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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: American Banks say: "Your Honour our docs are missing." In Australia "We shredded ours with ASIC permission."

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Now the tables are turning - AT LAST in favour of Consumer victims of LOW DOC SUB PRIME MORTGAGE LENDING SCANDAL.

In 2009, American Judges started to see these Bankster Tricks in the correct light of day and placed them under a very impressive Judicial Spotlight:  "You cannot find the files, the original documentation?  Too bad for you......MORTGAGE EXTINGUISHED.   Slowly, slowly our team BFCSA are breaking down those very same barriers that Banksters have been hiding behind.  Does the Judiciary trust Bankers?  Not really!  There have been many court cases like this since then.  Now for our turn.....and we expect a few Bankers to be jailed over these criminal activities.  We received one today Liabilities $6k per month.  Income $4K - bank approved a number of loans like this.  Big fallout likely.  Lots more to come!

Mortgage debt waived after bank can't find



Score: Little guy, 1; bank, 0. It's a nice change. 

Two weeks ago, a bankruptcy court in suburban New York did the formerly unthinkable: It waived a homeowner's mortgage debt after the bank trying to foreclose on the home couldn't submit any proof that it actually had a claim on the property.

According to the New York Times, when lender PHH Mortgage was asked to provide proof that it actually held the deed for the $461,263 mortgage, it couldn't give the judge any records. 

Operating on the entirely reasonable principal that someone who claims to possess a piece of paper that gives them ownership to a nearly half-million dollar house should actually have that piece of paper, the judge slapped a stiff and possibly game-changing punishment on the disorganized lender. 

Real estate experts say this is a more common occurrence than many people realize, and the potential implications are huge. 

During the go-go mortgage boom years, millions of loans were bundled into financial instruments called securities and sold to investors. They, in turn, often turned around and sold those securities to other investors. Making money hand over fist was the priority; keeping good records of who actually owned which mortgage wasn't. 

The shambles that many banks' mortgage records are in today could cost them big -- and keep potentially thousands upon thousands of people from losing their homes. 

The idea that banks should have to prove that they actually own the mortgage that gives them the right to foreclose if the homeowner falls behind on their payments isn't new. A group called Consumer Warning Network has been advocating for homeowners who feel railroaded into foreclosure by the lending industry by advising them to ask the lender to "produce the note" in court during foreclosure proceedings. 

Good Morning America
 covered this tactic last spring. At the time, though, the advice was just intended to help beleageured homeowners buy some time to get their mortgage modified or find another way to come up with the money they owed. It was assumed that the banks had the proof of their claim buried in a filing cabinet somewhere. 

Now, though, it's clear that some lenders don't have proof that they have the right to foreclose on a home, and at least one judge has put his foot down and refused to let the lender take the home without that proof. 

It's a small step so far, but it's one that could have far-reaching implications because of the large number of mortgages that were repackaged and resold many times over earlier this decade. 

Of course, if a homeowner is in foreclosure, he or she will still lose the house if the bank has all the proper documentation. But if the bank can't produce the documentation, it's comforting to think that a judge won't let them put a family on the street just on that lender's say-so that they have the proof... somewhere.
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  • doyla66
    doyla66 Saturday, 18 January 2014

    we are getting ready for the big fallout denise. I hope the regulators are taking MORE notice of little 'ol BFCSA and the evidence that is still being uncovered.. and has been for many many years.. NOW maybe the Public will learn what has really been going on.

  • doyla66
    doyla66 Saturday, 18 January 2014

    2009 - incredible - and Australia is just heading down the same path to electronic applications that caused the sub-prime crisis in the US! How long will it take all those legally qualified politicians and bureaucrats to realise what a travesty of justice this administrative laxity creates? Administrative rules exist for good reason and have done so for a very long time: proof or independent verification. Whoever agreed to slack off in this way and OK the shredding of legal documents should be exposed, publicly censured and held accountable for their dreadful error of judgement. What a bunch of idiots!!

    Further consequences of this insanity would be that any other country in the world should think twice, do due diligence and ensure that they have every form of legal documentation possible to protect them from any consequences of any dealings with Australia! It looks a lot like we can't be trusted. This is very bad indeed. We're not all criminals and convicts, thank goodness. So much for developing trade relations with Europe where they pay great attention to details, administration, even neatness and correct governance. Australian Banking's administrative slobs can't even keep their paws off legal documents!

    Would someone please kick the collective stupidity that comprises the ASIC executive govt advisers very hard in the backside on behalf of the rest of us decent hardworking Australians?

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