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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 say no sub prime loans after 1 July 2010. Rubbish.............Contact BFCSA if your loan after that date

Posted by on in ROYAL COMMISSION URGENT
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ASIC is suggesting yes there were sub prime loans prior to 1 July 2010.  In fact our regulatory gurus advised Government in 2007, "Houston..... we have a bit of a problem here with Full Docs and Low Docs."   Parliament responded with a raft of changes to laws and gazetted the new NCCP laws in 1 July 2009. BUT for the hapless borrowers in circa July 2009 to June 2010.....ASIC decided to give the Banks a little moratorium on prosecuting Banksters and permitted the Low Doc Scam to continue until 1 July 2010.

ASIC has not a clue how to deal with consumer protection.  It only knows how to protect rackets run by Banks, including the four majors.  ASIC told the banks: "we will give you a bit of a holiday to continue to write loans, but just try and clean up the dodgy paperwork during the coming 1`2 months, or we may have to issue you with a small fine after 1 July 2010."  Meanwhile everyone of the seven year imploding loans continued to feel as they lived on Foreclosure Street and more homes were lost.  This wet lettuce regulatory approach gave FOS and COSL all the excuses they needed to not address these serious complaints of Maladministration and Fraud in Lending and provided ASIC with more excuses not to investigate any pesky consumer complaints.

We do have people with dirty loans post 1 July 2010.  WE want everyone with a mortgage after this date to check in the file and see if they have a copy of the LOAN APPLICATION FORM.  If answer is NO then please come forward and contact me.  The Game Plays On!  

If your loan is less than three years old....we want to speak with you.               This email address is being protected from spambots. You need JavaScript enabled to view it.

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  • doyla66
    doyla66 Monday, 10 June 2013

    Yes, fix this ASIC please for ALL HAPLESS BORROWERS. Australia is in the depths of it's own sub prime scandal and has been for many years now. It is only now that consumers realise this. We consumers do not deserve to be treated with contempt by Banks, regulators or our Politicians. Without us, you lot would be NOTHING.

  • doyla66
    doyla66 Monday, 10 June 2013

    My ANZ Loan is from September, 2010.
    More lies from ASIC. They had be send them everything I had from ANZ, including the Skippy Forms, and FOS about my LO DOC Loan.
    ASIC doesn't think any action should be taken as the ANZ doesn't offer this Loan currently.
    When will our banging our heads on the wall pay off. The Banks are protected by the Protector against we who are to be Protected.......... back to Oliver Cromwell days, but the people could easily see the baddies.

  • doyla66
    doyla66 Monday, 10 June 2013

    ASIC's ~ "Wall of Denial & Cover-ups" @behest of it's sinister Bank$ter Mates ~ MacQuarie & cohorts

    Geoff, BFCSA-members' collective banging of hard heads shall dismantle any "Wall of Denial/Cover-ups" by A~SIC watch puppy, which otherwise wishes us to concede as 'insurmountable'. ---ASIC's Chairman (et al) wilfuly constructed and now stands under it's own "Wall of Malfeasance" being exposed.

  • doyla66
    doyla66 Monday, 10 June 2013

    Ummm but mine was before the moratorium [2006] so what does the 'Willbees' of ASIC do?

    As usual they ignore the problem - - put into the too hard basket, cannot deal with this truth & if we wait long enough, it might just go away. Pesky loans! Typical ASIC behaviour in my book.

    Isn't that just management by ignorance? Ignore it & hope it disappears? Sounds like a typical ASIC move to me . . .

  • Denise
    Denise Monday, 10 June 2013

    Hi Geoff, I wish to speak with you about this. Please contact me. I note that someone else from that email also has a similar issue. [email protected]

  • doyla66
    doyla66 Tuesday, 11 June 2013

    A borrower was offered a mortgage contract in 2012, in effect a refinance for the same amount. The borrower lacked the income to make this a legal contract - lender should have been aware of this due to hardship discussions. Borrower asked for more information about their offer of contract, tried to raise the lack of income issue and requested a copy of the new intended contract, which was not received. Lender offered to expedite the approval. Borrower became suspicious and thought lender was crazy. Borrower refused to sign anything related to this deal or offer.

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