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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: Jon Denovan better get his stories straight. Mortgage Loans in Australia are a Crime Scene bloated with Fraud

Posted by on in Sub Prime Loan Scandal
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Senator Destaryi is in no doubt we need a new Federal Bureau of Consumer Protection.  New South Wales Labor Senator Sam Dastyari has called for a new "corporate cop" to replace the Australian Securities and Investments Commission, which he says should have its policing role revoked and instead be stripped down to a corporate regulator, The Australian Financial Review reports.

According to the newspaper, Senator Dastyari says ASIC's mixed performance over the years in detecting and preventing corporate crime had informed his call for a new "cop".

"We read about case after case where ASIC has simply failed to act, for unreasonably long periods of time," he said."Crooks have been given plenty of time to milk investors, without penalty."

If ever there was opinion swinging wildly in favour of weeding out ASIC and its EDR supporters, this is the time in our history.

This from a Reader:

If they're going to try to bury FRAUD like that they'd better get their stories in line. 

Apparently Jon Denovan had to reach for the smelling salts and a bottle of Grange - FRAUD is such a scary word. We're not surprised, Mr Denovan. How do you think we felt? Plus anyone with such a pivotal role in the architecture of this fraudulent lending set up, not to mention how to get around the client, regulator, EDR and Court requests for documentation, while advising the Board of an impartial dispute resolution service would be feeling a little faint by now!

They're all still trying to put up a wall of resistance: the borrower and the brokers did it. Trying to mislead the judiciary and the public, to counter all the stories of evidenced foul play is more likely. Judges do respond to some public opinion - con the public again: is that the game with these apparently official mouthpieces? Of course they'll have to avoid the hard core black and white evidence to be able to say such nonsense with a straight face, especially when talking to aware people in the street and journalists who can see right through them. This is not just about how much Banks make each year: it's about upholding and applying the Law correctly. 

It's simple: someone from the Ministry says "I hear there's a problem with Fraud" - The Expert (e.g. from ASIC) replies "No" or "Nothing significant" or "Not as far as we can see" or "Nothing big enough to be considered systemic" or "We've caught the brokers/borrowers who did it" or, now, "there used to be some fraud but we're on top of it." (Containment)

"Good" says the Ministry representative, "What's next on the agenda?" End of that problem. This has gone on for years! Now there's a lot more talk about it so more effort is going into Containment of the Problem. But so far it's like chooks pecking at it and avoiding the core issue: prevention by banning the service calculators. The rest is window dressing. 

There are probably thousands of FRAUD cases yet to come in. Why? Maybe they're waiting to sell their properties and/or finish their debt obligation to avoid the dreadful suffering and poorly handled case experiences endured by their friends (who had no choice) at the hands of stressed staff in overloaded dispute resolution services. Until the system is fixed some people would rather keep paying if they can to keep the rogue side of the Banks and Lenders and their nasty legal friends away. Others are opting for a quick quiet clean up via their lawyers. I don't blame them one bit for avoiding the rule changing, bun fights and unfair practices that seems to be plaguing some cases in the public dispute resolution service ... And if possible avoid chancing it in Court while this new and dynamic area of Law is still being road tested and proven. 

As for Veda and other Credit Report Agencies, I wonder how they got those stats? Won't it be interesting to see how many people ensure that their default status is correctly recorded as a Fraud Loan under investigation? 

Bottom line: statistics, lies and wishful thinking are failing to convince those who have seen the evidence with their own eyes. We suggest the "experts" take off their rose colored glasses and do the same.

 

 

 

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  • doyla66
    doyla66 Saturday, 15 March 2014

    exactly... take off those rose coloured glasses now. welcome to the real world... our world battling the fraudulent Australian banking system

  • doyla66
    doyla66 Sunday, 16 March 2014

    Duped

    Great to see that some senators are aware of bank fraud on laf's, I for one have kept senators up to date with what excuses FOS has been coming up with just to protect the banks. When complete information whether employment or financial on laf's is a complete fraudulent lie and FOS cant see it, I reckon the EDR's will be in for a rude reality check very soon. One would think that even old cases will have to be reopened to get a fair and proper hearing. We can tell the senators whats happening as some are genuinely interested and until they start giving statements like this we don't know if they are taking it in. Obvious now that they are.

  • doyla66
    doyla66 Sunday, 16 March 2014

    When we all write to the Senators and also give them the facts of each of our cases, the sheer number of us should convince even the die hard skeptic that we are being screwed by the banks and ASIC and FOS are eagerly swallowing the Bank's lies and Fraudulent Documents.
    Not to mention "the BANK EXPERT" who is a paid employee and stooge of the Banks to make sure everything is fast tracked and proper process is ignored so that a Decision that doesn't hurt the Bank is given to the Victim.
    Not only that be he has access to all our personal information that he can and does send to whomever he wills. So much for the Privacy Laws. Philip Fields uses information that he could only get from illegal sources in his Decision. So where do you think he happens to stumble upon our personal details that FOS has not been provided ?????? The BANK EXPERT of course who is seconded from the Banks to HELP FOS to VICTIMISE the Victims !!!!!
    The Victim gets a "Decision of Maladministration in Lending but no Compensation for the Victim but also no Penalty for the Bank." from both ASIC and FOS. ASIC wins, FOS wins, the Banks win and we get screwed.

    Wonderful !!!!!!! When will it end and we get JUSTICE !!!!!!

  • doyla66
    doyla66 Sunday, 16 March 2014

    They are all aware of what they are doing and have no idea what to do other than obey orders and soldier on keeping their fingers toes and knees crossed with no thought at all for any hapless victim whether that be past present or future. If any of them do happen to have a shred of conscience left it must be buried so deep they have no idea how to find it or is the truth they trot off to their Ivory Towers every day knowing full well if they dare to defy or let any big secrets out of the bag they will either lose their job or could find a loaded gun aimed at the back of their head. Dearie me all you Regulators, you should have weighed up all the odds a long long time ago for if one chooses to aid and abet criminals you have always gotta accept the consequences when the game is up. Mr. Medcraft has been dropping a few hints lately re "user pays" and "take it or leave it" showing his true colours finally so I wouldn't be counting on him to save your skin when the S### hits the fan for one can bet he will scuttle off and disappear faster than a cockroach!

  • doyla66
    doyla66 Sunday, 16 March 2014

    Fos is well aware fruad on my lafs, they have all my tax returns and copies of my loan application forms.
    Fos should send all suspicious loan application forms after finding maladministration and unconscionable conduct
    directly to the AFP for them to investigate, with a cover sheet stating in big bold letters "HERE COMES ANOTHER ONE".

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