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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: ASIC REPORT on protecting 900,000 family homes mortgage distressed by 2009. NO SYSTEMIC ISSUES?

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 ASIC ONLY ANALYSED THREE BORROWERS?????   Refinancing was rife throughout the decade!!!!  ASIC had this info and did nothing against the LENDERS involved and KNEW they were using The Fudging Figures Program using a Fudging Machine: SERVICE CALCULATOR!  This email address is being protected from spambots. You need JavaScript enabled to view it.

This report remained buried from public view............................No-one from Treasury read it!  Thanks to one of our top researchers.  Start digging into all ASIC Reports on Low Docs, Lending practices and Loan Defaults and mortgage stress and hardship.  Seven Banks involved.....yes we know

All Members should be digging.....................................and reading and reading.........................what ASIC knew and when.

ASIC REPORT 152  MAY 2009

 1 This covered 15 lenders in total including 7 banks, 4 credit unions and friendly societies, and 4 non-banks.

2 The mortgage broker questionnaire was compiled with the assistance of the MFAA and sent to 9 brokers and broker groups, all members of the MFAA.
3 REP 119 Protecting wealth in the family homeā€”An examination of refinancing in response to mortgage stress, March 2008, at www.asic.gov.au.
4 Overall 900,000 households were experiencing some degree of mortgage stress in August 2008, a 5-fold increase from March 2007. This figure is largely attributed to a higher cost of living due to increased fuel prices and interest rates. In January 2009, the figure for mortgage stress fell 6% from December because of a fall in these costs but is predicted to rise

 Page 12    9 Under the UCCC, a court has the power to re-open a transaction if it considers that the contract, mortgage or guarantee was unjust. In determining whether a contract was unjust, the court has to consider a range of factors including whether the lender knew or should have known that the borrower could not afford repayments or not without substantial hardship: s70(2)(l).

 

 

 

ASIC REPORT 119 MARCH 2008

12 We analysed in detail the financial position of 3 borrowers who refinanced. We found that:
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Comments

  • doyla66
    doyla66 Friday, 28 February 2014

    WA Banks and the WA Supreme Court

    Denise why is there not a huge history of success in WA like NSW as to mortgage fraud, The WASC and the WA SAT have virtually no history, i am told that is because our laws differ.

  • Denise
    Denise Friday, 28 February 2014

    Hi Kevin - none in Qld, one in SA and none in WA or TAS. Reason: NSW had Contract Review Act 1980 to protect consumers from UNJUST CONTRACTS. ASIC could have saved every NSW victim back to 1980....that's why they lie when waffling on about 2010. They tell lies all the time. Victorians used ASIC Act 2001 - unconscionable conduct. States Attorneys General did not bother. Get stuck into them all and demand justice. Funding for public interest cases.......................write to Premiers in every State! [email protected]

  • doyla66
    doyla66 Saturday, 01 March 2014

    Declan Carnes ( BOQ Bank Manager) - infamous from BOQ North Ward - re Storm Financial and Doyle case with ASIC is due to be in Brisbane Supreme Court 13th March 2014 - loan approval issues.. This victim is not a Storm Finacial victim.

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