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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An organisation named Digital Finance Analytics (DFA) has been quoted by many finance and news sites stating up to a fifth of first home owners risk losing their properties in the next few months.  This organisation cannot be sourced online - a quote is from Martin North "the Director" of the company.    "Its Australian Mortgage Stress Analysis of 26,000 households claims 16% currently fall into the ‘severe mortgage stress’ category, which is defined as falling behind in payments, or receiving threats of foreclosure."   Low-to mid-income households were among the hardest hit.      The number of suburban homes in this demographic will rise by 4,000 before June 30 2013, according to the report.     Speaking to Australian Broker Online, Paramatta broker Kim Narayan, who works in one of the worst-hit regions for mortgage stress and arrears, confirmed many locals were moving further west as it had become too...
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  • doyla66
    doyla66 says #
    This story has now appeared on ABC TV 7:30 report, 16/10/2012 "Despite a recent drop in interest rates, a new study reveals that
  • doyla66
    doyla66 says #
    I found this ... "Martin North leads Fujitsu's consulting division in Australia and New Zealand where he specialises in financial
  • doyla66
    doyla66 says #
    You could be right Lisa - here he is quoted a number of times and has his own link: http://www.brokernews.com.au/People/martin-nor
  • doyla66
    doyla66 says #
    I'd like to know who DFA and Martin North are. How did he make his predictions? For starters it is unusual for anything of that s
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Posted by on in Toxic Mortgage Loans
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  • doyla66
    doyla66 says #
    Classic! Pretty much sums it up, doesn't it?
  • doyla66
    doyla66 says #
    A nice start to the day Lisa.
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Posted by on in Toxic Mortgage Loans
I have been looking for the Queensland Contracts Law. I am specifically looking for the reference to the impossibility or otherwise of making an illegal contract "legal" and any other activities that can or cannot be done to an existing illegal contract. Thanks Lisa...
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  • doyla66
    doyla66 says #
    predecessor: Consumer Credit Code(QLD)1994 refer to sec.70 "unjust transactions" [superseded 1 July, 2010 by NCCP refer to sec. 70
  • Denise
    Denise says #
    I pointed this out to Authorities and ASIC, years ago. NSW Contract Review Act 1980 had provisions for finding of UNJUST CONTRAC
  • doyla66
    doyla66 says #
    Hi Lisa, this is what I wanted to ask as well. Is the Qld Contract law same as the one in NSW? A barister told me once that the pe
  • doyla66
    doyla66 says #
    Hi Maria, I've heard the same about the NSW Contract Law. Is it true? If so how can we get a level playing field in what is a Fede
  • doyla66
    doyla66 says #
    a workbook on contract law here http://www.thomsonreuters.com.au/product/AU/files/9780455225029/workbook_solution_guide_edited_1.
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On the FOS website there is a Presentation entitled: Essential Banking Law and Practice It's dated 2007. http://www.fos.org.au/centric/home_page/news/presentations.jsp Is this information sufficiently up to date to use the information in it? If not what do you think I should ignore in it? Does anyone have a link to a more recent version of this? I've written to FOS to ask them as well. Thanks Lisa   UPDATE: For more up to date information http://www.fos.org.au/centric/home_page/publications/the_circular.jsp On this page is a downloadable index of articles which look very interesting indeed - all from "The Circular" which is sent out to subscribers to FOS updates. The previous publication, The Bulletin, may also be of use. http://www.fos.org.au/centric/home_page/publications/bulletins/banking_finance_bulletins.jsp        ...
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Loan scandal Would you loan a couple in their seventies more than $1 million? Well their bank did and now they are crippled by debt and facing financial ruin...
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  • doyla66
    doyla66 says #
    That Hayley Rose on the ACA website on Facebook is a piece of work. She went to Uni to end up working for Woolies. Sounds like a d
  • doyla66
    doyla66 says #
    JJ's Current Affair post has the longest string I've seen for a good while.
  • doyla66
    doyla66 says #
    It's called: bankster contrived "oppression", but we wont have a bar of it _ Royal Commission ASAP!
  • doyla66
    doyla66 says #
    They took JJ's comment off. WE NEED A ROYAL COMMISSION INTO BAKING INDUSTRY!!
