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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: ROYAL COMMISSION into Australian Banks - Charlestown single MUM of 3, huge response - Newcastle Herald

Posted by on in ROYAL COMMISSION URGENT
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Mortgage dispute case total mounts

By IAN KIRKWOOD

March 23, 2014, 10 p.m. CHARLESTOWN woman says the “huge response” to her call for a royal commission on mortgage fraud and sub-prime loans shows the problem is far greater than authorities will acknowledge.

 

  • CAUGHT: Michelle Matheson, with her mother, Delys, has been battling to keep her home.  Picture: Darren Pateman

CAUGHT: Michelle Matheson, with her mother, Delys, has been battling to keep her home. Picture: Darren Pateman

 

A CHARLESTOWN woman says the “huge response” to her call for a royal commission on mortgage fraud and sub-prime loans shows the problem is far greater than authorities will acknowledge.

Michelle Matheson, a single mother of three, has been fighting for seven years to keep the home she bought with a “low-doc” loan through a mortgage broker.

In her struggle, she has found many other “ordinary Australians” in similar situations and is working closely with Western Australian activist Denise Brailey, founder of the Banking and Finance Consumers Support Association.

 Ms Brailey was among those who gave evidence in Sydney last month to a Senate Economics References Committee inquiry into the performance of the Australian Securities and Investments Commission (ASIC).

Ms Matheson said she lodged her dispute in mid-2012 and heard nothing until December last year, shortly before a letter arrived telling her the bank would give her $50,000 if she walked away from the house within four weeks.

“I’m claiming fraud on behalf of the lender, which is what FOS [Financial Ombudsman Service] calls maladministration,’’ Ms Matheson said.

“These cases should be settled in a way that people can keep their homes. Extending the terms of the loan, to make them a just and prudent contract, is the obvious start.’’

Ms Matheson said she took out her loan after someone she had hired to help get her finances in order told her that if she could pay rent, she could afford a home loan.

“I know it seems incredible now, but he said we could unlock the equity in my mother’s home at Cardiff to help me get into mine and I trusted him, we both did,’’ Ms Matheson said. ‘‘My mother ended up with a second mortgage and had to sell her house to stop the bank foreclosing on mine, and now she lives in a mobile home village.’’

Ms Matheson  applied for her original loan form and was shocked to be sent 11 pages, rather than the three she says she saw in 2007.

She said the form was riddled with mistakes, her personal financial details were inflated and the address of the house was completely wrong.

Philip Field, of the FOS, said  the service dealt with 4193mortgage finance complaints in 2012-13.

 He said there had been a “significant increase” in “disputes about maladministration”, going from 209 cases in 2010-11 to 706 in 2012-13.

 Ms Matheson said many people detailed  harrowing problems  at www.change.org calling for a royal commission on the banking and finance sector.

http://www.theherald.com.au/story/2169275/mortgage-dispute-case-total-mounts/?cs=12

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  • Denise
    Denise Monday, 24 March 2014

    Finally Members are breaking down barriers with sheer guts, determination and persistence: Michelle Matheson, single Mother of 3, we applaud you. If banks lend you the money, why should they claw back the home. Banks cannot profit from a FRAUD. Or is it the truth that banks have been profiting from fraud for so long and have become TOO BIG TOO FAIL (great book to read on Amazon). You should all be backing up this courageous woman with making DAILY PHONE CALLS to your radio station and telling the world what is happening down under. We salute you Michelle. [email protected]

  • Denise
    Denise Monday, 24 March 2014

    Please pick up the phone - dial your local radio talk-back - tell the world what the Banks are doing - the evidence we have uncovered, why ASIC are telling untruths and misleading Parliament - that its the Lenders - not the Brokers. If calls for a Royal Commission are all over the air waves, Mains stream Press will pick up on the issue. All hands on deck. [email protected]

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