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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 control the World. Just ask the Politicians: Too Big To Fail

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Capturing politics was fairly easy: Too Big To Fail.  Watch the big banks announce their profits again and yet they failed to pass on successive interest rate cuts to their customers.  Instead Banks have been gouging customers whilst paying reasonable dividends to shareholders BUT they have been paying themselves and their very own Broker Channel Agencies and Agents and themselves spectacular BONUSES under the guise of being PRUDENT BANKERS.

By loading up the Nation (any nation) with TOXIC LOANS, they would then be in control of the political landscape.  It was easy to convince Governments:   "Prick our Bubble and we will burst yours!"

Nice one chaps, but we are on to you!  It goes like this:-  

STITCH UP ONE:

Bank Lawyer to Banker: "we can draw up Loan Applications that include a statutory declaration signed by borrowers to state:   I the borrower Muggins Me do hereby understand I have read and fully agree with everything written in this document.  I understand you will not verify anything.  I verify that everything attached is true and correct.  That it is an offence to give a false statement.   It will be in very small print in a document the customers never see, but it will be attached later to the three pages they signed.  Now that's a BIG LAF!

STITCH UP TWO:

You the Banker teach the dumb Brokers to only take the three pages from the stationary cabinet and ask them to get the victim/ ahem....customer, to sign each page.  The Broker will never leave a copy and the client will forget how many pages he or she signed.  We will tell the Broker that they are the "Bank's Joint Partners," and we shall even give them a certificate and a big lunch.  We will ask our bank officers to go around to the broker offices and help sign up the LAFs.  Dumb ASIC will not even ask us for the LAFs.   Then the broker will be taught by us Bankers and Lawyers to fill in 8 more pages and attach to the 3 page LAF and then has to fax to us an 11 page LAF, plus income verification details, and ABN certificate (one day old will do) and an ID Verification Stat Dec and a 100 point tick a box form and the rate notice and ID documentation etc.  All in all a 40 page Fax.  Then we do not have to assess the affordability cos the hapless punter hasn't a clue and yet they have signed the three pages and on one of the other pages it says "we verify we can afford."  That should satisfy the affordability S25 of the Bankers Code on affordability critieria.

Then the punter wood-duck asks for 250,000 loan and our credit assessors approve $350,000 and that gives them enough to pay the payments with our money and we can load up even greater lovely fees and charges.  Two years later we give them another bit of buffer monies and increase the debt.  Within four years, the punter still keeps asking for more to get off the impossible treadmill and we Bankers and Lawyers have clients on a string, till the string breaks and we take their homes.  By then, in say 6-7 years, we have drained them dry but by now they owe us average $600,000 - $1 million debt.  We loooove secured debt.  No risk to us!  Punter hasn't a clue and if they ever wake up its too late they will be in tents and no money to even speak to a lawyer.  ASIC then to assist us, will write letters to the Punters stating: "ASIC investigates every case, yours is not in public interest, bugger off and go and seek legal advcie....."  Sweet as.........

STITCH UP THREE:

You the Banker can teach your Brokers to ask: "do you want fries with that" and make sure they sign up for a credit card and when they get in a jam (as we will ensure they do) they will be forced to use the card and more lovely fees and charges.  Pile on The DEBT.  Tell your BDM's (bank officers in the killing fields) to "Pump Up The Volume."  Jumbo Loans, maximise the debt to 85%LVR - 97% LVR.  New Laws?  What new laws.  We don;t worry about laws.  We  are a law unto ourselves LOL :)

STITCH UP FOUR:

Although its a 30 years loan its set to implode in seven years after statute of limitations has elapsed.  They will ask for refinancing and we will give the punters an extra $100,000.....we just looooove our customers................ Bagfuls of bonuses for all of us.  The elderly will be gone to a better life  in five years. LOL.  If some pesky consumer advocate suggests everyone get copies of the LAF then its a bit of a worry so just hand out THREE PAGES.  If they ask for service calculator, tell them: "its an internal document."  ASIC and its EDR's will back us up or we will cut their lunches for them! LOL.

STITCH UP FIVE:

You the Bankers approve three or four refinances and each member of the CARTEL can swap dirty underwear with each other....just like the USA.  Then we give the punters three months x 3 hardship approvals, but they won't realise the Insurer will try and reclaim that.  We will word the contracts in such a way.....just like the LAFs....and some missing pages.................

At the end of the seventh year the borrowers have no assets or money left and we have three palaces and mansions each!  Easy pickings.  By then the Pollies will know what's on but will do nothing. They are only dreaming of the political victory.   Government and Opposition are too busy with next election asking the punters to vote for them..............imagine that?

We just tell ASIC and FOS and COSL: no sweat the punters signed the fine print.  ASIC say: " well consumers have to look after themselves and be responsible citizens.........how dare they ask the Government to help them."