  • doyla66
    doyla66 says #
    What did JJ put up there that created that reaction???
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REMINDER TO WATCH TO ALL
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Dear Lazza The Retired Judge Scam is a despicable scam......I am a great admirer of this particular retired High Court Judge.  I am sure he would be horrified as to how his words have been turned into a financial fraud, promoted by fruit loops. This is a scam going around Australia and please stay away and out of trouble and anyone blogging such nonsense without asking me first, as editor, will be deemed a serial nuisance and I will think up worse things to say!!!! The reason that this is so bad as it is wasting my time and I now have new members who have been badly burned by this same activity.  Thanks to those who alerted me to LAZZA's BLOG as the last thing I need is people who are victims of such nonsense suggesting they read it on the BFCSA site!!!! I have immediately removed the offending link. Goodness Gracious me......the world...
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  • Denise
    Denise says #
    This is a scam going around Australia and please stay away and out of trouble and anyone blogging such nonsense without asking me
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Just letting you all know that I  just heard the promo on 7.30 report ABC1 for Stephen Long's report on Unscrupulous lenders.
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Copy of letter we received from ASIC .  Did you all get a similar spiel? I've underlined some parts of the letter  .. Thank you for your letter dated 24 July 2012 addressed to Mr Greg Medcraft, Chairman of the Australian Securities and Investments Commission (ASIC), raising concerns about:  MortgageEZY Pty Ltd ACN 066 631 169 ACL393457 (MortgageEzy); La Trobe Financial Services Pty Limited ACN 006 479 527 ACL 392395 (La Trobe Financial); and RHG Mortgage Corporation Limited ACN 065 912 932 (RHG), formerly known as RAMS Mortgage Corporation Limited.     The Chairman has asked me to respond on his behalf.  We understand that you applied for 'low doc' loans between May 2007 and January 2009. You have claimed that you were approved for loans that you could not afford to repay on your income. You have commented that the lenders did not contact you, or your accountant, to verify your income before approving your...
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  • doyla66
    doyla66 says #
    ASIC are just as perversely CORRUPT AS THE BANKS that they are supposed to regulate. Your reply from ASIC is just another standard
  • Denise
    Denise says #
    ASIC is ALLERGIC TO EVIDENCE. We know that as a fact by user experience. ASIC choke in their weeties and then immediately ring t
  • doyla66
    doyla66 says #
    Gee I can't wait to get my letter from ASIC now, at least I'll know it won't be good.I did enclose some fraudulent LAFS and a copy
  • doyla66
    doyla66 says #
    Twitter works well!!
  • doyla66
    doyla66 says #
    Just another BS generic letter, as mine is idenitcial with the exception of the different lenders.... Who is actually reading & l
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I because of a stupid illness have been unemployed since 2005. I am starting a new business (Melbourne College Pty Ltd) so I'm on the mend.      However, my wife, Shashi, and I have five grown up children who keep putting my hand in my wallet (Otherwise known as being kept 'poor'). We can hardly afford much, however, the important cause of BFCSA makes it that we are committed to help those who have been disadvantaged by the banks, so we give what we can to BFCSA to help Denise in her awesome war against the banks.                                                                                                       Please dig deep or ask a...
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  • doyla66
    doyla66 says #
    Thanks Johanna and Jenny L. There are a small number of others who give regular donations. However, by far the majority don't. I b
  • doyla66
    doyla66 says #
    Hi John, yes we all are in the same position, and you are right every member can give a small amount, what would we do without Den
  • doyla66
    doyla66 says #
    Hi John fair comments. Like you we are also struggling. We put in a small donation a couple of weeks ago and pledged $25/week comm
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Could someone please advise me: I have three letters for the FOS. I have two names from the Resources list. Who is the third one for? Who do I put on the envelope? Thankyou Lisa xx   FOS Mr Shane Tregillis -Chief Ombudsman Mr Philip Field- -Banking Ombudsman GPO Box 3 Melbourne, Victoria 3001    ...
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  • doyla66
    doyla66 says #
    I have Mr Shane Tregellis - Chief Ombudsman FOS, Professor The Hon Michael Lavarch - Chairman FOS & Phillip Field - Ombudsman FOS
  • doyla66
    doyla66 says #
    Thanks, Marianna.
