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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: NCCP Laws a Sham Cover-Up - Banks Blame Brokers - Low Doc Game Continues

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Australian Banks boast the World's biggest profits from 22 million people.  Newsflash: you cannot profit from a fraud!  Yet it appears to be the case down-under in the land of the long lunches and long weekends.

The Senate has acknowledged that the regulatory oversight of banks and finance is so appalling and so corrupted,  as to having the Senate hold their own Inquiry into the Australian Securities and Investment Commission.  Consumer complaints by the thousands, have been utterly ignored over a shameful 14 year history of ASIC "protecting a fraudulent bankster driven market" at the expense of ordinary Mums and Dads.  My own letters relating to consumer protection issues, or lack of, were responded to in the most shameful way, by successive Chairmen, commencing in 1998.

Banks are blowing massive Bubbles in the property sector and in late 90's, set up the Broker Channel to cop the blame.  The "fudged income figures" are computer driven by bank engineers.  Brokers were merely taught to press a few buttons with a complex accounting calculation they did not understand.  White-out was used by banks staff to increase the income to hand out more dollars in debt.  The fudged figures found by borrowers on the LAF are not always those of the broker - check the hand-writing on the bank's copy!  Brokers were then told to shred the original.  Why didn't banks in unison require the originals?  We know!  BFCSA members know why.  The fudged figures were in fact computer generated.  As Brokers tell me: "without the service calculator we have no idea what figures to place on the LAF."  BFCSA members now have the passwords.

 In 2009, just as two hundred thousand fraudulent and tampered documents were about to be demanded by worried consumers, ASIC tried to stem the tide of anger against Banksters, by recommending "new laws be enacted through Parliament (circa mid 2009).  The National Competition and Consumer Protection Act was about to surface as a revamp of protection laws already in existence, but collecting dust and unused.   Instead of embracing the new laws, ASIC wanted to appear to BE FAIR to the fraudster Banksters.

ASIC gave an extra 12 month MORATORIUM to the Banks to pull their heads in and smarten up lending practices.  The intention of the NCCP was to bury the bodies of all the 2000 - 2009 victims asap before they even received a copy of their Loan Application Form which they were entitled to at inception!

ASIC then set the miraculous time frame of commencing to use the "new" NCCP:  1 July 2010.   ASIC knew and intended to crucify all chances of financial recovery for all mortgagors/borrowers circa 2000 - 2009 from whom banks had bilked criminal profits for over a decade starting 1996.

ASIC knew and intended that all those arranging a loan 1st July 2009 (the day Parliament approved and gazetted this Act), would also be BURIED.

ASIC and Chairman Medcraft could then tell future Parliamentarians:  "The laws apply from 1 July 2010 and the old ways have more fraudulent loans, except from one or two rogues maybe."

What ASIC cronies cannot escape from is the fact that laws did apply from when then Treasurer Peter Costello said in an international speech 1997,  "The new Regulator will be the best consumer protection system in the world."

Instead, ASIC became highly corrosive to consumers and permitted them to be led like lambs to the slaughterhouse - the banking system.  ASIC had a conflict of interest: deliver fat prophets for banks and consumers left open to financial ruin by predatory lending practices, OR, protect consumers and keep banksters in check and jail them when necessary.

ASIC chose to protect the banks and let the consumers sizzle in the hot sun until done.

ASIC had strong legal clout, tough laws, but ASIC was lazy and did not use them.  In 2005 articles appeared in mainstream media to suggest ASIC suffered from chronic staff turn-over.  Decent staff were sickened by what they were told to turn their back on......then were threatened with jail under privacy law provisions.  Dark Secrets were being withheld from some sections of the Parliamentary Corps.

ASIC had laws embedded in the ASIC Act, Corporations Act and other tools of trade: "unconscionable conduct, false and misleading, misleading and deceptive....some other legislative clauses of which had been around since the 1930's, post the Great Depression - caused by bad banking practices.  ASIC did what it does best: nothing, in order to protect the BANKING SECTOR.

FULL Doc, Low Doc and No Doc fraud was not a misconception or an isolated incident.  Remember Jim Hacker line in YES MINISTER........"Yes Humphrey, but I do not want to see 800 isolated incidents land on my desk in the morning."

ASIC, in its usual warped and corrupted mind, knew there was the potential for 200,000 BAD LAFS to suddenly land on their desk, if people met with me and consequently, rang the bank and demanded a copy.  It developed the Bank Protecting Moratorium and decided no prosecutions until 1 July 2010.  "That should give the Banks enough time to mend their ways and tidy up a little....bit of housekeeping that's all."

