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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: Philip Soos' Comparison: Australia & US Housing. Victims of Bank Fraud take note

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Philip Soos :   Macrobusiness: 'Comparing Australian and US Housing'

For the full article and 114 comments: http://www.macrobusiness.com.au/2013/01/comparing-australian-and-us-housing/

Similar to the US, Australia has a deregulated and liberalized financial sector, having undergone numerous reforms during the 1980s and 1990s, ending the government’s heavy involvement in ownership and management during the social democratic period of the 1950s to 1970s. Unsurprisingly, the amount of credit the banking sector extended to all parts of the private sector has increased dramatically. Mortgage debt has more than quadrupled from 19% of GDP in 1990 to 84% in 2012 to a higher level that of the US at its peak.

According to Denise Brailey, the President of the Banking & Finance Consumers Support Association, an organisation dedicated to protecting the public against predatory financiers, there is some evidence to suggest mortgage fraud is far more wide-spread than previously thought. Having worked in this field for the last twenty years, criminologist Brailey has seen first-hand the financial and social wreckage wrought by a multitude of scams and predatory lending.

Brailey provided testimony before the Senate Economics References Committee alleging wide-scale fraud from banks to brokers. While her testimony, which covers the period of 2008 to the present, was largely about low- and no-doc loans, her claims extend into the mainstream of full-doc mortgages.

Certainly, the public would know more if the ATO, ASIC and APRA bothered to look into these cases of fraud, but just like the US, regulators have been captured by the finance industry, unwilling to upset bankers and their allies in political office. Only time will reveal the extent of fraud that has taken place.

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  • doyla66
    doyla66 Thursday, 31 January 2013

    Thankyou Philip Soos for writing this and more to alert the General public of mortgage fraud, as we can't rely on our Regulators to do it or protect us from the Banksters.

    "Only time will reveal the extent of fraud that has taken place." Yes, sooner rather than later too with Denise Brailey, her associates, BFCSA member's, respected media professionals and WHISTLEBLOWERS speaking up.

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Guest Monday, 30 November 2020