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BFCSA
MORTGAGE
DISTRESS SOS

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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: ABA must call for a FREEZE on these dirty loans immediately. Munchenberg must be the "no see" Monkey!!!

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For the Head of the Australian Bankers Association to suggest the Senate Inquiry into Australian Securities and Investment Commission is not about the BANKS is a key indicator that the ABA is corrupted or stupid.  He cannot have an each way bet on this appallingly gross Australian Mortgage Low Doc Scandal.

If there were "only" 1,200 victims of the LOW DOC FULL DOC scams in Australia, the 30 Banks and Non Banks would have immediately moved to use their petty cash reserves to discharge everyone of the LIAR LOAN Mortgages and defuse the public scrutiny.  The truth is there are possibly 200,000 of these hideous loans out there and 18% of these toxic loans are FULL DOCS arranged by Bank Managers and internal staffers.  The ABA simply just sits there and GULPS!

Of course the Inquiry into ASIC is only the first step in releasing long hidden information as to why the entire banking and financial systems are desperately in need of reform.....why the liquidators, lawyers and all the other bottom feeders need to be dragged bedazzled into the sunlight.  The only disappointment is the distressed borrowers are dragged another 300 kms over rough ground til October waiting for the Inquiry to start.

Steven Munchenberg would do well to suggest his Members give BFCSA Members a break and freeze all their loans...if he is confident they are isolated cases.  Problem is I am tired of 1000 "isolated cases" being thrown across my desk.  Seriously, Steven, you "see" no evil?  You must be kidding me.  Pay must be good..........................better than a conscience I guess.

ASIC will be called upon to please explain why all these Low Docs and Full Doc loan complaints from consumer Mums and Dads were flicked away into the "not to be processed" tray.  The Inquiry into ASIC must, by necessity and by sheer people power, lead to a Royal Commission into the Australian Banking System.

Every Loan investigation is important to BFCSA as a recognized Consumer Protector Movement.

Indeed, 36% of loans according to BFCSA surveys show they are FULL DOCS and Low Docs and no broker involved at all.  Did you all notice this gem in the SMH this morning: "The chief executive of the Australian Bankers' Association, Steven Munchenberg, said he was confident the inquiry would not involve the banking industry."

Read more: http://www.smh.com.au/business/banking-and-finance/banking-industry-distances-itself-from-asic-inquiry-20130620-2olqb.html#ixzz2WqbIoJpz

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  • doyla66
    doyla66 Friday, 21 June 2013

    They are desperately trying to quell the storm about to hit.
    They are all in denial, the corrupt usually are!

  • doyla66
    doyla66 Friday, 21 June 2013

    You are dead right Maria. However, many BFCSA Members are quietly keeping their powder dry for bigger revelations coming soon.
    The bank CEO's and other execs are in for a powerful pounding. Many of whom wont see their families for a few years... Keep in mind how the Icelanders imprisoned their bankers for the same scams the Australian Bankers are guilty of, when dragged into court.

  • doyla66
    doyla66 Friday, 21 June 2013

    This is certainly going to wake up a lot of others in the nations of this BIG BANK FRAUD.
    We need front page exposure by the media with a big heading LIAR LOANS or LOW DOC LOAN FRAUD.
    How many more papers would go out the door.
    BFCSA members know we are not the only ones, we are the lucky ones who have heard of BFCSA.

  • doyla66
    doyla66 Saturday, 22 June 2013

    Really good points, Maria.
    If every loan we have or had that was reviewed by ASIC were submitted to the Inquiry, the number of Loan Fraud cases that ASIC failed to send to the police could create a telling headline.
    We're so fortunate to have had a BFCSA "MBA" education in identification, analysis, investigation and contemporary discussion of Legal implications. There's another angle to our stories, especially as the successful cases roll out.
    Then there are all the Loan Fraud, maladministration, unconscionable conduct, damages and miscarriage of justice cases that have been handled by other organisations, businesses, financial counsellors, individuals, law firms, which are still in process. How many of those would there be over the years this went on?
    It would appear to be a complex problem to the public reading their afternoon papers on the way home. Once more segments of documentary proof and detailed explanation are revealed by Denise through the BFCSA site no doubt our fabulous Aussie journalists will write these up in a way that interest more than just the business readers.
    When overseas lawyers and journalists get to work on their loan paperwork this research could turn out to have international scope as well. It's looking like there was Bank loan fraud in the US - I don't know the details. The lawyers sites list things to look out for as potential Loan Fraud - sounds similar to Australia. After all we caught the original disease from the US and there was plenty of time to cross pollinate the refinement of fraud in all countries to evade detection.
    Massive economic growth occurred at the expense of defrauded customers - as the bubbles pop and deflate around the World more will come to light.
    If I were Mr Munchenberg, I would not be planning to take holidays on account of his silly assumptions about the ASIC Inquiry. We're planning plenty to keep Bank misconduct relevant from BFCSA site to ASIC Inquiry to MSM Media around the World. Nothing there for him to look forward to - unless he fancies truth, evidence, exposure and a regular public roasting :)

  • doyla66
    doyla66 Saturday, 22 June 2013

    I remember emails and phone calls with the ABA. Didn't want to know me.

  • doyla66
    doyla66 Sunday, 23 June 2013

    "Banks don't repossess homes" - What's NAB? not a Bank? Please explain, Mr Munchenberg

    Sent today to ABC TV re ABA Munchenberg interview on ABC Breakfast Show.

    *** If you would like to comment on this you can do so at: http://www.abc.net.au/tv/abctv/contact.htm

    Mr Munchenberg is either unaware of what goes on in Banking or he lied to the ABC and Australian Public.
    NAB was repossessing and selling up a home and farm while he was speaking.
    Probably plenty more going on in other areas of Australia at the same time as well.
    PR is no substitute for the truth.
    Would you please ask someone to get the truth out of Mr Munchenberg about this.
    Australians suffering hardship and Australians suffering at FOS/COSL and ASIC as they try to handle cases of fraud in lending would like some peace of mind.
    We were conned too - we thought he was telling the truth.
    So Banks "don't repossess homes" what do they call it and/or what are they doing as an alternative to "repossession"?
    Much more information needed now. Don't let him off the hook.

    Thankyou for your assistance

    Lisa

  • doyla66
    doyla66 Sunday, 23 June 2013

    I also put the link to BFCSA on the bottom of the email. Fingers crossed ABC will get onto Munchenberg, NAB and give us a fair go to get these loans frozen asap.

  • doyla66
    doyla66 Sunday, 23 June 2013

    I doubt that Munchinberg in his high position is ignorant of banks repossessing homes. i think he is well informed but chooses to deny any knowledge that he may have. he is playing the same game as Asic.

  • doyla66
    doyla66 Tuesday, 25 June 2013

    Pity Mr. M. isn't like Pinocchio and every time he told a lie his nose grew longer. He would be tripping over the wretched thing by now. Nab took our home and small farm. Would he like to see the devastation Nab has created for us. On the 31st May we were escorted out of our home of 42 years under an order in favour of the Nab from the Supreme court. Nab's fraudster tactics along with their lieing and bullying lawyers is disgraceful and I pray no one else has to go through this scenario. God help you all because sure as hell neither ABA, ASIC, FOS etc will.

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