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BFCSA
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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: Banks approve fraudulent, imprudent loans and Broker cops the Blame. Blame ASIC for that mess.

Posted by on in ROYAL COMMISSION URGENT
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The truth is no matter what the broker did on the Loan Application form, he provided the Bank with documentation to show the exaggerated figures calculated by the Service Calculator.  The Brokers was taught by Bank BDM's to write the computer calculator "Speedy" generated figure on the LAF.  Brokers suspected nothing.  The banks told them "you are helping people."  Yet every loan was an identical 80% LVR and the incomes were inflated by the CALCULATOR to match the 80% LVR borrowing "capacity."  This is Australia's sub prime shame, aided and abetted by the regulators.

Se the links under "Breaking News" at the top of the home page and see the evidence and documents for yourselves, including the calculator and the passwords."

Skippy the Computer approved the loan internal to the banking system.  The system was a fraud.

THE BANK THEN APPROVED THE IMPRUDENT LOAN and that is against Banking Laws in Australia.  We have warned Brokers of this in the past.

Questions that ASIC refuses to answer in Australian Federal Parliament:

 Q1: did these Brokers use a bank engineered SERVICE CALCULATOR to calculate the exaggerated income?

Q2: How and why did the banks involved APPROVE THE LOANS without any checking of income directly with the customer? One Phone call was needed.

ASIC is responsible for this mess.  This happened under the watchful eye of a very corrupt Australian Securities and Investment Commission.  

The continuation of Mortgage Fraud proves the new NCCP LAW is a waste of time and ASIC’s attempts to cover up the truth and protect their banking mates, is obvious and culpable.

The personnel who ought to be thrown in jail are the ASIC Chiefs.....for lying to Parliament.  No systemic issues?

We have been warning brokers: understand this scam and understand you will be jailed for listening to the advice of bank driven Business Development Managers.

Bank Engineers developed the scam 15 years ago and ASIC have sat back, lied to Treasury and to Parliament and watched so many people lose homes

Australian Banking is a Crime Scene.  No doubt about it.

Did ASIC advise customers to complain to BFCSA?  Not on your Nelly!  Did ASIC advise them to complain to FOS and state MALADMINISTRATION IN LENDING?  Doubt it.  ASIC tell the complainants to go to COSL and complain about the broker................................

EVERYDAY SOMEONE ELSE IS BEING STITCHED UP BY THIS BANK SCAM 36% of the victims via bank officers and the rest via brokers who have know idea what the deadly SERVICE CALCULATOR is really all about: a stitch up plan..  Wakey Wakey.                                 This email address is being protected from spambots. You need JavaScript enabled to view it.

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  • doyla66
    doyla66 Wednesday, 19 June 2013

    If the broker didn't want the tax returns and no tax returns copies were forwarded to the
    banks with the LAFS, how was the loan approved? Who approved these loans?
    Can ASIC please answer me that.
    Is it because we owned our own homes? is it because we were easy targets? Just tell them they won't lose their homes.
    Imprudent, maldministration, unconscionable, fraudulent the whole damn lot. Banks ae responsible
    and ASIC is trying to save their arses with more lies and unconscionable conduct of their own.

  • doyla66
    doyla66 Wednesday, 19 June 2013

    FOS said to go to COSL and complain about the broker as well.

  • doyla66
    doyla66 Wednesday, 19 June 2013

    Beware of FOS

    Maria, FOS are setting you up, as you cannot lodge 2 complaints at once, they'll terminate FOS complaint against the bank --don't you love 'em -- excerpt of FOS email I received last week --
    I refer to the above dispute and our recent communications.

    Can you please confirm whether or not you have lodged a dispute with the Credit Ombudsman Service Limited (COSL) against XXXX Mortgages Limited or XXXX Finance ("the broker")?

    If you have lodged a claim(s) with COSL can you please:

    1. Provide the name and contact details of the case manager handling your dispute at COSL;

    2. Provide COSL’s reference number for the dispute(s); and

    3. Sign and return the attached authority, enabling me to speak with COSL about your dispute against XXXX(trustee) and/or XXXXX.

    Should you have any queries regarding this email, please contact me on the number below or by reply email.

