BFCSA Blog

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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A TIMES OF ISRAEL INVESTIGATION / Regulators may soon finally ban some companies, but that will only affect those that target Israeli customers; the rest of the world will still be fair game The wolves of Tel Aviv: Israel’s vast, amoral binary options scam exposed An industry turning over hundreds of millions of dollars, employing thousands of people, is cynically cheating naive would-be investors worldwide via a range of corrupt practices. It is doing terrible harm to its victims, and it risks doing the same to Israel’s reputation BY SIMONA WEINGLASS March 23, 2016, 12:06 pm        Email Print Share   NEWSROOM Email the Newsroom Facebook Twitter   RELATED TOPICS BINARY OPTIONS FOREX TRADING INTERNET FRAUD MORE ON THIS STORY How Israel’s Cellebrite could unlock the San Bernadino iPhone Israeli digital giving app could revolutionize charity biz Israeli universities drop in international rankings For visiting bloggers, a ‘remarkable’ 21k run in Jerusalem White...
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http://www.afr.com/p/business/property/landlords_hit_by_glut_of_apartments_TyeuZS5jx2nrxr0Yo1MxaI Landlords hit by glut of apartments PUBLISHED: 10 hours 39 MINUTES AGO | UPDATE: 0 hour 5 MINUTES AGO Michael Bleby Falling rental yields point to price pressure Robert Harley | Rental boom days are over Jason Plevras paid $600,000 for a two-bedroom apartment in Melbourne’s Southbank last May. The off-plan unit was one of 237 in the 15-storey Sunday Apartments on ­Coventry Street that went on the market around the same time.  The real estate agent assured him he would have no trouble finding a tenant, Plevras says. “I remember when I was signing the contract to buy, I made clear that I was worried we won’t be able to rent it,” the 33 year old says.  “They said ‘renting will never be a problem. You’ll always have tenants’.” He waited three months before ­advertising the unit. His starting price was $600 a week, but that went down to...
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  • kddeed
    kddeed says #
    We were sucked in with all their crap with our investment property in Qld. Great area, great rents, the promise of increased prope
  • NABbed Nanna
    NABbed Nanna says #
    I absolutely feel sorry for these investors, but this has been coming for a long time and was eminently predictable in the long te
  • Aries
    Aries says #
    This is disastrous for property investors, no doubt most of them were lied to about how property and rents always go up. Careful c
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Risky Australian Lending Targeted as RBA Spurs Housing: Economy By Narayanan Somasundaram and Michael Heath May 25, 2014 11:01 PM EDT  3 Comments http://mobile.bloomberg.com/news/2014-05-26/australian-regulator-warns-of-rise-in-higher-risk-home-loans.html An artist's impression of a residential development is displayed outside a construction site in the suburb of Eastwood in Sydney. The Reserve Bank of Australia, which has held its cash rate at 2.5 percent since August, has signaled the housing upswing was needed to spur residential construction. Australia’s banking regulator urged mortgage lenders to maintain standards as higher-risk borrowing rises and home prices surge amid record-low interest rates. The Australian Prudential Regulation Authority is “seeing increasing evidence of lending with higher risk characteristics and it does not want this trend to continue,” Chairman John Laker said in a statement. Draft mortgage guidelines released today reinforce “the importance of maintaining prudent lending standards when competitive pressures may tempt otherwise.” The Reserve Bank of Australia, which has held its cash rate at 2.5 percent since August, has signaled the housing upswing...
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  • doyla66
    doyla66 says #
    Dr Laker is trying to avoid being blamed for this latest bout of lax lending practices? Fact is, Dr Laker, this has been going on
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Today has been one of those days. You know the kind I mean, when every time you get up you get knocked back down again.  Well, that is what is has been. Today I went to court to apply for a final order on an interim intervention for the new owners of our beloved old home.  Remember when I had my boat and trailer stolen back in November well a week later our home from which we were evicted was sold and the neighbours from hell moved in. Yep right beside us. As I have stated before we lease the property beside our beloved old home which has a common boundary with the leased property.   I was suspicious of thugs from the start as their reputation in our small town was pretty ordinary, but I had no idea what I would have to endure. Settlement day was the 15th November....
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Political donors gave Liberals $13 million, ALP $3.6 million before election, AEC figures show By Andrew Greene and Naomi Woodley Updated Tue 4 Feb 2014, 12:08pm AEDT The Liberal Party received nearly four times more in political donations than the ALP in the run-up to the federal election last September, according to the Australian Electoral Commission (AEC). Figures for the last financial year show the Liberal Party's national and state divisions received more than $13 million in donations, while Labor was given $3.6 million...." Corporate donors spread money evenly Big corporate donors are present in the declarations of both major parties: ..... "and ANZ bank gave $80,000 to both parties. The information covers the 2012-13 financial year, so it does not take into account the final months of fundraising in the lead-up to the September election...." http://www.abc.net.au/news/2014-02-03/liberal-pre-election-political-donations-outstrip-labor/5234544...
