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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: Joe Hockey: Treasurer advised "no systemic issues" in sub prime mortgage crisis.

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The Federal Treasurer would do well to follow our lead and listen to what BFCSA Members are warning about Australia's sub prime mortgage crisis.

Mr Hockey, please send an urgent memo to the corporate regulator, Australian Securities and Investment Commission ("ASIC").   ASIC briefs you as Treasurer once per month.  There are no two ways to go here Mr Treasurer.   Only one way presents itself, in law and also as "the bloody right thing to do mate."  

ASIC is telling Parliament "there are no systemic problems in the banking sector."   You and I know differently: ASIC is lying to Parliament.   ASIC is pretending all the toxic loans have been hidden from view and therefore they only have 17 complaints.  But there are $57 billion of these wretched loans. Consumers are banding together.   ASIC is trying to say the Brokers are to blame in all cases.....that in itself is an admission we are right, that there are toxic loans in large numbers.  So how does ASIC explain that 36% of toxic loans had NO BROKER INVOLVED?  And 18% are FULL DOCS?

If sub prime lending was not occurring right now in 2013, there would be no blame anywhere.    Either ASIC is stupid or corrupted and the people of Australia have a right to ask for a proper and powerful  inquiry into the banking sector.

The question the Treasury should be asking is: why is ASIC lying to Parliament?

ASIC does not seem to recognise the following key indicators of toxic lending practices:  

  1. The Broker is paid by the Lender,
  2. The Broker is expensively trained by the Lender's BDM staffers
  3. The Brokers are given overseas holidays and 5 star aussie junkets  by the Lender
  4. The Broker was permitted to white label the loans by the Lender.
  5. The Broker is supplied the tools (eg Service Calculator and ICW) and the PASSWORDS to enter the Bank Computer system by the Lender
  6. The Broker is paid huge commissions and trails by the Lender
  7. The Broker communicates directly with the CREDIT ASSESSORS
  8. The Lender has the license and qualifications to approve loans and provide financial advice - the Broker has none.
  9. The Broker is simply someone who fills out forms and sends those forms by fax to the Lender.
  10. Without the Broker involvement that same Maladministration in Lending occurs INSIDE THE BANKS

The "fudged figures on the forms" (which ASIC admit occurs but deny is systemic) are created by the Lender and the Lender controls the NSR gearing.

The Lender is the engineer of the deliberately toxic financial product and stands to gain the most profit from marketing such vile products.  

The Lender has both MOTIVE AND OPPORTUNITY to create the greatest crime this country has witnessed.

Most importantly 36% of all loans are generated by bank managers and staff - no broker involved.

And, 18% of all loans are via bank officers and are FULL DOCS - no broker involved.

ASIC and yourself as Treasurer can fix this problem in two minutes.  If you need a hand I will explain how in the Senate Inquiry into ASIC.  

Toxic loans need to be remedied with compensation for the aggrieved AND, a crackdown on the Lenders involved.

How you stop ASIC lying to Parliament is your problem - they have been doing so for 14 years and cannot be trusted.  Judging by the 230 submissions on the Senate website to date, ASIC is the most hated agency of our time.

Please allow me to give you a tip Joe:  THE LENDER APPROVED THE LOANS not the broker.  No matter what you think the Broker engaged in, had the Banks and Non Banks verified income by one telephone call, the loan would have been rejected, the broker would have lost commission, the consumer would have been saved the life-threatening financial ruin and we could all go home.  The Lender breached the Code and the regulations re affordability whether member of code or not.   The Lenders processed FRAUDULENT LOANS and the FRAUD was created by their own "fudge the figures computer program" called the dreaded SERVICE CALCULATOR.  

OUR LENDER Executives  are therefore GUILTY of CRIMINAL CONDUCT, their staff are ACCESSORIES AFTER THE FACT.  Brokers are only just waking up to the blame game, and so far ASIC has not laid charges against one bank officer/executive/bank engineer.  Why is that so, please Joe?

Forget the ROOTS AND BRANCH thingy.......................we need a full blown ROYAL COMMISSION into the Banking and Finance Sector.  

We both know how to fix this..........................and you know what I will do if there is resistance from any corner.  You have been misled by ASIC and the customers certainly have.  

You need to stand up in Parliament and tell the Lenders exactly what will happen to them next week and why.............................Every Toxic loan needs to be immediately frozen, pending an announced Royal Commission.  IF as ASIC says there are only 17 problem loans and I am all have nothing to worry about.

Please start reading the 233 submissions to Parliament from so many groups, complaining in not such nice terms about the utter criminal neglect of known consumer protection issues by ASIC.  I know you are busy as federal Treasurer, but please, just have a scroll through and you will get the drift. If you are serious about being fully briefed I suggest you throw the ASIC nonsense in the Parliamentary bin and read submission # 156.

Denise Brailey  This email address is being protected from spambots. You need JavaScript enabled to view it.

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  • doyla66
    doyla66 Thursday, 07 November 2013

    Excellent blog Denise, I hope Cameron Clyne and his cronies in the Nab Eastern Branch get a chance to read this article. The Lenders are the perpetrators of the fraudulent loans not the Brokers. Lenders have taken advantage of the Brokers and placed them in this sinister and pre mediated position, along with ASIC's help the real fraudsters are getting away with annihilating people lives. ASIC need to wake up. ASIC know what is going on, just take a look at the dissatisfaction in the submissions and stop writing silly over lavish ad on submissions to try and justify the conduct within ASIC. What lame excuses will ASIC come up with next, one wonders?

  • doyla66
    doyla66 Thursday, 07 November 2013

    This would be history in the making when Joe stands up in Parliament and tells the lenders to freeze every toxic loan pending a Royal Commission and for all aggrieved to be compensated. He will make his mother in law very proud.

  • doyla66
    doyla66 Thursday, 07 November 2013

    Very clearly stated, Denise. Thankyou for that.
    Imagine the cheers if Joe Hockey stood up in Parliament and gave the Banks and Lenders what for over their disgraceful conduct towards borrowers, while freezing every toxic loan and announcing the Royal Commission.
    Australians are begging for a firm, no nonsense approach to white collar crime.
    Most have their doubts that the senior seat polishers at ASIC have what it takes to do it.
    I'm sure everyone who can will find a way to get this important post to the attention of our Treasurer, Joe Hockey.
    Twitter: @JoeHockey

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