  • Denise
    Denise says #
    No do not wait.... send it now. Just another task on our to do list You have the name and the address. If unsure of address at any
  • doyla66
    doyla66 says #
    Thanks Denise. Know what you mean about the to do list.
  • Denise
    Denise says #
    To Philip Field please. new list out shortly. Sorry for confusion. The latest letter to FOS s the one you use - destroy old temp
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Posted by on in Toxic Mortgage Loans
Does anyone know the name of the Firstmac Limited Chairman? I've searched with google but no luck so far. Unless Firstmac Limited is really "Superwoman P/L" ?? Thanks Lisa    ...
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  • doyla66
    doyla66 says #
    We borrowed through Tonto to Origin and Hunt&Hunt for one of the loans. Same vintage as Streetwise, I guess. What would you like
  • Denise
    Denise says #
    Yes MR KIM CANNON - OWNER of FIRSTMAC and whilst under investigation by ASIC in 2003, re his first company TONTO HOME LOANS (as in
  • doyla66
    doyla66 says #
    Thankyou all so much! Such quick replies! Wonderful. Lisa xx
  • doyla66
    doyla66 says #
    I found mr kim cannon to be the owner and managing director of first mac and I also found the EX credit manager geoffrey lougoon o
  • doyla66
    doyla66 says #
    Hello Lisa, I sent my letter toMr Andrew Kemp, Chairman - FIRSTMAC, Head Office Level 40, Riverside Centre, 123 Eagle St, Brisbane
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Posted by on in Fraudulent Loan Apps
NEWS FLASH: Tony Burke is stepping in for Bill Shorten: http://www.facebook.com/abcqanda(Maybe they're going to put Bill on with Denise lol!)Q&A broadcast can be found: Mondays 9.35pm ABC 1, repeated Tuesdays 12.30pmMon 9.35pm AEST Live simulcastCatch-up on iviewhttp://www.abc.net.au/tv/qanda/past-programs-by-date.htm .... top right hand corner, hyperlinksTo find out what time Q&A is broadcast wherever you are go to:http://www.abc.net.au/tv/guide/This is the program marked: NationalJust below this you can choose your location from the drop down menu. Then on the right hand side at the top edge of the program on display click on "next week" and adjust the display ("later") until you can see Q&A in either ABC 1 or ABC News 24. Broadcast is 9.35pm in the Eastern States and 7.35pm in WA. To ask a question you can write it in here:http://www.abc.net.au/tv/qanda/ask-question.htmI haven't found an email address for submitting questions. If you need help submitting a video question, Open ABC can help. Here's the portal for finding a producer:https://open.abc.net.au/openregionsFor information on the panel for the next...
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  • doyla66
    doyla66 says #
    Thanks for that for that update!
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:D
Reposting the information on Q&ANEWS FLASH: Tony Burke (Minister for Sustainability, Environment, Water, Population and Communities) is stepping in for Bill Shorten: http://www.facebook.com/abcqanda Q&A broadcast can be found: Mondays 9.35pm ABC 1, repeated Tuesdays 12.30pmMon 9.35pm AEST Live simulcastCatch-up on iviewhttp://www.abc.net.au/tv/qanda/past-programs-by-date.htm .... top right hand corner, hyperlinksTo find out what time Q&A is broadcast wherever you are go to:http://www.abc.net.au/tv/guide/This is the program marked: NationalJust below this you can choose your location from the drop down menu. Then on the right hand side at the top edge of the program on display click on "next week" and adjust the display ("later") until you can see Q&A in either ABC 1 or ABC News 24. Broadcast is 9.35pm in the Eastern States and 7.35pm in WA. To ask a question you can write it in here:http://www.abc.net.au/tv/qanda/ask-question.htmI haven't found an email address for submitting questions. If you need help submitting a video question, Open ABC can help. Here's the portal for finding a producer:https://open.abc.net.au/openregionsFor information on the panel...
