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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The public have deep sympathy for bush fire victims losing their home.  The public also arrive with buckets and mops to help strangers that are victims of floods.  Australia is a land that does suffer tremendously devastating weather curve balls and disasters at times. Another one for the salvation Army to pick up.  Victims says: "So I'm moving too .... no home, no $155K refund ......to who knows where now???  Another financially ruined, middle aged person who will soon be homeless.... How does that help our economy?? Yet when one loses one's home (as an older person) from a Bank driven Service Calculator Fraud on a deliberate TOXIC Mortgage, two porters at ASIC crack their knuckles.  Why is that?   Well failure for the public to understand this phenomenon of widespread bank looting of homes is all of the reasons Australians will be much worse off during the next 50 years. This...
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  • doyla66
    doyla66 says #
    That's dreadful. Ripped off by the lender then ripped off by the Australian injustice system. Perhaps the only way to deal with t
  • doyla66
    doyla66 says #
    Appalling how these banks string you along just to claim the maximum amount from borrowers who started off trusting these parasite
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  (0) ANZ boss spends big on Victorian coastal estate by Christina Zhou March 6, 2014 - 5:07PM lt;iframe id="dcAd-1-3" src="http://ad-apac.doubleclick.net/N6411/adi/onl.domain/buy/articles;cat=domain;cat1=realestatenews;ctype=article;sz=120x50;tile=3;ord=3.2441165E7?" width='120' height='50' scrolling="no" marginheight="0" marginwidth="0" allowtransparency="true" frameborder="0"> </iframe>   The 60-hectare estate at 2275 Portarlington Road features seven bedrooms, six bathrooms, "cigar bar-like" lounge, and stables that have been converted into four guest suites. Photo: Supplied ANZ chief executive Mike Smith has dropped more than $10 million on an iconic Victorian coastal estate after offloading $17.3 million of the bank's shares. Documents from the Victorian land titles office show that Mr Smith's wife Maria Shireen Smith has lodged a caveat on Spray Farm in Bellarine, indicating that the couple are the buyers of the multi-million dollar estate. Though the official price is yet to be disclosed, Gerald Delany, of Kay & Burton, told Fairfax Media in January that there was interest ''just in excess of $12 million''. Photo: Supplied The estate...
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  • doyla66
    doyla66 says #
    SICKENING…… we have all paid the price so Mike Smith ANZ fat cat can have this wealth. You did not earn it Mike, you stole it.…..
  • doyla66
    doyla66 says #
    Reminds me of Mugabe, ripping off the poor to fund a lavish lifestyle, whilst his victims live in the gutter.
  • doyla66
    doyla66 says #
    Perhaps the glutton driven banksters could donate their obtained wealth to some of the charity organisations that have been helpin
  • doyla66
    doyla66 says #
    Wonder which room I paid for? He left me with unaffordable loan of half a million dollars and hos minions told me its was "afford
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Extracts from "Book in a Volatile Market"  by By Nick Hubble • January 23rd, 2014 The Daily Reckoning " We'd like to make a community announcement. There is a scourge sweeping our society. One that must be dealt with. More on that below. But first, financial matters. Yesterday we asked whether Australia can remain an island of prosperity while Europe and the US stay in the doldrums. The short answer is no. That's because we've got our own problems...." ..." The wild card is banking. Our story on LAF manipulation is likely to get an award for the slowest viral story ever. If you don't remember, mortgage brokers and bankers have been manipulating people's Loan Application Forms. They put a '1' in front of your income when you apply for the loan, turning $50,000 in to $150,000. And that makes the $500,000 loan affordable. --Nobody knows how common this is for sure....
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  • doyla66
    doyla66 says #
    Amazing when you think that Nick Hubble being basically the only person in the media who has understood and reported for so long t
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  From: J & D    Sent: Saturday, January 25, 2014 To: BFCSA MEMBERS Subject: My Story -    In 2006 we took out a loan with RHG, now RAMS through a broker for $360,000.00 using the equity in our home.  We did this to invest for our retirement as we had very little superannuation, in our sixties.   At the time we asked how we would repay this loan as we were struggling to pay a small part of our original mortgage.  We were told that we wouldn't have to make any repayments as they would come out of the loan.     We were never provided with our LAF and so until we met Denise in 2008 and she told us to demand it, even then we didn't realise that we were only receiving a few pages and not the whole thing.   We didn't know that our income had been grossly inflated...
