Peter M writes in as a member
May 17 at 11:23am
We have all been helping each other discover this disgraceful banking scandal. The CEO's developed the fraud so even staff and sellers did not understand it was a criminal act.
A Royal Commission is a necessity into the Banking and Financial Industry. The nah sayers must become more up to date with what the banks and non-bank lenders have been up to.
Basically as a Criminal Cartel of 17 these evil Bankers have devised a fraudulent scam that deceitfully strips borrowers of every asset the borrower has worked a lifetime for(family home and any finances ever earned) Instead of simply saying "sorry your criteria doesn't suit our lending standards, loan denied", through greed they were not denying any application.
Australian Bankers have trashed their own lending standards and the useless Bankers code of conduct. After supplying all relevant financial and employment details, minor details are collected, loan application form is signed with the rest being filled out later, without our knowledge or consent.
Copies of the original 3 page LAF are NEVER given to the intended borrower. Yet years later we discover via BFCSA that there are in fact 11 pages to the LAF. Through BFCSA borrowers are told to request a copy of their 11 page LAF under the Privacy Act. On receiving copies it is clear the bank has ignored correct details supplied and internal credit assessor staff have fraudulently added false financials and employment under orders from higher up. Then "Skippy the Computer" designed by the Cartel approves the loans.
Buffer monies (as separate debt) are encouraged and supplied to pay for property expenses and repayments and after approx. 5 years the loans are DESIGNED to IMPLODE with the bank demanding keys to the family home (we once owned and no debt) and all finances, leaving the deceived borrower destitute.
The Cartel have set the main target market for this scam as ("ARIPs") asset rich income poor people, in or nearing their retirement, people who own their home with no debts. This scam uses fraud on a grand scale, it deceives, it is highly illegal and is driven by Cartel Greed. This PONZI FINANCING criminal fraud has been operating for the last one and a half decades and must be stopped.
The Australian Federal Police refused to look into the matter after receiving hundreds of BFCSA complaints in 2012 and 2014. Like their buddies at ASIC, they simply sent out "buzz off letters" to the complainants.
A Royal Commission is the only option as it airs the multitude of criminality in an open forum for everyone to hear and see, not closed down and not done behind closed doors which Cover Up expert PM and Banker Malcolm Turnbull is all about. Many economists who study this now agree with BFCSA.
Anyone who is in doubt about their own mortgage, please check BFCSA Banking & Finance Consumers Support Association for help.