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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: Crikey exposes Liar Loans for Farmers................Banks' manipulation of markets

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For farmers, drought not the most dangerous predator on the horizon

|Mar 07, 2014


Unfair lending practices and a system that favours bankers over farmers is threatening rural Australia’s livelihoods, says a Queensland farmer and grazier. Freelance journalist Amanda Gearing hears his story.

Lack of water can be the least of a farmer’s worries in times of drought. Predatory banks can be just as deadly to a farmer’s livelihood.  Former Queensland farmer and grazier Lynton Freeman has become increasingly anxious about the financial tightrope being walked by Australian farmers as the record floods of 2011 have given way in only three years to savage drought. He fears for hundreds of family farmers at risk — not from lack of water, but from lack of knowledge in how to manage their businesses through the drought and keep their heads above the financial water that will threaten many before this drought breaks. .

Freeman’s concern is born of experience. During the 1990s drought, his farm was declared viable and qualified for the federal government’s drought assistance package. Freeman was granted an interest subsidy, to help with payments to his bank on a $500,000 loan against his $2.5 million property.  His finances were robust, as he had five income streams — a herd of 2500 head of beef cattle, grain cropping, timber harvesting, a heavy earth-moving contracting business and mining royalties for gravel sales — three of which were drought resilient. He didn’t miss a payment, yet his banker would not accept the government subsidy and tried to force him to sell up in 1998.  Freeman’s background in accounting and in law as a court registrar gave him a rare perception of the struggles ahead when his bank did not accept his government drought interest subsidy.  His struggle continues despite 15 years locked in litigation, but he remains hopeful of a resolution. “I haven’t won, but I haven’t lost, either. I’m still fighting,” he told Crikey.

His first court case led to a judgment in favour of the bank, which he believed was not just. He dissected the judgment clause by clause and systematically addressed each part over the following years in an attempt to prove to the courts, the bank and government inquiries and commissions that there had been several mistakes in not only his case but in many others as well.  He identified systems within the banking industry and their corporate cultures that he believes are toxic to the sustainability of Australian farming business enterprises — especially when they are stressed by the financial risks of the familiar cycle of drought and flood in this country.  His contention is that when swathes of country are drought-stricken, banks don’t foreclose on every over-stretched loan, because this would jeopardise real estate prices. Instead, he believes prime rural properties — those with drought-resistant incomes — are targeted for bank loan enforcement because of their superior resale potential during a drought.  These properties are also more likely to be ruled viable, qualifying the owners to receive government assistance. Yet the banks can subsequently rule the properties unviable and more




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