Brokers were warned: "Things could get a little tougher."  Ah yes,  Brokers were not fudging figures.  The Bankers secretly hidden weapon of mass financial destruction was the service calculator called "Speedy."  Banksters were busy feeding the biggest property bubble this country has ever seen.

generated Loan Application Forms the so called "new laws" was a grandstand plot to try to instill some confidence back into a massively fraudulent Low Doc and Full Doc mortgage market.  Even FULL DOC mortgage applicants do not receive a copy of the Loan Application Form the moment they sign.  Why is that?  Originals that contain one's signature - you are entitled to a copy in law.  Banks relied upon this document and your signature to approve the loan.  It was an extremely significant document.

They are looking at 3 pages when other pages will be added to the document after they sign?  That's criminal?  Of course it is.  So you the bunny sign for 11 pages and say you have truly read and understand the content and you only see (by deception of banks) three pages.  Its a BANK CON.

Brokers are taught by the Banks to do copies and banks make no phone calls to verify income and Skippy the computer reads the Speedy income figures and CLICK, the computer approves your loan.  HEY PRESTO!   The banks were given one year to clean up and are still using the same system.  ASIC has high turn-over of staff and so do Brokers.  Banks refuse to pay wages to Brokers and rely on the nasty commission system which everyone insider sees is corrupted.

Problem is the Buffer Loans.  People were being given loans they could not afford and in breach of several ancient laws.  The Bankster Code does not apply to NON BANK LENDERS but the provisions of the Code re affordability and servicing of loans still applies because the same provisions are embedded in regulations.  Its that simple.  COSL is telling you porkies to protect their own members.  ASIC license COSL and on we go.

Loans applied for by consumers, post 1 July 2010, will not reveal the same hidden fraud for three years because of the BUFFER MONIES.  When the buffer runs out (usually disguised as a Line of Credit) the AFFORDABILITY SCAM is revealed.

But the hallmarks of the mortgage fraud is obvious 1 July 2010:  no calls to clients and no verification by banks of income, no LAF copy given out (even if asked for at signing) and those who signed after that date are just starting to run out of money to "afford" to pay the loan with the banks lovely money.  Yes, we now have received distress calls from POST 1 July 2010 victims coming in from the cold and yes 36% of all these loans were arranged by Bank Managers.  The Game continues..........same players at top of the Banking Money Tree.

The fraud and imprudent lending habits are not only prevalent they are a Model that ASIC buffoons have known about for years,  No wonder Medcraft was flown in by Treasury to help bury the bodies.

Be ready for the mass enlightenment of long suffering consumers - yes there is much more of the awful truth to come.  This email address is being protected from spambots. You need JavaScript enabled to view it.

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  • doyla66
    doyla66 Wednesday, 26 June 2013

    ASIC knew and intended to crucify all chances of financial recovery for all mortgages borrowers?
    To save the corrupt banksters?
    Lambs to the slaughter?
    Conflict of interest?
    YOU ARE KIDDING!!!!!!!!!

  • doyla66
    doyla66 Thursday, 27 June 2013

    Bank$ter Protection Racket in the hands of A~SIC 'Porscheophile ~ aka Med-Cartel

    Apparently ASIC chair Medcraft needs 'empirical' data, so let him test drive a porsche with faulty-brakes on the Great Ocean Road, to ascertain his views on consumers justifiably relying on loan-products(et al) being "correctly serviced" by entrusted professionals, that is, --in the event Greggie ultimately survives a-sic "road-trip".

  • doyla66
    doyla66 Wednesday, 26 June 2013

    Due to what we have just read FOS must cease to close cases immediately.




  • doyla66
    doyla66 Thursday, 27 June 2013

    Claims can be closed and homes can be lost while the Senators are busy organising the inquiry into the operation of Asic.
    So it's only fair that Fos stops this insanity of closing cases because ultimately a closed case equals a home lost and the Senators need to make this happen without delay.

  • doyla66
    doyla66 Friday, 28 June 2013

    Medcalf and his team should have their homes and any other assets they hold conficated and sold as they are the proceeds of crime! The Great Ocean Road would be too kind in a Porche, give them all bicycles without breaks after they front the people they have left in misery. No cases should be allowed to close in FOS COSL ASIC or anywhere else until we get to the bottom of this cover up with a proper inquiry into all of them

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