Sunday, June 14, 2015

BANKS SCAMMING THE UNEXPECTED HOME OWNER:


BANKS SCAMMING THE UNEXPECTED HOME OWNER:
BANKRUPT BANKS BAILING OUT BANKRUPT BANKS!
NAB, WESTPAC, RAMS,
GE MONEY......
When will the courts and politicians uphold the rights of "The People"?
This is based on my own personal experience.
Just so you all know, when terminating a loan, the loan STOPS on the day of payout; no further interest can be added to it, the early payout is a minimal fee and holds no future interest as l clearly pointed out to AGC when we went to pay out our car loan with them and they tried to add interest charges for the remaining years of the loan; which totalled in their opinion one third of what the vehicle originally cost us $9k, they were very quick to change it back when l brought this FACT to their attention.
Another thing they do to people who have had their houses repossessed is they come back after the house is auctioned and demand the amount that the home did not reach to cover the loan.
1. The banks took possession of their home (as clearly stated in loan contracts), therefore, it is their home to sell it for whatever price they are happy to accept, any shortfall DOES NOT come back to the mortgage payer (if they choose to flog the house off for less than it's worth).
Whose choice is it to accept the auctioned figure?
Whose responsibility is it?
If you said the banks; you are right.
2. Let's say THEY sell your house for $40k less than is owing.
When ANYONE purchases a home you have to pay Mortgage Insurance, the bank uses your original deposit (which is now up to 40% of the price of the home) the bank uses this money to take out Mortgage Insurance, which covers the Home Owner in the event that your home is repossessed, the mortgage is then paid out by the Mortgage Insurance Company (The Banks NEVER miss out) and they NEVER loan money without taking that insurance out and if they do then that is on their shoulders not yours as the Bank still own the home until the day you pay it off (that is stated in every contract)
RAMS, NAB and most other lending institutes are scamming their home owners. Below are links showing they are adding interest for years beyond the loan and calling it early payout.
After VR remove this corrupt government from Parliament (let it be known) that our sights will be set on Australian Banks and
l personally will be coming after RAMS and their fraudulent RHG. During the Global Financial Crisis, RAMS went bankrupt on their debtors (paying out their loans at less than the amount borrowed) by transferring current home loan lenders to their debtors as payment.
Then still while in the bankruptcy process they registered another arm of RAMS and called it RHG and transferred the remaining home loans into their new RHG arm. While ALL other banks interest rates plummeted to 3.5 to 4% interest for current Home Loans; RHG increased current home loan interest rates from 6.5% up to 10.5% and left them there; making it impossible for most home lenders to finance out of RAMS.
RAMS have been taken to court by many people in class actions and they won; with settlements paid from RAMS/RHG; however, the courts knowing the fraud RAMS and RHG have committed have not extended the judgements to current Home Loan Owners still trapped in RAMS Web of Fraud.
WE "The People" cannot go bankrupt on our debtors and move our Assets to another Party or Bank or the Authorities claw it back; so why are the judges and authorities allowing this to happen just because it's a RAMS Home Loan Lending Group/Bank or Institution!
Just a few short years later RAMS Home Loans are back in the lending game leaving a path of destruction and devastation behind them; unchecked by authorities and judges alike and with politicians preparing reports and senate enquiries based on RAMS and other lending institutes and their fraudulent dealings; but nothing being done by politicians to ease the burden on Home Owners; while on the other hand, giving tax payer bailouts to Mortgage Lenders in order for them to continue their fraudulent lending scams.
RAMS Goes Bankrupt:
At no stage did Home Loan Borrowers RECEIVE NOTICE FROM RAMS that this was happening or of their intentions (not even until this day), notice is a requirement by Law!
RAMS FAIL AT AUCTION:
Rams Home Loans Fails to Refinance $5 Billion of Debt (Update8)
By Laura Cochrane - August 16, 2007 05:44 EDT
http://www.bloomberg.com/apps/news…
RAMS ROUTED AS MORTGAGE MELTDOWN HITS CRISIS:
http://www.abc.net.au/pm/content/2007/s2005060.htm
Australia and the Global Financial Crisis:
http://www.stubbornmule.net/2008/10/australia-and-the-gfc/
Overview of the post-GFC banking environment:
http://www.aph.gov.au/…/20…/post_GFC_banking/report/c02.ashx
SECRET BAILOUT:
2008 & 2009: Secret funds are secured from the Federal Reserve of USD$1.09 billion. (see Secret Bailout 2007 & 2008)
http://www.moneymorning.com.au/…/nab-and-westpacs-secret-ba…
RAMS goes to Westpac while RHG is left behind to Screw Home Owners by almost tripling interest rate charges and pumping up exit fees.
Two of Australia's financial pillars (Westpac) and NAB borrow funds in a SECRET BAILOUT from The Federal Reserve to buy out Bankrupt Banks! This stinks of FRAUD!
QUOTE:
"RAMS Home Loans has trouble with funding at the end of 2007 due to the credit crunch. This led to a dramatic fall in share price that gave Westpac an opportunity to forward an offer, which they did. The following January, the transaction went through, with Westpac paying $140 million for RAMS' distribution business. The latter was comprised of 99 stores that were owned and run by 54 franchisees. While the acquisition did not include RAMS Home Loans Group as a whole or the company's mortgage book, Westpac purchased the 'RAMS' brand. This meant that what was left of the company had to change its name to RHG.