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  • doyla66
    doyla66 says #
    Some important questions need to be answered; 1 If regulation now states FSP's no longer need the original wet ink copies of contr
  • doyla66
    doyla66 says #
    Like you Change in the end I was left with some money but even if it was enough (which it most definitely is not) to buy another h
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 "Can You help us Please?  Something is very wrong here, and we are made to live with all these lies and we are a disadvantaged family.  We did default in 2008  But look at all the illegal things that they did between 2004 and 2005   and we got no justice at all for their wrong doing." Background history of our Case.  Extract of letter written to local MP.   Dear Sir,   My husband had two major accidents in 1989.  He fell off the roof at work about 6 meters high and dislocated his discs in his neck and lower back. He was out of work on medication. He had a neck collar on and a brace around his waist..Two weeks later he fell on a glass coffee table at home, and lacerated the inner fold of the left elbow. What we thought was a minor cut ended up having micro surgery, joining arteries, veins, muscles and tendons. If...
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  • doyla66
    doyla66 says #
    Maria B, I will be contacting Alex Douglas , Bendigo and Adelaide Bank are bent
  • doyla66
    doyla66 says #
    Tragic deplorable and criminal acts resulting in shattered dreams and for generations of Australians. The trouble is they have ev
  • doyla66
    doyla66 says #
    Just too sad. All these victims. Never do business with Bendigo Adelaide Bank ! Anyone who dealt with Adelaide Bank,now Bendigo A
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Dear members This was not an intended blog but while reseaching Gail Kelly's( Westpac) role in the B20 ( business leaders contributions to G20) at Davos alongside P.M. Tony Abbott I chanced upon this site. "The Conversation" is an online outlet where academiics and experts in a myriad of fields  comment on everything from politics, world events, the enviroment and alot more. These people are the top shelf of knowledge  and highly qualified on all things and convey this through high quality journalists. Its the Australian version with 1.4 million subscribers worldwide and academics from Australian and overseas universities and institutions and think tanks represented.Its a platform where academics can get access to the common man and vice versa and us little people are actually allowed to leave comments which come from a great cross section of Australian society Instead of relying on ASIC's and the politicians interpretation of the law...
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  • doyla66
    doyla66 says #
    Sorry members, I forgot to mention once you google " The Conversation" just go to the appropriate headings and click to read artic
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Dear members My guts are still churning after reading this article. The Advertiser article for Jan14 titled Broker is Victim of Media Witch-hunt in the comments section refers to an original article by Jessica Darnbrough dated 20-8-12. The article has stirred up alot of commotion amongst the broker community, the article is in reference to David St Pierre signing up elderly clients. The main cause of concern is how they are being betrayed by the media. A Today Tonight  report dated August10, 2012 by Neil Dorley has created a lot of consternation, it exposes loans given to an elderly pensioner and a dementia patient, both loans were for $440,000 over thirty years. The brokers have replied in their broker comments section by stating A Current Affair and Today Tonight are using sensationalist media tactics at the brokers expense and casting them in a bad light, interestingly enough one broker in their...
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  • doyla66
    doyla66 says #
    Well Neil More problems When property was seized by First Mac a buyer Debra Henderson was willing to purchase property @ value of
  • doyla66
    doyla66 says #
    Robert and Stuart email the Senators, Bishop, Bushby, Dastyari and Williams and state its imperative that they talk to Denise agai
  • doyla66
    doyla66 says #
    Capital Growth International and David St Pierre Westpac Bank Manager funder of the SCHEME Liz Orchard said she was conned
  • doyla66
    doyla66 says #
    Sorry Forgot to mention struggled with payments of block Liz orchard to the rescue offering 15% return fro an investment company.
