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AUSTRALIAN BANKS HAVE BECOME A CRIME SCENE Bankers Illegal Loan Assessment Policies - Unaffordable Unsustainable Unverified INTEREST ONLY SUB PRIME LENDING. Regulators ASIC and APRA form a Major Part of the Criminal and barbaric Bankers' Control Fraud.
CBA, NAB, ANZ, WESTPAC, Macquarie and every second tier lender have been acting as an evil Australian Banking Cartel. ASIC is using Westpac to cover up the crimes within the bigger banks. FRAUD in lending has become the norm. "The computer did it!!!" Yes but the bank engineers pocketed $200m each for 5 years dirty work. Nice money....stolen from hard working Mums and Dads.
DO NOT SIGN A MORTGAGE APPLICATION during the next three years whilst this mess is eventually cleaned up by two Royal Commissioners. ASIC and APRA have been forced by consumers into the limelight. BFCSA has done all the 17 years of hard yakka in exposing these crimes.
Consumers were not given the chance of writing out their own expense sheet and are not given permission to fill in their own application forms (either written or electronic). This is the start of the exposure of A LENDING FRAUD LIKE NO OTHER. Westpac's usage of expenditure indexes to assess borrower suitability has come under fire by the Australian Securities & Investments Commission (ASIC) in its ongoing legal battle with the major bank. The civil proceedings allege the bank failed to conduct proper assessments to ascertain whether borrowers could afford to repay their home loans. All Major Banks were doing the same thing. Why has ASIC NOT TAKEN EVERY BANK INVOLVED TO COURT????
BFCSA Members have been supplying the PROOF of the FRAUD to APRA ASIC the AFP and Government for years. Yet the products that were manufactured by the Cartel were intended to steal homes and cause maximum DEBT and CARNAGE to innocent people who wer older owned their own home and had no debt four years prior to the spruiking.
Consumer victims forms would be presented as living below the Henderson Poverty Index. The loan was guaranteed to default. The serviceability assessments were FAKE and became part of "standard industry practices" along with FAKE Incomes and income streams, FAKE Valuations and FAKE LVRs
BFCSA has amassed truckloads of evidence - all states and NZ - of these practices within our crooked banking system.
FOS was a bank and ASIC SET UP to then flick and BURY the evidence along with the hapless consumers. This is a $1.9 Trillion FRAUD. The largest criminal heist per head of population in the world. You can bet ASIC and APRA are grandstanding and intending to not allow you to see the juicy bits!!! The regulators are in COVER UP Mode and will only present to court a fraction of what is going on in our Australian Banking Sector.
Denise L Brailey
denise@bfcsa.com.au
Follow on twitter @DeniseBrailey
www.bfcsa.com.au