What BFCSA Does...
BFCSA investigates fraud involving lenders, spruikers and financial planners. Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal financial products, however, these loans can leave the innocent customer homeless within seven years. For the past two decades, Ms Brailey, President of BFCSA, has been a tireless campaigner, championing the cause of older and low income Australians who have fallen victims to banking and finance scams. She has found that people of all ages have become victims of faulty lending products and anyone who has one of these financial products risks losing their home.
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Whistleblowers' Corner!
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Denise Brailey
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 in Australia. Our work is entirely voluntary in the spirit of community concern and justice.
BFCSA President Denise Brailey raises the agony of FULL DOC LOAN infection
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The apathy of economists right now is galling.
I do not know what I have to do next to ring out the bells on the Village Green that the Tsunami Wave of debt has already landed on our graceful shores.
The previous blog from JJ suggests we cannot be certain deceit has entered the mainstream mortgage market, but perverse incentives are evident right next door.
As I answered the Senators' questions in Federal Parliament in Canberra (8th August) one thing was of concern for everyone present:
What if my dire warnings, based upon the evidence BFCSA presented to Parliament are correct? The corruption of Low Doc Loans and the Australian property markets by bankers, intent on casting blame on borrowers and brokers in order to avoid their own liability, is one key issue.
However, the question remained: had that same infection reached the FULL DOC MARKET inhabited by at least 36 Banks and Non Banks including the four Majors, namely Westpac, CBA, ANZ and NAB?
I sent a survey to all my BFCSA Members: the results are in.....from a healthy sample of 700 Members, 10% of their loans were doctored by Bank Managers (no Brokers involved) and every one of those Loan Application Forms ("LAF") contain grossly exaggerated incomes.
How is it that every dirty loan was created with an IDENTICAL 80% LVR?
Did Low Income families all wake up on the same day and decide to borrow 80% equity? Of course not!
An even more horrific key indicator of corruption of the banking and finance system:
How did every exaggerated income figure, entered onto the clients LAF, after they signed and without their knowledge or consent, contain an income that matched the affordability figure required to FIT the 80% LVR lending criteria? On every Loan? Are you kidding me?
This revelation is FACT not fiction. The only FICTION going on is the RBA, APRA, ASIC, AOFM and Treasury Bods, all on song telling the Senators: "There are no systemic issues in the Banking sector."
The Senators suggested if the FULL DOC LOANS were also tainted by the same IMPRUDENT LENDING practices, that could be the catalyst for a Royal Commission. Well we have just arrived at that moment.
In my 20 years career in delving into white collar crime in Australia and exposing some of the biggest and most notorious scams to date, this Bankster Scandal eclipses anything I have brought to the Parliamentary Table in the past.
Over $100 Billion of loans are suspect and the full doc market is reportedly worth $1.2 Trillion. There were no audits, according to the AOFM yet the Australian tax payers have unwittingly purchased products that are more than likely riddled with fraud.
Clearly, the Government cannot profit from a fraud. Yet despite this being a FACT, no-one in Government can supply accurate figures of how many loans are of this ilk are bundled into RMBS packages that we have now purchased or, committed to purchase a staggering $25 Billion.
Even if "only 10% of FULL DOCS are tainted, as the BFCSA survey suggests, that adds up to $100 Billion of fraudulent full doc mortgages plus $100 Billion of Sub Prime Low Docs.
A Royal Commission must be called for as a matter of extreme urgency.
Denise Brailey
President
BFCSA(Inc)
This email address is being protected from spambots. You need JavaScript enabled to view it.
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Comments
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Tuesday, 02 October 2012There is 3 systems and I will send you the research and information I have. This is the underhanded way they use in an attempt to bankrupt individuals. It involves tax issues fraud of the ATO by the banks and is unregulated and has no accountablity. There has been a lot of people coming forward from various sectors dobbing in the banks about this practice. Quote from one research.
"ASIC has declined to act. In February 2009 the Committee launched an ‘Inquiry into
Financial Products and Services’, product of the collapse of Storm Financial Limited;
but the terms of reference were constrained from investigating ‘possible systemic
malpractice in the banking sector’. In its report, the Committee rejected claims by the
CBA (and other banks) that their involvement was at arm’s length, but dissolved bank
culpability in the Storm crisis with mild reproof.49 It appears that the accounting
system utilised by banks following default of business borrowers will remain opaque
into the indefinite future."
49· L Mehan likes this comment. -
Tuesday, 02 October 2012
Maybe we need to to write a letter to APRA, ASIC and ATO who obviously know about theses shadow ledgers, (evidence is provided they have have been informed previously numerous times) and ask why they have not done anything about it and give their response to Senator Williams. This area needs addressing. Also publish their response in the newspaper.
· L Mehan likes this comment. -
Monday, 15 October 2012After apperaing on the 7:30 report informing people about the actions taken by Macquarie Business Development Managers, http://www.abc.net.au/7.30/content/2012/s3588975.htm I was lied about by Macquiare on their website
http://www.macquarie.com.au/mgl/au/about-macquarie-group/news/2012/20120913a Cliaming that I had declined to waive my rights and allow them to respond!! I was NEVER contacted by Macquarie!! They attempt to discredit ME by lying about me. . . . . The wat Macquarie treats truth, honesty and reality is shameful. -
Monday, 15 October 2012
shameful lies!!
After apperaing on the 7:30 report informing people about the actions taken by Macquarie Business Development Managers, http://www.abc.net.au/7.30/content/2012/s3588975.htm I was lied about by Macquiare on their website
http://www.macquarie.com.au/mgl/au/about-macquarie-group/news/2012/20120913a Cliaming that I had declined to waive my rights and allow them to respond!! I was NEVER contacted by Macquarie!! They attempt to discredit ME by lying about me. . . . . The wat Macquarie treats truth, honesty and reality is shameful.
There is 3 systems and I will send you the research and information I have. This is the underhanded way they use in an attempt to bankrupt individuals. It involves tax issues fraud of the ATO by the banks and is unregulated and has no accountablity. There has been a lot of people coming forward from various sectors dobbing in the banks about this practice.