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BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
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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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Recent blog posts
A Thought Provoking look at the Blame Game and the Banks the Centre of unpalatable accusations of masterminding the biggest fraud this nation has ever experienced.  Brokers and Borrowers are the pawns in this Monster Bank Fraud.  BFCSA Members have the collective evidence contained in over 2000 files. The question is: Does the Banking Industry in Australia now rely on mortgage fraud to underwrite its profits?  YES indeedy!   The legal mess associated with mortgage fraud in Australia By DC Strategy March 29, 2016    Well, now it might really be happening – but not for the reasons many people believe. And once you understand the real reasons, you will see that this will have potentially serious ramifications for the whole financial sector in Australia. The facts are that Australian housing prices are declining in early 2016 although the price changes vary dramatically by region and by state. Interestingly this price...
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Fraudulent loans point to due diligence problems at Australia’s major banks May 9, 2016   Pat McConnell https://theconversation.com/fraudulent-loans-point-to-due-diligence-problems-at-australias-major-banks-59085   Just last month, the US Department of Justice (DOJ), fined Goldman Sachs over AU$6.7 billion and Wells Fargo over AU$1.6 billion for “improper mortgage lending practices” specifically securitising and selling Residential Mortgage Backed Securities (RMBS) based on bad mortgage loans. For example, Goldman Sach’s due diligence processes were judged to be deficient “In securitizing and issuing the RMBS, Goldman … made representations to investors in offering documents about the characteristics of the underlying loans and Goldman’s process for reviewing and approving loan originators. [And …] significant percentages of the loans reviewed did not conform to the representations made to investors about the pools of loans to be securitized, and Goldman also received certain negative information regarding the originators’ business practices.” Banks make a motsa out of asset securitisation, earning money on fees...
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Mixed emotions for WA farmer rescued by One Nation Senator Rod Culleton   27 August 2016 Colin Bettles http://www.theland.com.au/story/4123167/mixed-emotions-for-wa-farmer-rescued-by-one-nation-senator-rod-culleton/?cs=4941   SEVERAL rotting, weather-beaten straw bales - some would say hay bales - sit idly, parked at the side of the road in the front yard of Bruce Dixon’s sheep and grain farm at Cuballing in WA. The once golden straw bundles are now frayed and decayed and increasingly captured by a dark grey complexion that dulls their exterior coating, like gathering storm clouds. On the surface, these common farm packages seem obsolete and meaningless but to Mr Dixon they’re like mercenary warriors taking a well-deserved rest, after claiming a strategic victory in a long-running battle against adversity. The discarded bundles of straw are a stark reminder of tense events on Black Friday in March last year when an unusual band of rural characters staged an unconventional protest that helped resuscitate his...
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Labor Senator Sam Dastyari claims Tony Abbott is positioning himself for a leadership challenge   28 August 2016 http://www.news.com.au/national/politics/labor-senator-sam-dastyari-claims-tony-abbott-is-positioning-himself-for-a-leadership-challenge/news-story/7f1ea6b414014d953145317cc3b00983   LABOR Senator Sam Dastyari has claimed Tony Abbott is positioning himself to challenge Malcolm Turnbull for the Liberal leadership. Speaking on Sky News on Sunday morning, Senator Dastyari predicated that Mr Turnbull would not last any more than eighteen months as Prime Minister. “We sat here and we had the exact same conversations about Kevin Rudd and we were saying ‘It can’t happen, it can’t happen, and it happened’. Of course Tony Abbott thinks it can happen,” he said. “This isn’t not premeditated; he’s not walking around giving these speeches, building up these issues, reminding people he’s around, talking about his legacy, for any reason other than this is a guy who’s having another tilt at the leadership,” Senator Dastyari said. His comments come the morning after Labor stormed to a...