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  • doyla66
    doyla66 says #
    I forgot, loser politicians like Shorten must be put to the back of the queue when it comes to elections and votes. Hopefully we w
  • doyla66
    doyla66 says #
    Shorten is too scared to meet with Denise face to face. He knows Denise would be too strong and that he'd be shown up as the loose
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Regarding the latest move of submitting today's letter to Australian Federal Police, I'd urge Members to touch base with their local 'talk back' radio stations to inform the 'Jurno's' of Denise's latest move (the 'talk backs' are always looking for something with which to kick the Pollies and 'Big Brother' organisations Butts). This will help bring out others who have been stung by the banks and didn't know how to move on, and help move Brokers with a conscience....
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  • doyla66
    doyla66 says #
    Yes indeed John I have been a previous guest a few times, of Ray Hadley, Alan Jones, Neil (Vic), Ross Greenwood and Qld, SA, ABC,
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How to Twitter or email questions or comments to the show Hey Lisa, I notice that you are familiar with Twitter... I was wondering if you could help me please (and for all our other members too) and put together some simple instructions on how we can send our questions/comments through to Q and A on Monday night for #qanda. Also are you able to locate the email address we can also send questions/comments to? The show is on earlier on the east coast, so I think WA members will have to watch it live (is that possible?) online, as if they tweet when it is broadcast over there, they will be too late! What are your thoughts? Are you able to help me? Thank you for all your great posts too :-) You have found some doozies!!!...
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  • doyla66
    doyla66 says #
    Hi STM, sorry for the delay. I've been doing the internet tango with Bigpond Making the most of connectivity now lol... NEWS FLA
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Posted by on in Fraudulent Loan Apps
Can I please have Anthony Klan's email address again please? This email address is being protected from spambots. You need JavaScript enabled to view it.
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  • doyla66
    doyla66 says #
    All good now. Found it on previous blogs. thanks.
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Posted by on in Toxic Mortgage Loans
Please guide me on this one, Denise sent through details on attacking RHG via sending the format letters etc. Will I send all the letters even though I have lost my home already. Also ASIC have a sinking fund for RHG lenders who have been stung by them for excessive exit fees. Please advise on correct procedure from here editor:  Still send letters to asic and fos and the new one for afp...
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  • doyla66
    doyla66 says #
    Mark, I too have lost all & I haven't given up hope of one day gaining retribution. Send the letters & keep fighting. Who knows, d
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Posted by on in Fraudulent Loan Apps
Bill Shorten on #QandA on Monday night.  This is our chance to ask some great targeted questions of the Minister for Finance Ask a question of Monday's #QandA  Panel Includes: @billshortenmp @Tara_Moss  Angry Anderson Fiona Nash @thenitinsawhney  here:bit.ly/miVsRg6 hours ago · reply · retweet ·...
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  • doyla66
    doyla66 says #
    Hey Lisa, I notice that you are familiar with Twitter... I was wondering if you could help me please (and for all our other member
  • Denise
    Denise says #
    Ask the producers who prepare guest lists db
  • doyla66
    doyla66 says #
    http://www.abc.net.au/tv/qanda/email_thanks.htm Could everyone please write to them asap?
  • doyla66
    doyla66 says #
    Great idea. I agree that Denise should have final say re which questions so our message is in line with her philosophy and aspirat
  • doyla66
    doyla66 says #
    Thanks STM - I'd feel better if Denise asked the questions At least we'll find out if he's ever heard of us. I think he must hav
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  Jim Wilkinson   Wall St started bundling homeowner loans together, mortgage back securities and selling slices of those bundles to investors and they were making big money. So they started pushing the lenders saying “Com’on, we need more loans” Henry Paulson   Henry: The lenders are already giving loans to borrowers with good credit so they go bottom feeding and they lower the criteria. Ayad Akhtar   Before, you needed a credit score of 620 and down payment of 20%. Now they settle for 500, no money down Jim Wilkinson   And the buyer, the regular guy in the streets assumes the expert know what they were doing. He’s saying to himself “The banks are willing to loan me money, I must be able to afford it” So he reaches for the American dream. He buys that house. Ayad Akhtar   The banks knew the securities based on shitbag...
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  • doyla66
    doyla66 says #
    Bankers were bailed out by the US government for predatory lending, while victims of the lending are forced to suffer and lose the
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