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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: RHG "SCROOGE OF THE YEAR 2013" causes grief for family at Christmas. I hope they tell RESIMAC about their DESIGNER IMPRUDENT LOANS

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RHG's solution to solving their TOXIC LENDING policies is to say "we will settle for X dollars by offering a new IMPRUDENT LOAN."  Even worse the lawyers for RHG knew that FOS (the Financial Ombudsman Services) close for business out of respect for the festive season.  RAMS Home Loans Group has just sold out to RESIMAC.  I hope the guys at RESI know what a mess of toxic lending has been left behind.  I hope they read about it in RHG 's infamous "fine print."

RHG decided to write to a family with five children, knowing the ill health of the husband.  The allegations are the usual: fraudulent Loan Application Forms, no regard for the Bankers Code of Practice, Maladministration in Lending, asset lending, etc.  

RHG's legal counsel delivered a letter by email 48 hours before Christmas to suggest a TAKE IT OR LEAVE IT OFFER....and by the way "we want an answer within five days."  In other words whilst FOS staffers are on a short festive season break from all the toxic RHG loans they have had to deal with the past year and seven previous years.  The fact that this was in contravention of the EDR agreements not to have direct communication with the borrower.....but then RHG regularly flout the laws, and any agreements in our experience.

The most concerning thing of all was the attempt to intimidate the family whilst FOS was away from its desk..........Who does such a thing?  Well RHG does.

The next thing was to trump up a figure of settlement the subject of the take it or leave it offer, and then suggest they can offer The Basic Home Loan package to accommodate the DEBT, knowing the payment plan was unaffordable and in contravention of the Bankers Code.

Do you believe RHG offered these people a second IMPRUDENT LOAN, one that the family could never hope to repay and have them mired in DEBT for the rest of their days.  One parent is recovering from cancer.

RHG lives in hope that the EDR's will allow them to PROFIT FROM A FRAUD and ignore the INTENTION TO DECEIVE bit.  

Our Christmas Award for SCROOGE OF THE YEAR 2013 goes to RAMS HOME LOANS GROUP.....loading up as many citizens in a lifetime of DEBT HORRORS as they can possibly lay their hands on.

WELL DONE CHAPS.  We will be coming after YOU in the New Year.  

BFCSA Helpers are a bit exhausted with all the extra work you have caused the past 5 years,  but we will be back in a respectable time frame.  We have sent a copy of your offensive and diabolical letter to FOS.   This email address is being protected from spambots. You need JavaScript enabled to view it.

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  • doyla66
    doyla66 Tuesday, 24 December 2013


    Wipe the debt and pay for all losses. What a pack of clowns. Classic case of RHG willing to give a loan through fraudulent means and trickery so wear the losses and move on.

  • doyla66
    doyla66 Tuesday, 24 December 2013

    Seems to me all Lenders know ASIC will never be taken to task and Joe has now confirmed so in reneging on promises made proving he is either too gutless or helpless to do anything for his boss is the RBA and now he is Treasurer he has to obey orders. Self-securitization now running even more rampant albeit with a bit of a twist thanks to a convenient loophole in Basel III means it’s going to continue to happen to the point there will be many victims they will have to round them up in cattle trucks. May they all choke on their Xmas turkey!

  • doyla66
    doyla66 Tuesday, 24 December 2013

    Banks pay for past sins as US, Europe levy record fines WHAT HAPPENS WHEN REGULATORS REGULATE

    . and European regulators fined banks record amounts this year, imposing penalties and settlements of more than $43 billion as authorities work more closely across borders to clean up the financial sector.

    Banks in the United States and Europe are paying for misconduct that includes mis-selling U.S. mortgage bonds, rigging interest rates, and risky transactions such as JPMorgan's "London Whale" trades.

    Regulators across the globe are making banks dig far deeper than in the past for their misdeeds, led by U.S. authorities who have long been more aggressive and imposed penalties more than 10 times those meted out in Europe.

    (Read more: Chase to raise limits on cards affected by Target breach)

    Fines and settlements paid to U.S. federal and state authorities have cost banks more than $40 billion this year, according to Reuters estimates, led by JPMorgan's record $13 billion payout last month to a number of regulators for mis-selling mortgage bonds.
    Peter Foley | Bloomberg | Getty ImagesJPMorgan & Chase Co. signage outside of the company's headquarters in New York.
    European authorities handed out record fines of more than $3 billion. The bulk was due to the European Union's anti-trust regulator's record 1.7 billion euro ($2.3 billion) fine this month against six financial firms for manipulating Libor and Euribor benchmark interest rates.