The fact that we the Banks know that we are all doing the same model (because of the Cartel) means we all know that the borrowers never saw the 11 pages and only viewed and read 3 pages at point of signing, meaning they may remember  pages, not 11 but they have no copies to prove anything.  ASIC will just tell those who figure it out to get a lawyer.............then you just say "we will repo the home" start packing. LOL

THE FINAL STITCH UP:

We the Lawyers will send out the writs and clean up and take the HOMES.  We set up  and sent out the contracts with yellow "sign here stickers" direct to the punters by post, so we know the rules of engagement.  Who cares if the borrowers worked their butts off for 30 years to pay for their homes and owned them outright?  They will be dead in the not too distant future - probably via a heart condition - stress is good for them and death is good for us. LOL  Yes the Banking system will collapse, but you and I mate will be long gone.

Do we care?  Not on your Nelly mate!  My wife wants to go on a one year luxury penthouse cruise - we deserve it.

In fact you Bankers can keep the assets on the books and inflate the valuations again.  No-one is watching and the pollies are captured anyway.  Yep its a lucky country indeed.  We're off to the Bahamas! LOL.

Australian Regulators can "see no evidence" of sub prime fraud?  They told Parliament on 8th August 2012 "we see no evidence of systemic issues."  I thought lying to parliament was a criminal offence........but then again, the country is being run by white collar criminals.

The PEOPLE are waking up!

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Comments

  • doyla66
    doyla66 Thursday, 16 May 2013

    And that ladies and gentlemen is exactly how it's done.
    The heartless vermin were counting on never being exposed.
    With the help of ASIC they nearly got away with it. Denise figured all this out in 2003 but the final pieces came together this past two years. She shared this with all of us for the sake of our kids. Awesome Denise you deserve a medal.

  • doyla66
    doyla66 Friday, 17 May 2013

    A query

    When petrol companies get done for price manipulation, under what Act/legislation is that?
    How does that differ from the collusion & price manipulation we see the banking cartel participating in?
    Are these not both federal offenses therefore which federal regulatory body is supposed to oversee these matters?

  • doyla66
    doyla66 Friday, 17 May 2013

    They're still Blackmailing our Government and holding this country to ransom

    By loading up the Nation (any nation) with TOXIC LOANS, they would then be in control of the political landscape. It was easy to convince Governments: "Prick our Bubble and we will burst yours!"

    Like a bit of BLACKMAIL, do they?

    The strategy looks like "mass disobedience".
    "If everyone is doin' it then no one will dare to challenge us. After all we look so respectable, pillars of society, built this country, made it strong, helped governments ....
    "If everyone is doing it around the world, with local variations, no one will touch us."

    Isn't it amazing when you can see what's going on, when the evidence that no one with the clout to make a difference is willing to even suggest that the AFP have a good look at the criminal conduct evidence and it seems that no one is arguing with Denise about the validity of her statements.
    Add to that the repeated professionally worded warnings to political leaders, to heads of departments and to chairmen and commissioners dating back over a decade and still no one is willing to tackle the real issues.
    What I'm seeing is politicians on both sides being unwilling to deal with this until it gets bigger, worse, more serious or whatever.
    Or they're still in denial, believing that this is a problem that happens in other countries but not Australia. Who knows?
    It seems that nothing will be done unless we do it ourselves. And as sad as it is for those whose lives are fractured by illegal loans and bank misconduct the more borrowers that report in with their toxic loans the sooner we will all benefit.
    Banks must be brought down to size and their disproportionate power deflated. There are so many people who agree with this but they're scared. Some are too scared to even ask for their LAF or challenge their Bank/Lender for fear of what might happen to them and/or their homes and loans. Especially if it looks like all Banks are doing it. And if it was illegal then the government would have stopped it ... wouldn't they?
    Not if the government is also in financial trouble. Where did Australian borrow the money to fund the government through the deficit years?
    Private chitty chats with other G20 leaders - it looks contained, we will be monitoring the situation, give the public a few more distractions - bread and circuses, fireworks. Well, the global green agenda sucked in governments and millions of citizens around the world. Just testing to see if anyone was awake ... even governments were helping us to hoover out the money from pockets globally, politicians included.
    This site is a record of this segment of clear political irresponsibility and corruption and how the governments refused to take the necessary action to protect their people from widespread organised crime.
    No problem, say the pollies, by the time the rest of the hidden documents come to light we'll all be on our parliamentary pensions. (Entitlement, Joe Hockey?)
    Politicians want to get the public spending?
    Want fewer people dependent on government assistance?
    Great - get the money back that the Banks stole from us and we'll have money to spend all over the country. A small investment by government will enable this to happen. Now, not in 25 years time, for all the surviving Bank refugees in their tents and caravans. This is not our fault. Make the Banks pay for their crimes. Now - not later. Or the Australian government and regulators could be paying the compensation bill as well.
    Time is of the essence.
    Let's roll out the next bundle of evidence in the BFCSA online Royal Commission and keep our pollies informed.
    Denise, I admire your patience with those who have the power to change this and refuse to do so, maintaining their wall of silence out of sheer cowardice.

  • doyla66
    doyla66 Friday, 17 May 2013

    ACCC Product Recalls - why don't ACCC test and recall faulty and dangerous financial lending products

    ACCC tests and recalls faulty products for the protection of consumers.
    Some of these products are from multinational companies.
    Why different rules for financial and lending products?
    http://www.recalls.gov.au/content/index.phtml/itemId/952401

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