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We Can: CBA targets 84-year 19 August 2016 Michael West http://www.michaelwest.com.au/we-can-cba-targets-84-year-old-widow/   The Commonwealth Bank is pursuing 84-year-old widow Wilma Shannon through the courts to recover money it claims is owed by her son, even though she and her husband had never been customers of the bank. “I don’t really know (why they are pursuing me),” Mrs Shannon told michaelwest.com.au “I’ve never banked with the Commonwealth, neither did my husband. It was too much for Dal (the husband). He’s passed away with the stress of it”. Hard on the heels of revelations this week that the bank paid its chief executive Ian Narev $12.3 million last year, this further news of predatory behaviour by the banks will hardly diminish the pressure on the government to agree to a royal commission into the banks. Mrs Shannon, a widow from Newcastle on the mid north coast of NSW, is the executor of her...
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Fierce backlash to government’s plan to sell off corporate database 23 August 2016 Michael West   http://thenewdaily.com.au/money/finance-news/2016/08/23/govt-sell-asic-register/ The government has elected to respond to the wave of opposition to its plans to sell off the nation’s corporate database by going into hiding. In the wake of revelations last week that Treasury was moving to the final stage of the tender process to privatise the database of the Australian Securities and Investments Commission (ASIC), a host of unions and civil society organisations including GetUp launched a public campaign against the sale. The government reaction to the public outcry was to go private. Its strategy is apparently to batten down the hatches and try to ride out the storm of disapproval. Even the top professional body for accountants, CPA Australia, came out against the privatisation in an op-ed by its chief executive Alex Malley. Already, the charges levied by ASIC for this supposedly...
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Bank employees speak out on ‘broken’ system 24 August 2016 Jackson Stiles Money Editor   http://thenewdaily.com.au/money/finance-news/2016/08/24/bank-employees-speak-out/?utm_source=Responsys&utm_medium=email&utm_campaign=20160825_TND   A broken incentives scheme is pressuring bank employees to act against the interests of customers, insiders have revealed. Anonymous complaints from bank tellers and other staff published this week paint a disturbing picture of a workforce that is stressed, overworked, undertrained and ethically conflicted. “To keep their jobs and feed their families, they are desperate and will do what is demanded of them – exceed their target – however they have to,” one bank worker wrote. “The whole culture of selling products to customers even if they don’t really need them is not ethical,” wrote another.  “Sales target [is] more important than compliance and the customer,” wrote a third. These and dozens of other damning survey responses collected by the Finance Sector Union (FSU) are proof, according to the union, that the “root cause”...
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Cut debt levels now or risk our prosperity, warns Treasury head The Australian 12:00am August 27, 2016 Rebecca Urban   Treasury secretary John Fraser has ramped up his call for the government to make fiscal consolidation its immediate priority, warning that rising debt combined with slowing revenue growth risked the country’s future prosperity. Mr Fraser also cautioned against “inappropriate tax ¬increases”, which could reduce Australia’s international competitiveness as well as constrain economic and jobs growth. His comments come as business leaders are planning to lobby crossbench senators to back the federal government’s economic agenda, including a 10-year cut to the company tax rate. It also follows Scott Morrison’s warning that commonwealth gross debt could hit $1 trillion -within a decade in a “worst-case scenario” but that pressure on tax revenue would not be fixed by lifting tax rates or ¬imposing new taxes on business. Speaking at an Institute of Public Affairs...
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Complaints about financial institutions rose 60pc in six years, Labor says, repeating call for probe AM By political reporter Naomi Woodley Updated Mon at 6:58am Photo: Labor has called for a royal commission into the banking sector. (AAP)   The Federal Opposition says complaints about banks and financial services have increased by 60 per cent, while the big four banks have posted multi-billion dollar profits. Key points: More than 31,000 complaints in 2014-15 Labor using complaints data in case for a royal commission into banking Government bill set to include $6.5b in budget cuts Labor has released research from the Parliamentary Library to bolster its case for a royal commission, as both sides of politics prepare for the new parliament to sit next week. Between 2008-09 and 2014-15 the number of new complaints to the Financial Services Ombudsman (FSO) went from 19,107 per financial year to 31,895. "This is one of...