    Two trends are clear: Regulators are slapping bigger fines on banks in an effort to clean up standards; and regulators appear to be working better with each other as they all strive to get a piece of any payouts.

    "The level of cooperation and coordination between international regulators is an increasing threat to regulated firms," said Richard Burger, partner at British law firm RPC.

    "There is enormous political pressure on every single regulator to be seen to be taking their pound of flesh when there is a regulatory failing that crosses borders," he said.

    Many firms are also more willing to settle early to avoid political or public backlash and there is more reporting of misconduct and whistleblowing, industry sources said.

    (Read more: Why America needs big banks: Dick Bove)

    That is likely to leave banks facing the prospect of more big fines and settlements next year.

    Banks still face scrutiny over a long list of issues in the United States, and when the European Commission imposed its interest rate settlement it vowed to keep probing rate-rigging.

    Rising tide

    Britain has fined banks and other financial firms and individuals 472 million pounds ($772 million) this year, up 50 percent from 2012 and the third consecutive record year.

    Almost three-quarters of the payments stemmed from investigations conducted with overseas regulators, mainly in the United States, who also imposed hefty penalties.
    Play VideoBanks speed foreclosure salesCNBC's Diana Olick reports sales of bank-owned or REO homes accounted for 10 percent of all residential property sales in November. Britain fined 45 firms or individuals, the lowest since 2009, but the average payment jumped to 10.5 million pounds, almost double a year ago and nine times the average of 2011.

    Tracey McDermott, the British regulator's head of enforcement and financial crime, said firms had been told they needed to take a long term view about how to serve customers and markets and the fines levied were part of achieving that goal.

    "The financial services industry has to move on from a culture where it rewards revenue generation above all else," she said.

    Few other European countries levied fines. The Swiss financial regulator brought in 6.1 million Swiss francs ($6.8 million) from the disgorgement of profits from two cases, and the Dutch Public Prosecutor fined Rabobank 70 million euros ($95 million) alongside a settlement with U.S. and U.K. authorities for the manipulation of Libor.

    Rabobank's payouts showed how countries differ. The bank paid out 774 million euros in fines—three-quarters sent to U.S. regulators, 16 percent sent to Britain and 9 percent was for its home regulator.

    (Read more: Banks could sue over Target breach)

    Payments in the United States are swelled by the large number of watchdogs involved, including national authorities such as Fannie Mae and Freddie Mac, the National Credit Union Administration (NCUA) and the energy market regulator, as well as individual states.

    JPMorgan's mortgage bond settlement, for example, included a $2 billion civil penalty with the Justice Department, $1.4 billion to the NCUA, $4 billion in relief for consumers, and payouts to five states, including $299 million for California and $20 million for Delaware.

    Its U.S. rivals Bank of America and Wells Fargo have also paid out billions of dollars and European rivals UBS, Deutsche Bank and Royal Bank of Scotland have also had hefty U.S. fines.

    —By Reuters

  • doyla66
    doyla66 Wednesday, 25 December 2013

    Seems every low day is followed by one that picks you up by the bootstraps - yesterday despair on finding out about self-securization - today a nice bright cheerful Xmas pressie from a site in South Africa with 140,000 members - here is a snippet cut and pasted from the link
    So if our constitution is akin to theirs it's time to come out with both fists fighting as a certain PM seems to have lost the ability to do -

    Moral Implications
    When faced with the implications of this information, here are the most common concerns:
    “This is just a loophole that will be simply be closed by the banks.”
    “You borrowed money, so you must pay it back.”
    “This will bring down the banking system.”
    “You cannot get something for nothing.”

    Firstly, this is not a loophole. It is a legal, factual and Constitutional right. To “fix” this in the banks favour, the entire South African legal structure would have to be re-written from the ground up, beginning with the basic and most fundamental principle of contract and common law: be honourable in your agreements.

    Furthermore, to generate funds, an SPV sells the securities on the local and international bond markets and stock exchanges. As such, there is no arms-length agreement between the bank and the investors, nor is there any relationship between the customer and the investors. There is simply no conceivable way for the bank, who has divested its right and title to the asset, to obtain a judgment. And any investor who gambled in that stock or bond did so fully at their own risk. So what we have here is a casino where investors are betting on the fact that the South African people are so apathetic that they will continue to make their monthly payments to the bank, plus interest, purely on the basis that they feel morally obliged to do so.

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