why a Royal Commission desperately needed Mch 2016......the answer: ”YES we’re running.”
The remedy for truth may come much sooner now as the Government’s one seat majority crumbles into a mass of admin error of Parties not telling candidates the strict protocols required re s44 of constitution. Seven seats could see Bill Shorten head to visit the Governor General.
Meanwhile, the Bubble will assuredly burst. None of us truthfully knows exactly WHEN. FAKE STATs ARE MASKING THE TRUTH. The second highest debt level in the world is a key indicator and we have been saying that for past few years.
We know the APRA banking statistics to BIS Oxford Economics are false and we know the switching of characteristics of lending by bankers (at whim) is part of the cover up as to why those STATS are false. In 2015, when I first raised this issue re FAKE STATS, APRA admitted they had passed on a $50 Billion “error.” How can the STATS on subprime lending (international reporting criteria) be out by such a huge amount?
Interest rates will now rise dramatically, the UNAFFORDABLE LOANS (Low Docs Interest Only) are being band-aided by bank-induced Buffers, LOCs and $50k credit cards. This first rate hike shock will send the toxic loans into orbit.
The market will deflate as the Bank Controllers continue running the frauds, by STEALING THE ASSETS. The usual and controlled implosion of loans are due five years after the sale when the RMBS bonds expire will gather pace.
The RMBS scandal, is an even bigger future problem and I warned about this issue in 2012: “Government cannot, ought not to profit from fraud” quoted from Hansard 8th August.
Sadly, Four Corners are unable to tell you the whole truth. They will screen the banker's version of the story which will increase Government propaganda and the Government''s agenda.
We are the only group in Australia that has gathered borrowers together and compared their files and extracted the truth relating to MORTGAGE LENDING FRAUD. We have spent 17 years exposing the obvious dodgy lending practices by Major Bankers in Australia acting as a BANKING CARTEL.
We have supporters in ten other countries - those who are victims and wish to share their own stories and documents and predictably we have discovered THE FRAUD IS IDENTICAL as will be the eventual fall-out.
The American fund managers ask me: how did you manage to keep the Ponzi going so long after GFC? Simple Answer: Our clever Bankers hit on ARIPs - those with their own home and no debt and low income. Not so many FHB loans or the NINJAs.
That means three million families who own their own home and had no debt, have been enticed into these dreadful loans by criminal banking activity. The crime is in the ROBO approval loans and flawed "financial strategy" crap. Our Banks have also hit on China and India for Mums and Dad home owners. We spread our contagion of TOXIC MORTGAGES to at least three other countries. Perhaps more. PONZI structure's eventually run out of PEOPLE. Ask ex fed Chairman, Bill Black.
IF THE DIVERSIONS IN PARLIAMENT KEEP ON COMING:
The Government will breathe a sigh of relief and hope they can deflate the problem without a Royal Commission into Banks.
Tell'em they're dreamin'
Denise L Brailey
President of BFCSA (Inc)
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