  • doyla66
    doyla66 says #
    MY name is Robert and I too am a victim of Bank Fraud applied for loan on income of 30,000 . I was asset rich with low income eve
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Dear members I have just watched a Bloomberg program called 'Risk Takers", this episode is dedicated to Doctor come hedge fund manager Dr Michael Burry who saw the sub prime collapse coming, warned about it and in turn bet against it to profit handsomely from it. Its a twenty five minute show and if you google Michael Burry you will see the Bloomberg link to watch it. Its scary stuff watching powerful people playing and how it all filters down to affect everyday people.   Its twenty five minutes well spent to watch and is another insight into the whole sub prime fiasco which we are all suffering from its effects now and into the future. Thanks Neil T. http://www.bloomberg.com/video/72756316-michael-burry-profiled-bloomberg-risk-takers.html  ...
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  • doyla66
    doyla66 says #
    Well Duped and Tony it seems to me that ASIC believe everything is ok if it comes from the mouths or off the pen (oops sorry no we
  • doyla66
    doyla66 says #
    Exactly the line that got me roped in to Tony and I still went for it. Strangely enough I thought myself at the time he would be a
  • doyla66
    doyla66 says #
    Well worth the watch Neil just goes to show you go with your gut instinct and its usually on the mark. I just wish I had gone with
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Mortgage brokers 10 years behind advisers, says exec 6 December, 2013 Milana Pokrajac 1 comments  Money Management Share on email   Craig Meldrum is one person who thinks ASIC is doing a good job.  We had a funny feeling there may be one.  He is out there on his own its seems. While the financial advice industry remains subject to much surveillance and scrutiny, the regulators are 10 years behind in bringing mortgage brokers to task, some claim. n 2013 alone, the Australian Securities and Investments Commission (ASIC) has banned and convicted a number of mortgage brokers for misconduct, fraud, compliance issues and for providing misleading information, among other breaches. Furthermore, the watchdog had cancelled or imposed conditions on credit licences of various mortgage broking houses for similar offences to those of troubled financial advice groups, such as compliance breaches, failure to train its staff and failure to properly assess loan applications. The latest...
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  • doyla66
    doyla66 says #
    Hi Stan, I agree: full or partial restitution first, to aid the victims of these leeches, and then complete whatever regulatory is
  • doyla66
    doyla66 says #
    Hi Stan, I am with you, ASIC, FOS,COSL,The Big 4 lenders the smaller lenders are all crooks. Nab have put us through Hell and th
  • doyla66
    doyla66 says #
    Max Keiser discusses the need for powers to stop the aggressive banker "begocrats" constantly shaking down those passing the City.
  • doyla66
    doyla66 says #
    Hi Denise remember our old mate Matthew George of Money Choice fame. He was the salt of the earth if you think back, butter would
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Today Tonight Channel 7 - " Biggest Bank Fraud"  Major warning for all HOME BUYERS The Aussie families drowning in a debt that they never wanted. One of the biggest case of alleged fraud in Victorian history involves a seven-year saga of serious allegations against the Commonwealth Bank, and suspected conmen who are currently at the centre of a two-year police investigation over a $70 million Ponzi scheme. Click on the Link for the story http://au.news.yahoo.com/today-tonight/money/article/-/19914852/biggest-bank-fraud/ Duration 5 minutes 20 sec  ...
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  The bank, the whistleblowers, the regulator and the lost savings Adele Ferguson and Chris Vedelago SPECIAL: How the nest eggs of hundreds of retirees were placed, without permission, in high-risk products that generated big fees for the People’s Bank.   ASIC 'asleep on the job' over CBA ADELE FERGUSON One of the whistleblowers who tipped off the Australian Securities and Investments Commission about a scandal inside Commonwealth Bank's financial planning arm has described the regulator's submission to a Senate inquiry as ''inadequate'', full of spin and riddled with excuses.   Finance Targets, bonuses, trips - inside the CBA boiler room Adele Ferguson and Chris Vedelago Amid the fracas of the global financial crisis, 100 of Commonwealth Bank's top financial planners flew to Auckland for an annual three-day bash in honour of the bank's biggest earners.   Planners Senate launches inquiry into ASIC Adele Ferguson, Chris Vedelago The Senate will...