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  • doyla66
    doyla66 says #
    You have to be joking our political (major) parties are prepared for us citizens to be thrown to the Bankster wolves for a paltry
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ASIC ARE FAILING TO NAIL A BANKER.  ASIC ARE FAILING TO WARN THE CONSUMERS.  Instead Kell is intent on blaming the Broker, blaming the borrower, creating sham and biased "studies" - the usual nonsense of course. Peter the more you tell porkies about Mortgage Bank Fraud / Toxic lending by Bankers the more you will be recorded and exposed by us.  You are inflaming the situation not solving it. Eleven years ago we discussed this and you agreed the clients deserve a copy of the LAF at point of signing....precisely the reason there needs to be a Royal Commission into all ASIC hierarchy / luminaries who are conflicted by the word "TRUTH." Its a widespread ASIC disease.  Here is another gem from your MOB: BORROWERS have been warned about a disturbing rise in fraud by mortgage brokers who are pushing up incomes and falsifying other information on the promise that it will...
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  • doyla66
    doyla66 says #
    We all have solid evidence that seems to be ignored....
  • doyla66
    doyla66 says #
    All part of the big smokescreen GFs and using the same old tactics and the same old script they did after earlier investigation in
  • doyla66
    doyla66 says #
    There is all this media about the brokers...... I don't get why they are not asking the questions? So yes, we get it, your blaming
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   Thank you Today Tonight Adelaide - It makes it so much clearer now!  Keep up those investigative reports please! Broker Banks - Reported by Leisa Goddard   Broadcast Tuesday 4th March 2014   ..."people need to know what is really going on behind the scenes..."  "the banks control the mortgage brokers".... ..."prior to the global financial crisis there were 400 NON BANK lenders, now there are only 20 of us around...."   COMMONWEALTH BANK OWNS 80% AUSSIE HOME LOANS  AND 21% SHARE IN MORTGAGE CHOICE NAB OWNS 100% OF CHOICE HOME LOANS, PLAN AND FAST  which together makes up 30% of all brokers! WESTPAC OWNS 100% OF RAMS   Today Tonight story can we viewed by clicking this link http://www.todaytonightadelaide.com.au/stories/broker-banks Duration 3min. 05sec  ...
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FOS mission statement extracted from it’s annual review 2012-2013  Our mission is to fulfil an important community role by providing an independent dispute resolution service in which people can place their confidence and trust.  This involves understanding all sides of a dispute and resolving it fairly and efficiently.    We aim to be   *Respectful *Efficient *Trustworthy *Forward thinking   My Comment: This is not proving to be the case for the majority of FOS determinations which have been handed down to our members.              Banksters rule!   http://annualreview.fos.org.au/#folio=1...
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  • doyla66
    doyla66 says #
    FOS are you playing a cruel joke with statements like these. If FOS was abiding by their own statements they wouldn't and shouldn'
  • doyla66
    doyla66 says #
    Choppa......I needed to laugh a little Your definition of FOSSYS mission statement Is pretty spot on from the horror i read from t
  • doyla66
    doyla66 says #
    Sounds like some form of church group or a pair of crime fighters but no its just FOS telling it like it ISNT again. The only corp
  • doyla66
    doyla66 says #
    FOS IS HELPING COMMUNITIES BECOME HOMELESS! I APPLAUD YOUR BFCSA ROLE!
  • doyla66
    doyla66 says #
    I find this sincerely choke worthy, I wait feeling trapped in the unknown for 16months,not knowing what despair will plague tomorr
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Extract of a submission to the Senate Inquiry into ASIC's performance  "The subsequent list of failed companies (too many to list here) indicates that  ASIC failed in their duty to investors. Who is ASIC accountable to?..." ..." In summary:- 1. We believe ASIC failed in its duty to investors 2. ASIC's investigating procedure borders on an insult to our intelligence..." to read more, click on link for PDF   http://www.google.com.au/url?sa=t&rct=j&q=&esrc=s&source=web&cd=5&ved=0CEIQFjAE&url=http%3A%2F%2Fwww.aph.gov.au%2FDocumentStore.ashx%3Fid%3D7bb3eb9e-b923-40f2-ad5d-4ff97d8d1a0b%26subId%3D31251&ei=D139Ury2GaiwiAeDkIDQAw&usg=AFQjCNGPWjHk9yjmTVyunfDNtZdRZckIJg   Director banned but back for more by: Exclusive: Anthony Klan From: The Australian March 24, 2012 12:00AM  AN Australian man with a track record for presiding over corporate collapses is operating an international currency trading scheme which is bleeding millions of dollars raised from investors and clients across the globe.          Les Freeman, who was in 2010 banned by the Australian corporate regulator from being a company director, is behind the group of companies operating out of Brisbane, Santa Monica and Hong...
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  • doyla66
    doyla66 says #
    How many villains out there hide behind bankruptsy laws or family trusts to bury their ill gotten gains? Our broker hid all the in
  • doyla66
    doyla66 says #
    And the QLD ex ASIC Commissioner is a co-director!!!!
  • doyla66
    doyla66 says #
    Seems to be a pattern here. Lock a few up, let a few more declare themselves bankrupt and when they are free of all encumberances
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