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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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BFCSA: 80 year olds targeted; 30 year loans in Australian Sub Prime Mortgage Crisis

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I have lost count of the number of 80+ year old pensioners, who owned their own homes three years ago, yet were talked into $400,000 loans for "six months with try it and see" and, now they face life on the streets.  Only 64% of these loans were arranged by Brokers.  The rest were arranged by bank managers - directly with the banks - no brokers involved.   18% of toxic loans are FULL DOCS....PRIME LOANS 

Parliament needs to be encouraged to TAKE A BIG LOOK at these dirty lending practices. This blatant criminal activities are abhorrent in motive and breath-taking in size of creative engineering of faulty mortgage products.  Banks created a $100 Billion market especially designed to target ARIPs (asset ricvh and income poor). Bring on the Royal Commission into the Banks before any more loans are written!  This email address is being protected from spambots. You need JavaScript enabled to view it.

We have a monstrous sub prime problem in Australia.  All of our members have found their loans had exaggerated incomes stated as an average $100,000 above the true income figure on pay slips and pensions.  There is only ONE INDUSTRY that greedily approved these bad loans: THE BANK and NON BANKS.  Our Major Banks boasted 80% share of this disgusting trade!

Australian Securities and Investment Commission understood the model and detailed the problems in a secret report dated 2003.  Not only did ASIC fail to warn the public, they blatantly and mischievously looked the other way.  ASIC letter, after ASIC letter suggested "we intend to not take this matter further" and doors closed on any consumer protective functionality.

ASIC then told Parliament: "No systemic issues." "In isolation."   The regulatory solution became a game to outwit the victims of Mortgage Fraud and Asset-Lending.

Well 500 submissions to Parliament may show the Senators what is really going on.  Remember Yes Minister and Jim Hacker:  "Yes Sir Humphrey but I do not want to see 800 "isolated instances" landing on my desk in the morning!"

ASIC failed all of the people who did not write letters..........because every one of those people could have been spared this agony - the threat or reality of losing one's own home.  How did the Banks achieve such a sustained rip-off over 15 years?  Well all will be revealed in my submission to Parliament.  Nothing will be marked "confidential."  

To ignore the problem is to condone the practices: ie looks like criminal negligence.  Was ASIC's $450 Million annual budget a waste of money?

The Power of the Pen is power indeed.  ASIC used the pen to protect the banks and ignore your complaints.  Now reverse that situation and take control of your own situation.  The Power of the Collective Pen will turn into a chorus of voices overnight.  It will need all of the aggrieved to respond to the Senators calls:  

"SEND US YOUR SUBMISSIONS."

This is not just for your benefit but the benefit of all future Australians who dream of one day owning their own home.  If 500 send in their submissions by Sunday Night.......its a great effort.

How is YOUR SUBMISSION going?  Why has ASIC's Performance got up your nostrils?  The Senators wish to know what you think:

email to This email address is being protected from spambots. You need JavaScript enabled to view it.;                They want to read your experiences today.                                

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Comments

  • doyla66
    doyla66 Wednesday, 24 July 2013

    ASIC - this is a disgrace!

    ...... also how many elderly homeowners do not have English as their first language and yet, were still talked into these loans?

  • doyla66
    doyla66 Wednesday, 24 July 2013

    How dare they take advantage of the elderly in such a disgusting manner to make themselves rich!
    How dare they take advantage to suck us all in with their corrupt scams.
    How dare corrupt ASIC allow this to go on and on and on and on.
    I hope the Senators rip them to shreds they deserve no less.
    EVERYONE get you submissions in let the Senators know what these mongrels have done to you.

  • Denise
    Denise Wednesday, 24 July 2013

    ASIC ignored all those whose first language is other than Australian. Older persons was clearly written in emails from banks to brokers instruction banks to TARGET OLDER PERSONS. We have the evidence. We gave the evidence to ASIC. Clearly this is what has enraged the SENATE. ASIC still bleats: "its not corruption denise......." so what is it Mr Medcraft. You need to explain to your superiors methinks. [email protected]

  • Denise
    Denise Wednesday, 24 July 2013

    Why did ASIC circa 1998, immediately decide to DECRIMINALISE fraud? Why did ASIC deem criminal activity to be acceptable and targeting old Australians to be "a civil matter - get a lawyer." What sort of moron tells a 94 year old to do that? Are these just tragic errors of judgment and callousness or are the banking activities from executive downwards, that BFCSA members collectively discovered......something more sinister? Send your submission re your thoughts on ASIC. Whether you wrote to them or not and perhaps a victim of sub prime or managed investment scam loss ASIC is to blame for the scams raging like a bushfire that ring barked every state. Can someone please tell me if these decisions to protect the "markets" are the root cause of horrendous casualties we are now having to deal with, as the toll of financial ruin amongst older citizens rises. We are ready to charge forward. [email protected]

  • doyla66
    doyla66 Wednesday, 24 July 2013

    ASIC fiddling with some of the Law, but not serious with Fraud ... yet ...

    How did ASIC gain the "right" to decriminalise fraud? or was that another one of their tactics for avoiding real work and just a touch of conflict? Cowardly b's ... and little tin gods ...
    There's more courage in any BFCSA members than in the likes of Kell and Medcraft in their cushy public service jobs.
    I read on the ASIC site where they participated in court cases where the plaintiff was prosecuted and even jailed for fraud. I was sucked in by those stories into believing that ASIC actually took crime seriously, in practice not just lip service.
    Thus ASIC do know fraud exists - do they just apply that word to some fraud cases and not others?
    Senator Helen Coonan said ASIC have the powers to prosecute ... why didn't Senator Coonan sit in and review a few ASIC cases to check they were using those powers? It looks like politicians let ASIC get away with a few token cases because they lost cases and cost money. Why employ law graduates and pay them accordingly if they're so bad they can only use the law to send consumer complainants away without a hope?
    I hope someone is assisting our senior members to send a note to Senator Williams about ASIC allowing this fraud to continue.
    We all need your help to get this fraud back under the noses of government and ASIC.
    We've all seen the disgust John Williams expressed to the Westpac Bank representatives for failing to recognise the illegality of their bank manager's conduct and their failure to call the police over this exploitation of the elderly.
    I hope the Senators put a bomb under ASIC for their appalling track record for misconduct and their failure to use the Law to deter crime. And no more nonsense about ASIC "protecting the markets"! - is that what they meant by Fido and Watchdog!?
    Deceptive and misleading advertising, eh, ASIC?

    BTW ... The same applies to FMA (NZ) who also couldn't identify deceptive and misleading (investment) conduct (or fraud) as a breach of law - they said they'd get back to me if the Law changed. Apparently it hasn't yet ...
    NZ: a good place to commit banking and investment fraud, just like Australia. Huge crime tourism potential ... the crims may even qualify for a new business tax concession! Think of the life you could be enjoying for many years before they catch you ... if they ever do ... more limp lettuce leaves for 'regulation' and 'reprimand' ... NZ regulators still on training wheels ... (sigh)

  • Denise
    Denise Wednesday, 24 July 2013

    Yes indeed Lisa....anything to get out of doing a modicum of work. This is the first Inquiry every called for by the Senators into the Corporate Cops' activities or non activities. ASIC should be renamed Giant Monolith of Uselessness. [email protected]

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