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Banks' profit pursuit having 'devastating' impact on staff By business reporter Thuy Ong Updated Mon at 2:49pm The ABA says a royal commission into the banking sector is not necessary.  Related Story: Complaints about banks rising sharply, Labor says   The Finance Sector Union (FSU) has warned the "relentless pursuit of profits" by Australian banks is having a detrimental effect on staff and has called for a Royal Commission into the sector. The FSU said its members have been taking part in surveys about the impact of product sales targets on pay and culture at banks, ahead of the Australian Bankers Association's inquiry into product-based payments. "Managers have told us to tell clients certain things in order to get results that will generate bonuses for everyone," one survey response said. Another read: "Customers get annoyed that they have someone trying to sell them something every time they walk in the door....
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  Government does not support banking royal commission, Malcolm Turnbull tells Bill Shorten Prime Minister Malcolm Turnbull has written to Opposition Leader Bill Shorten, calling on him to drop his calls for a royal commission into the banking sector. Key points: Letter is a response to Mr Shorten's call for the government to support a royal commission Labor says only a royal commission will drive change in the banking industry Mr Turnbull's alternatives include having major banks face an Economics Committee once a year The Government has announced executives of the big banks will be brought before a parliamentary committee once a year to explain their decisions. It follows this month's decision by the Reserve Bank to cut official interest rates to a record low 1.5 per cent, which has not been passed on in full by the major banks. Labor maintains only a royal commission will have the effect of...
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"This issue first surfaced in Australia. Media reports there noted that both ANZ and Westpac have moved to clamp down on burgeoning mortgage application fraud.  In fact, it is likely worse than that. The Australian flows have indicated that mortgages are being used to launder money from China into the country."   How clean are our banks' mortgage books? We have been contacted with local stories about the same issues bedevilling Aussie banks News June 04, 2016 - 09:28am, David Chaston Insider http://www.newzealandmortgages.com.au/wp-content/uploads-4/jul16/how-clean-are-banks-mortgage-books---mortgae-fraud-aust-and-nz-4-june16.pdf   Insider sources are telling us that this week, two of our Aussie owned banks are likely to announce major changes to what they will accept from borrowers as 'income' to support home loan applications.  These banks will be significantly tightening their view on what overseas income is acceptable as income support for these loans.  This is the latest move by banks that are becoming increasingly worried about...
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Bill Shorten is correct:  This week Bill told the Government – stop your whinging and GET ON WITH IT and start Governing as elected to do!   Morning Briefing: No-recession generation brings complacency, Australia says http://www.mpamagazine.com.au/sections/market-talk/morning-briefing-norecession-generation-brings-complacency-australia-says-222238.aspx No-recession generation brings complacency, Australia saysBloomberg: Australia’s 25 year-run without a recession is fostering a complacent attitude toward the economy and preventing the prudent budget management needed to avert trouble, Treasurer Scott Morrison said.In his first major economic speech since the government was returned with a razor-thin majority, Morrison said Thursday a generation has grown up not seeing unemployment above 10 percent, mortgage rates at 18 percent or inflation as a problem. He warned the budget must be returned to the black to insulate against future shocks and private investment had to increase to boost the economy’s productive capacity.“I recognize that in the absence of a ‘recession we have to have,’ or the threat of...
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 Bob Katter said only one more vote is needed to see the royal commission proceed   Warren Entsch must have been threatened to change his mind and turn into such a ditherer!   https://www.youtube.com/watch?v=fECuQNizOtw   Strong Support Shown For Banking Royal Commission During Townsville Forum Bank Reform Now·Tuesday, 23 August 2016 https://www.facebook.com/notes/bank-reform-now/strong-support-shown-for-banking-royal-commission-during-townsville-forum/910050565770259   Banks and the conduct of their receivers were in the firing line during a forum supporting a royal commission into banking held at the Townsville Showgrounds on Saturday. Close to 50 concerned home owners, primary producers and small business owners united with Federal Member for Kennedy Bob Katter, Federal Member for Herbert Cathy O’Toole and One Nation senators Rodney Culleton and Malcolm Roberts for the forum.         One Nation senator for Western Australia Rodney Culleton said the banks need to be pulled into line, and likened their action to organised crime.   Burdekin-based sugar industry...