However, this was not the end for RHG. In February 2008, they made a deal with the National Australia Bank (NAB) and sold them home loans worth approximately $1 billion. NAB had previously been the company's banker. While RHG continued to manage these mortgages until April 2009, these loans were transferred to Anchorage Home Loans management. Anchorage Home Loans is a subsidiary that is fully owned by NAB.
Ever since it changed its name, RHG has had a lot of bad press. The company was involved in a very public test case legal action that was led by the Consumer Action Law Centre for Emily Hamilton regarding exit fees. Hamilton stated that she had to pay early termination fees that were too high to refinance her mortgage, despite the fact that RHG increased interest rates well above the RBA's headline rate and significantly in excess of what the rest of the market has done.
A confidential settlement was reached in January 2009, but the Consumer Action Law Centre claimed that they had been contacted by approximately 100 other people claiming they had similar problems with RHG.
However, the problems didn't end here. Sometime around the middle of 2012, ASIC had to intervene after receiving a significant degree of complaints. The result was that more than 6,400 customers received refunds totalling more than $3.3 million representing early termination and discharge fees. RHG also agreed to lower its discharge fees on the loans it already held and to remove early termination fees in a staggered manner.
Clients weren't the only ones who were displeased. Towards the end of 2009, a group of shareholders voiced their displeasure, demanding that a board member be removed from their position. They also wanted improved communication and a higher return on their investment. As if that wasn't enough, the company's creditors weren't all that happy either, which led to RHG being the target of numerous court proceedings.
In regards to RAMS, at the beginning of 2010, Westpac decreased the size of the RAMS Home Loan business. The result was that financial products under the RAMS brand name were only available to customers via RAMS franchisees and the lending conditions became much stricter.
Compare RAMS home loans.
Back to top"
END QUOTE:
(Relevance at the bottom of this article)
QUOTE:
"Mark Bouris, now famous for hosting the popular Australian spin-off of The Apprentice, created Wizard in 1996 — a home loan lender. It was sold in 2004 to GE Money. Subsequently, in 2008, GE Money was in negotiations to sell Wizard to NAB but a better offer from Aussie saw Wizard going to the latter. GE Money's goal was to remove itself from the home lending market in the area.
The ACCC approved the acquisition on the 24th of February, 2009 and, three days later, Wizard's broking business came under new ownership.
The sale of Wizard also saw $4 billion of prime loans that were previously funded by Wizard going to CBA. The loans that CBA did not buy remained with GE Money and were rebranded as AMS Mortgage Services loans because the Wizard name was now owned by Aussie. AMS Mortgage Services is a GE Money subsidiary.
GE Money let home loan holders know that any mortgages they held would continue to be services as normal. However, they also let home loan holders know that they would not be able to ignore the serious rate cuts the RBA were making as some other lenders were doing and if their customers wanted to refinance through Aussie to go to another lender, they would not be required to pay a Deferred Administration Fee. Waiving this fee was an Aussie requirement when they purchased the Wizard home loans business.
While these certainly won't be the last movements we see in the banking sector, they were the most notable of recent years. Further concentration of banking ownership is inevitable.
So, don't be surprised if you receive a letter telling you that your current bank has come under new ownership. Australian banks are more profitable than ever. More than ever, they have the cash to act on their expansion ambitions. So it is no surprise that the ownership conquests as outlined above have occurred. Nor is that the end of their expansionary moves.
Regardless, banks will continue to buy each other out and merge with each other as it suits them to acquire greater market share and more power, but that is simply the nature of the beast.
Let us just hope that these mergers and buyouts can occur to the benefit of Australian consumers and not the our detriment."
END QUOTE:
At least this is LIE they are standing by!
Australia need a True People's Bank, that is here in the interest of "The People", VELVET REVOLUTION are looking into the establishment of such a bank!
But first we must REMOVE this corrupt Government that allows this FRAUD to continue!
VELVET REVOLUTION
MARCH DATE 10th of July 2015:
Meeting in Every City across the Nation of Australia.
Our First Major Town so far is Traralgon in Gippsland.
If you want to MARCH in your town please contact us so we can help you set it up.
VELVET - means Non Violent
Please join our group and share everything you receive from "VELVET REVOLUTION".
For more FACT SHEETS and further information you can contact us via:
EMAIL: lyn.bennetts7@gmail.com
Regards
Lyn Bennetts
National Organiser of
VELVET REVOLUTION
And our Brilliant VR TEAM
UNITED WE STAND SIDE by SIDE AGAINST Tyranny, Fraud, Treason and Political Corruption!

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Location: Australia

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