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A little food for thought.  Reposted Comment by Robbie Shervington Tuesday, 29 October 2013 If as in the SMH article at the weekend there is only 800 toxic loans a total of only around $320M wouldn't the Banks just pay them out and get rid of the the bad publicity. Well there would be a perfectly good reason why they don't. They could look wonderful and come out smelling of roses if they said it was a computer or staff errors. But if they set a precedent while trying to pull the wool over the eyes of the greater public, when the real reason is exposed that it was deliberate FRAUD used to make the GREATEST AUSTRALIAN ASSET GRAB OF ALL TIME then the smell of roses will turn to manure. I can't believe that so many people including politicians and journalists can not see how far reaching this issue is...
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  • doyla66
    doyla66 says #
    This is a conservative country. And Banks and Lawyers are generally even more conservative than most ... or so I thought. Some, o
  • doyla66
    doyla66 says #
    The Government know that this is going on and are playing the sit tight game. Just sit tight and it might go away. We have to rem
  • doyla66
    doyla66 says #
    It’s as plain as the nose on your face but our politicians would prefer to say they don’t have a nose, and refuse to look in the m
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Broker comments from Australian Broker News: Everyone knows that the lenders serviceability calculators are a joke. Get real and service each loan to each individual applicants own circumstances. and this from Broker to RAJ VENGA as CEO of COSL   But Raj, you forget that profit is king, not prudent lending or responsible lending. Now let's sit back and wait for the backlash from lenders and others telling you to butt out. and this: COSL's warning should be heeded as it's the broker in a few years time who will get the first call when rates go back up to the high six percent and borrowers can't pay, and it's the broker who will go through an agonising COSL investigation process to clear their name. From MY Desk:  This email address is being protected from spambots. You need JavaScript enabled to view it. NOTE:  DO NOT WRITE TO RAJ as he will say two thirds of our complaints from borrowers are fraud by our lender...
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  • doyla66
    doyla66 says #
    This sounds a lot like sabre rattling ie. don't push it because brokers and borrowers will get the blame. All the important people
  • doyla66
    doyla66 says #
    it doesn't help when COSL case manager (a Lawyer) writes and confirms this again over the phone that .... "We note that La Trobe
  • doyla66
    doyla66 says #
    Change, COSL should "white label" itself under "Claytons-EDR" serving a Claytons-Code-of-Non-Ethics, practicing FSP mortgage fraud
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JPMorgan's CEO Jamie Dimon @DoJ for $11bn settlement talks, over 'mis-packaged' mortgage securities; read 'racketeering'.  At least eight federal agencies are also currently investigating the bank amid a criminal inquiry into whether it lied to investors and regulators about risky wagers-- Forbes Thought Of The Day: “ A man is about as big as the things that make him angry. ” — Winston Churchill  By Tom Braithwaite & Kara Scannell in NY:  JPMorgan Chase chief executive Jamie Dimon met US attorney general Eric Holder at the Department of Justice in Washington on Thursday, as the US bank looks to settle claims relating to mispackaged mortgage securities for $11bn. Mr Holder declined to comment on the meeting, but said the DoJ would announce cases involving financial companies in the coming weeks and months. The face-to-face meeting comes as the bank is seeking to resolve numerous state and federal claims over its sale of mortgage securities....
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  • doyla66
    doyla66 says #
    I hope the Australian government learn from the mistakes of the US and the EU. Neither have a real solution that compensates defr
  • doyla66
    doyla66 says #
    Lisa, it's crazy 'non-detergent' formula: An Aussie Royal Commission would hand down words, like Us's SEC, quote; "alleges the ban
  • doyla66
    doyla66 says #
    And this is part of the reason that only the highly motivated amongst the public would bother with any Govt Inquiry etc. "Words,
  • doyla66
    doyla66 says #
    WoW! nail on the head, " the government could be sued" as it was foreseeable.. lets see what abbott does, go to his facebook.. tel
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At last the secret of TOXIC Time Bomb Loans can be revealed.   Worldwide bad bank practice:   NO victim of Mortgage Fraud and Unaffordable Loans  received a copy of their Loan Application Form whether they were granted a FULL Doc or LOW Doc loan.  36% of loans in our recent sample are written by bank managers and NO Broker involved.  18% of all loans are TOXIC FULL DOCS. Every victims of this scandal should immediately phone their bank and demand a copy of the LOAN APPLCIATION FORM (11 pages not 3 pages) in all countries and nations affected by this Bankster driven fraud.  Our overseas callers are astounded when we ask the key question:  Do you have a copy of your LOAN APPLICATION FORM that you signed when you applied for the loan in question.  Australia is a good five years behind the GFC caused by toxicity in lending.  Yet, we are the...
