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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: COSL believes that doctoring loan applications to secure loans is advantageous to the borrower?"

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  • johntyd Sunday, 15 December 2013

    Please Explain

    How does doctoring loan applications to secure loans disadvantage the borrower? It means the borrower is receiving a lower interest rate relative to their real credit risk. What this practice does is to perpetrate a fraud upon bank shareholders and regulators that misrepresents the bank's loan portfolio as being safer than it actually is. If interest rates rise or realty prices fall that affect repayment or equity rates the increased prospective or actual default that will occur will see everything fall in a heap sooner than the presumed margin of financial safety. The risk here is the bank engaging in reckless lending practices - just what the GFC was all about. This services the current real estate price bubble that is going to eventually crash everything.

    Denise Brailey
  • Denise Brailey Sunday, 15 December 2013 ยท

    Yes John, the ROT RUNS DEEP. Doctoring Loan Applications is a fraud perpetrated on the borrower who has no idea this phenomenon is taking place internal to the Bank/Lender. Prevention of such activity is precisely why we have laws to protect consumers.

    The borrowers are spruiked to actually create thousands of so called "investors" to inflate the realty bubble even further and then: bubbles on top of bubbles. The borrower is at immediate risk from losing a home they owned and have NO DEBT on.....until spruiked by the bank's agents.

    Yes shareholders are also being kept like mushrooms. This is the very reason why ASIC has been called as the subject of a Senate Inquiry for the first time in our regulatory history. The 380 plus submissions demonstrate the losses in the banking sector, suffered by borrowers. So, these mainly older people, owned their own homes and now will be turfed out in the street and homeless and bankrupted within four years of meeting the "nice man/woman" at the bank or its agent.

    Yes the same Model of Lending Deceit caused the GFC. Our own AFC is just about to implode...........................and we have amassed all the evidence required as proof of exactly how this evil banking practice materialised with ASIC looking on and doing nothing. First fraudulent LAF here and in New Zealand was in early 90's, straight after the Savings and Loans revelations in the US in the 80's. Loan Fraud developed from that era. Our Major Banks are 30 - 40% owned by America. The big four own 85% of these incidious practices.

    All will be revealed. 

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

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