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More than 100 SMSF auditors struck off by ASIC Sydney Morning Herald AUGUST 23 2016 - 3:25PM Sarah Danckert   More than 100 approved self-managed superannuation fund auditors have had their registration cancelled with the corporate watchdog after failing to file accounts in another blow to Australia's 'selfie' economy. The Australian Securities and Investments Commission said in a statement on Tuesday it had struck off 133 SMSF auditors following a series of warnings. As a result there are only 6,547 registered auditors to assess the financial integrity of the more than 500,000 SMSFs that manage $595 billion in life savings. A staggering 811 auditors – or one in eight SMSF auditors – were threatened with deregistration for failing to follow the basic requirement of filing accounts or paying registration fees to ASIC. After the threats, 626 auditors lodged their annual statement or paid outstanding fees. A final warning from ASIC prompted...
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What a crock from this Moron.  Murray one of the key bankers who invented Low Doc Lending Scam.  Hockey promised a “roots and branch Inquiry into Banks.”  Why do that if “nothing wrong.”  Libs were trying to gain power and knew of the myriad of bank scandals.  After Hockey gained power on the Bank Scandal issues he appointed Banker Mate and ex Cartel member Murray to run the FSI Inquiry.  Hockey then resigned in favour of top NY Job.  Libs, Hockey, Murray won…..Consumers lose.    Corrupt Murray specifically ignored submissions and potential witness to Sub Prime Lending Scandal.  If Murray had an ounce integrity he would have said “I have massive conflict of interest and cannot accept appointment.”     So why are Liberals raising “bank bashing” stories everyday to attack Labor?  Because Bill Shorten is a big threat to their political existence.      David Murray: telling tales on the...
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Banks accuse Labor of cheap politics Australian Financial Review Aug 23 2016 4:57 PM Phillip Coorey   The banks have slammed the Labor Party for playing politics with the sector after chief tactician Tony Burke said the Opposition would use a motion to establish a royal commission to test the government's one-seat majority when Parliament resumes. Fearful that a Coalition MP might be convinced to cross the floor to support the commission, the Australian Bankers Association said on Tuesday that enough was enough and that Labor kept changing its reasons as to why a royal commission was warranted. Originally, it was argued a commission was needed to clean up the culture of the banks and ensure the regulatory regime was adequate following a string of financial advice and insurance scandals in which customers had been dudded. In recent weeks, Labor has cited the refusal to pass on in full an interest...
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From Dale McCahon   If a madman was running around cutting people's heads off would there be a debate as to whether he should go to jail?. I very much doubt it!!!. So why then can our criminal Banks continue to commit the vile crimes they are on the general public and yet even though all the evidence is there for all to see no one will do a god damned thing to help the people directly affected by their dirty crimes of greed.   No one will allow the real story to see the light of day because too many in too higher offices are protecting the criminal elements that control our Banks.   Enough is enough give the people their rights and announce a far reaching with wide terms of reference Royal Commission, Mr PM Turnbull and stop protecting your precious Cartel Bankster buddies. Show the leadership that...
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The shocking decline of affordable Australian housing   By Unconventional Economist in Australian Property   at 7:49 am on August 23, 2016 | 105 comments   By Leith van Onselen Core Logic has released a series of reports recently highlighting the shocking decline of affordable housing options across Australia.   Last week, Cameron Kusher released some research showing that just over one-third of homes nationally are selling below $400,000, resulting in fewer housing options for those on lower incomes:     The result is even worse at the capital city level, where less than one-in-five (19.1%) of houses and less than one-in-three (31.0%) of units sold were priced below $400,000:     As expected, the situation is worst in Australia’s two bubble markets – Sydney and Melbourne – with would-be buyers hardest pressed to find anything priced below $400,000 in Sydney:     At the same time, a separate report from...