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  • doyla66
    doyla66 says #
    Woohoo, Nanna! NAB were fools indeed from beginning to end. You've got the last laugh on them. Well done! Taking homes is pure vin
  • doyla66
    doyla66 says #
    The LAF is an integral part of the loan application scenario and must be signed by all applicants if the case is multiple applican
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You may be 'non-aligned', but you're not independent 10 Sep 2013 Brokers need to be smarter about marketing their independence from the big banks, says Craig Morgan, director of Independent Mortgage Planners. Since changes in legislation last March, Independent Mortgage Planners has become one of the few brokerages that can use the term ‘independent’ - much to the ire of brokerages that wish to differentiate themselves from those owned by lenders. Industry leaders have recently expressed concerns at the rate of lenders buying up broker channels, and the potential damage to broker reputations if consumers are unable to separate those that are lender-owned and those that are not. “The day the consumer wanders into a major mortgage broker and is not sure whether the fact that they’re owned by XYZ bank is going to affect the decision is the day that the sector itself starts to be placed at risk,” said...
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AUSTRALIA NEEDS ONE BANK EMPLOYEE WHISTLE-BLOWER:  Just one DECENT SOUL with a conscience.  YOU KNOW what was going on.  What if it was your parents? Just send us your emails - one would be sufficient to blow the LOW DOC MORTGAGE SCAMS out of the water.         If only we could be so lucky for a bank employee to grace us with the same FREUDIAN SLIP as an AAMI employee did.  All it takes is some one with a conscience and well, we all know about KARMA!  It is just a matter of time. Quote: "Even worse than releasing private emails, the message went to all the people with ongoing disputes against AAMI with the Financial Ombudsman Service. Now the email has accidentally united a group of people, already very unhappy with one of Australia's largest insurers, and who are now exploring the possibility of launching a class...
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Dear members ABC news in conjunction with Vote Compass are doing an online survey to see what are the priorities in voters lives. Its a set of questions about the different parties, the economy, health, education, defence, asylum seekers and so on. These are preset questions, but in the section marked demographics question no. 13 it states - please specify what issues are most important to you - so I've submitted - we need a Royal Commission into the finance industry for falsifying facts on loan applications and to give the Senate hearing into ASIC wide reaching powers. This online survey has had more than 820,000 participants and has had more hits on google than both major parties combined, so it's another opportunity for us to publicise our plight and our quest for a R.C. Its completely anonymous and at the end it shows what your political leaning is, the results might...
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  • doyla66
    doyla66 says #
    I put my comment in also
  • doyla66
    doyla66 says #
    Thanks Neil. I did it. Included why we need a Royal Commission into Banking and Finance urgently. Without trust in the strength,
  • doyla66
    doyla66 says #
    I just put my comment in as well.
  • doyla66
    doyla66 says #
    easy peasy - I just voted online. re Q13 under demographics, you need to click "other" and then a drop down box appears for your
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Published on Oct 22, 2012 RussiaToday    The Foreign Minister Ossur Skarphedinsson of Iceland tells R T's Marina Portnaya how his country managed to pull itself away from the financial abyss - and offers up a few pointers as to how the Eurozone can do the same.  Click on the following link to view the interview. http://www.youtube.com/watch?v=eP9ZdeXRNYg...
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The Fiscal DistractionBy Joel Bowman You keep lying, when you oughta be truthin'and you keep losin' when you oughta not bet.You keep samin' when you oughta be a changin'.Now what's right is right, but you ain't been right yet.- 'These Boots Were Made For Walkin', written by Lee Hazlewood, performed by Nancy Sinatra.The whole world - or at least the portion of it concerned with investing - seems to be on edge. Folks want to know what's happening with the 'fiscal cliff'. You remember that oh-so-fateful precipice, right? Of course you do. How could you forget!The Washington Post: 'As the White House and Republican leaders enter the final month of negotiations to avoid a year-end "fiscal cliff," both sides struck an uncompromising tone Sunday, as warnings mounted that they will be unable to forge an agreement to stop an automatic series of deep spending cuts and large tax hikes that could...
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