    Please provide this information by X June 2013.
    (that was only 2 days notice
    --to respond to FOS requisition also)

    Kind regards

    XXXX| Case Manager
    Banking & Finance
    Financial Ombudsman Service Limited
    Toll Free: 1300 78 08 08 |Fax:+61 3 9613 6399 | www.fos.org.au

  • doyla66
    doyla66 Wednesday, 19 June 2013

    In theory that sounds fine. In practice who wants another dispute at an EDR and all the work and letters and stress of that too. I know what it's like to have to keep changing from one dispute to another, from FOS to COSL and back. It's crazy.
    Anyway, if what the broker did was criminal it would be yet another crime in a dispute framework.
    Good luck with COSL - you may get something useful out of the broker in the process.
    I think some case managers at COSL are probably better than others. Mine may have had "L" plates on. Dreadful.

  • doyla66
    doyla66 Wednesday, 19 June 2013

    FOS also says the banks didn't have to check because it was a low doc loan.
    That's unbelievable for loans in the $100,000s or millions!
    I can understand a loan of approx $20,000.00.

    Jail ASIC and the CEO's this is corruption of the highest degree.

  • doyla66
    doyla66 Wednesday, 19 June 2013

    The banks didn't have to check because the loans were lo doc.
    But the Banks, as lenders, were responsible for the lending. It was reasonable to expect that they would check on income, assets and liabilities, especially if any paperwork for these was supplied. They didn't - hence the judgements against the Banks for failing on Section 25 of Banking Code which is also covered in Law.
    Lo Doc Loans for everyone they could sell them to. It's a distortion of the original intention of Lo Doc Loans - for self employed people who didn't have their tax documents handy and no pay slips. Most of us were caught by brokers/lenders using Lo Doc loans.
    if the Banks trusted the broker, and the broker sighted whatever documents they needed, then the borrower made a 'self-declaration' of financial position including income. The borrower was considered responsible for their own declaration of income etc.
    Even when borrowers had all their financial documentation through a broker they could end up with a lo doc loan. Brokers received more commission for Lo Doc loans. There were also lots of incentive programs and prizes from lenders for the brokers who sold lots of loans. The lo doc loan market was highly competitive: between brokers and also between lenders.

  • doyla66
    doyla66 Wednesday, 19 June 2013

    I agree, jail them.
    Firstly for legal breaches.
    Secondly for being such idiots as to lend money without checking thoroughly on the capacity of the borrower to repay said loan for 30 years while showing what that left the borrower to actual live on. (Usually very little.)
    Thirdly for their unconscionable conduct toward borrowers who failed to "repay" said loan, which became impossible for many. Also for the suffering caused to these borrowers by the illegal conduct of the banks, their staff and their brokers.
    I reckon 30 years with a non-parole period of 7 while working for their keep inside should help them remember what they did to Australian borrowers. And a lifetime ban from working in any financial capacity, displayed on an international register.

  • Denise
    Denise Wednesday, 19 June 2013

    Tip off : Inquiry into ASIC imminent - any day now - get your submissions ready - why asic is corrupt [email protected]

  • doyla66
    doyla66 Wednesday, 19 June 2013

    Our capacity to pay back was zero. Our monthly repayments were $7.000....That's $84.000 per year and we were only earning $23,000
    Impossible situation...set up to fail right from the start. No checking took place but a lot of document tampering sure did.
    Banks are guilty 100% Jailing needs to happen to stop this criminal behaviour. Governments have a duty to protect it's people.
    An investigation into Asic's behaviour is welcome and overdue and so is a Royal Commission into the banks.

  • doyla66
    doyla66 Monday, 24 June 2013

    Am new to this computer stuff,...anyhow, will add name of Money mob in Melbourne and their crooked Lawyers, on par with the notorious gadens,...you know, pedigree is their problem, there isn't any!
    I will support this site financially and other wise. The tough part is, in the mode of homelessness, what belongings you have left are scattered and much of it lost.
    To think I walked past the new westpac head quarters, massive building, and all they do is honour their own cheque,..as Henry Ford said, if the public knew that there would be a riot in the city by morning!

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