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  Banking lobby at centre of rate rigging claims   By Houses and Holes in Australian banks, Australian interest rates   at 7:21 am on August 23, 2016 | 32 comments   From Banking Day: The language is uncompromising and the analysis rough for the reputation of the Australian Financial Markets Association in a claim by a trio of US investment interests centred on alleged rigging of the bank bill swap rate.   The foremost perpetrators and conspirators fostered their enterprise via the privileged and secretive councils of AFMA, if the narrative of the statement of claim bears any merit.   If the presentation of events and intent shown by Sonterra Capital Master Fund, Frontpoint Financial Services and derivatives trader Richard Dennis is fair, a centrepiece of the Australian financial industry is on a reform path.   The theme of the AFMA allegations is the Australian banks brazenly coordinated their...
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Banks scolded in BBSW stoush Australian Financial ReviewAug 22 2016 11:47 PM Patrick Durkin   National Australia Bank, ANZ Banking Group and Westpac Banking Corp have told the corporate regulator to back-up "serious allegations" they engaged in rigging the bank bill swap rate, rather than airing the claims in the media, as the major banks hunker down for a protracted legal battle. But Federal Court judge Justice Jonathan Beach scolded the banks and told them to get on with the case, such as agreeing on the mechanics of the bank bill market despite the banks' legal teams telling the judge it will delay the trial. "[The Australian Securities and Investments and Commission] have launched the case with a very detailed pleading, the pleading makes serious allegations, ASIC has gone to press to explain those serious allegations, it must be presumed that they are in the position to file evidence that backs...
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Mortgage fraud is the dirty secret that could spark a financial meltdown, economist warns Dana [email protected]_Adele   MORTGAGE fraud by brokers and banks could bring on a financial meltdown, an economic researcher has warned. As at least three of the major banks investigate allegedly dodgy loans to Chinese buyers, LF Economics founder Lindsay David says fraudulent lending is rife in Australia’s property market — and that we should all be scared. NAB is the latest bank to launch an investigation after receiving a tip-off about a mortgage broker involved in a new tower development in Melbourne’s Southbank. It comes as lenders instruct brokers to stop lending to overseas borrowers, after Westpac and ANZ launched an investigation into suspect loans worth almost $1 billion. But Mr David believes the practice of doctoring paperwork on home loans is much broader than the banks would have us think. NAB has been told a broker...
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Kaye and Mick Downer have the courage of Mountaineers..................they are calling on you to follow their lead and speak out about these Bad Australian Banks. https://www.change.org/p/we-re-victims-of-westpac-bank-fraud-help-stop-this-greedy-bank-from-taking-our-home/u/17527805 If you have an unaffordable, unsustainable, unverified mortgage then please gather together under the banner of BFCSA. We can teach you what to look for and confidently show you how much you have been deceived. Kaye and Mick were left unaware until they demanded copy documents. The shock at such deception from Major Banks have encouraged them to speak out. Truth will prevail. Most Valuations have been tampered with $50k - $150k over the top with the Bank's own encouragement and approval. Mick & Kaye could not believe what they discovered this year re their own loan.  CEO's receive $12 million per annum income in our "equal society." These Banks will then want a taxpayer "Bail-out." Aussie will be angry and say NO to a Bail...
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From Barbara      Member of BFCSA     The vocal LNP members along with key people in the key banking and financial institutions have worked in tandem to present a pseudo solution to appear as though they are addressing the myriad of "problems" but knowing that this tribunal idea cannot get to the core of the problem. This tribunal idea cannot bring justice to the vast number of people who have been robbed, fooled and defrauded...
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From Tom  Member of BFCSA   Not sure that our model fits exactly with the US but it would certainly fit their style, unscrupulous and unethical. When we lost 3 properties in the Brisbane floods of 2011 we were covered with full comprehensive insurance even to the point of Landlord Protection. Unfortunately, we were insured with CGU Insurance (dont ever forget that name), they refused our claim and I believe everyone else's as well. They used flimsy definitions and, even though we fought this through FOS, yes, you guessed it...we lost the battle on an arguement I felt sure we had to win. We had three different legal property searches but not one showed that any of the properties were flood prone. They were nowhere near water and were in an elevated position. I just hope that the Royal Commission, when it does come also includes Insurance Companies as well. After all...
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