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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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Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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BFCSA: Bank of America pays Mortgage "Disputes" fraud and other things bad $13 billion for aggrieved consumers

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To:  Federal Treasurer Hon. Joe Hockey and Minister for Finance Sen. Mathias Cormann,  What are you prepared to fork out for aggrieved Older Australians caught in:-

a) Retiree Bad Banking Advice and Strategies from Banker Engineered scams =  LOSSES of retirement funds?

b) Pensioners and low income families - victims of Low Doc Mortgage  Lending scandal = LOSS OF HOMES?

When is the inevitable ROYAL COMMISSION INTO BANKING products and services and superannuation scams likely to start please?

BofA offers $13bn to settle residential mortgage disputes

BBR Staff Writer Published 17 July 2014

Bank of American (BofA) has reportedly offered to pay $13bn to the US reglators to resolve the long running defective residential-mortgage-securities sale investigations.  Sources familiar with the negotiations were quoted by The Wall Street Journal as saying that a meeting between the bank lawyers and the US Department of Justice (DoJ) aimed at settling the matter ended without any progress.  While the bank is offering $13bn, including cash and consumer relief, the DoJ seeks heftier cash penalty, the sources added.  In addition, the DoJ disagrees with the bank's proposal to pay a bigger portion of the fine in so-called soft money, and instead wants the lender to significantly increase the cash penalty portion.

The North Carolina-based bank offered to pay at least $12bn to resolve an US investigation into its alleged sale of private-label mortgage-backed securities in the run-up to the 2008 financial crisis, as reported by the news agency last month.  The US would have to decide whether to file a lawsuit against the bank in the wake of a failure to reach a settlement.

BofA's Merrill Lynch unit is suspected of issuing about $965bn of mortgage loans packaged into private-label mortgage debt to investors between 2004 and 2008.  A BofA representative declined to comment on the report.  In a related development, the bank agreed to pay $650m to settle the defective mortgage-backed securities litigation with US commercial insurer, American International Group (AIG).


BlackRock, PIMCO sue six trustees over mortgage securities losses


Published 19 June 2014


An investor group led by BlackRock and Pacific Investment Management Co (PIMCO) have filed lawsuits against six banks for their roles as trustees in originating and selling mortgage-backed securities in the run-up to 2008 financial crisis. Filed in the New York State Supreme Court, the lawsuits alleges that the trustees, including Deutsche Bank, HSBC, US Bancorp , Citibank, Wells Fargo, and Bank of New York Mellon (BNYM), failed to properly oversee payments and enforce terms on more than $2tn in residential mortgage-backed securities.

The trustees are claimed to have breached their duties to protect investors by failing to force lenders and sponsors of the securities to repurchase the loans that failed to meet the quality standard previously described to potential buyers. A complaint against Citibank says the bank was aware of "industrywide abandonment of underwriting guidelines" for the loans, while the lawsuit against BNYM alleges that the trustee and its responsible officers knew of pervasive, material breaches of originators, "yet did nothing to protect the trusts."

A person familiar with the lawsuits was quoted by Reuters as saying that the investors are seeking damages for losses that surpassed $250bn and relate to more than 2,200 residential mortgage-backed securities trusts issued between 2004 and 2008. The lawsuits address bonds that were not included in the previous $8.5bn and $4.5bn settlements reached with Bank of America and JPMorgan Chase, respectively, over mortgage-backed securities, the person added.

Apart from BlackRock and PIMCO, the lawsuits were also filed on behalf of Charles Schwab, DZ Bank and other institutional investors, including Bernstein Litowitz Berger & Grossmann. Meanwhile, spokesmen for all defendants refused to comment on the lawsuits, while Blackrock and PIMCO public affairs also failed to immediately respond to a request for comments.

A person familiar with the lawsuits was quoted by Reuters as saying that the investors are seeking damages for losses that surpassed $250bn and relate to more than 2,200 residential mortgage-backed securities trusts issued between 2004 and 2008.





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