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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: Press Release: 28th Nov 2012

Posted by on in Fraudulent Loan Apps
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PRESS RELEASE:  

Banking and Finance Consumer Support Association (Inc) 

 

BFCSA (Inc) Condemns Senate Report For Failing To Call For A Royal Commission Into the Australian Banking Sector.

 

28th November 2012.  Award-winning consumer advocate and President of the BFCSA, Ms Denise Brailey, says the Senators’ decision not to recommend a Royal Commission into the Australian banking sector is a crushing blow for the thousands of people, including pensioners and retirees, who have become victims of bank fraud and lender maladministration, relating to Low Doc and No Doc lending.

 

The Government cannot profit by fraud and the public must be assured, that what it has invested taxpayers’ money in, is not tainted by fraud, that it is secure and that the securities had been checked before the RMBS tranches were purchased.  

 

The validity of the loan application falsification remains unknown, in relation to the Low Doc mortgages that comprise 10,000 to 13,000 of the entire Government holding.

 

Evidence presented by several witnesses at the August Senate Economics Committee Hearing into “Banking -Post GFC” also raised serious questions about how the banks and lenders determine affordability and as such, the quality of the loans has been brought into question.

 

That is of major concern, we would suggest, to most Australians.

 

Ms Brailey says:  “We are extremely disappointed in the dissenting Senators, but this will not stop our resolve to lobby the government for a Royal Commission into the Banking Sector.”

 

“Over the next few months we will be releasing more and more evidence of the Banks’ duplicity in this scandal, to ensure the public are fully informed.”

 

For more information Contact BFCSA (Inc)

President: Denise Brailey
Ph: 0401 642 344 

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

http://www.bfcsa.com.au/ 

www.facebook.com/BFCSA

 
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  • doyla66
    doyla66 Wednesday, 28 November 2012

    duped

    I thought the gutless senators would go down this track, protecting themselves and their government pensions for life. Obviously protecting their self greed no matter what party they belong to.

  • doyla66
    doyla66 Wednesday, 28 November 2012

    Very sad to see this , Senators want to protect their friends as usual , as well when they don't have votes and get kicked from their jobs they can go and work for the banks , Obama promised before the election that he will solve the sub prime mortgage's and now he eats and drinks with them, the Australian politicians are the same .

  • doyla66
    doyla66 Wednesday, 28 November 2012

    Low-doc and no-doc loans
    1.22 ...from evidence given to the inquiry it is clear there have been cases where loan application forms (LAFs) have been altered after being signed by the borrower. Whether this was by a broker acting to a bank's criteria or a by a bank officer themselves is unproven.
    1.25 It is imperative this issue be addressed.

    Recommendation 4
    1.26 That the Australian Securities and Investments Commission (ASIC) conduct an investigation into low-doc and no-doc loans to determine if loan application forms as held by the Banking and Finance Consumers Support Association have been fraudulently completed. Further, that if ASIC determines that a criminal investigation is warranted, the matter be referred to the Director of Public Prosecutions.

  • doyla66
    doyla66 Wednesday, 28 November 2012

    Why is it that thr recommendations begin at 3.1?

  • doyla66
    doyla66 Wednesday, 28 November 2012

    Because that part of the report is a summary of the key recommendations that come from the main part of the report :-) Go to 3.1 in the main report and you'll see the rest of the recommendations :-)

  • doyla66
    doyla66 Wednesday, 28 November 2012

    Executive summary.
    The key finding of the committee is that an independent, well-resourced and comprehensive inquiry into the Australian financial system IS required.

    Recommendation 10.1
    10.29 That an independent and well-resourced root and branch inquiry into the Australian financial system be established.

  • doyla66
    doyla66 Wednesday, 28 November 2012

    Can they announce two Royal Commissions in two weeks?
    Just wondering whether that may be a reason they went against another one.

  • doyla66
    doyla66 Thursday, 29 November 2012

    Cop outs, denials, empty recommendations, voter blackmail - just the every day Australian political machine in action!

    Could we have expected anything less with a federal election looming (and it's probably closer than you think)? Those pollies are too afraid this close to their christmas breaks to make any decent recommendations. With all the other distractions to parliament, there was no way they would focus their energies on what is affecting mainstream Aussies. So, one senator recommends nothing until after the election and, only provided they get in. That is voter blackmail in my book.
    The 2 main political parties are both energised on only one matter at present -- themselves, their own self-righteousness, their own agrandisements! Dealing with a sub-prime, fiscal cliff hanger or profiteering from fraud is beyond their comprehension. After all, they are running this country aren't they? Really, who is kidding who? The pollies are just puppets & patsies to their party room brawls/caucus/call it what you like -- that is where the primary influence really is.

  • doyla66
    doyla66 Sunday, 02 December 2012

    Govt can "afford" to give ASIC an extra $100 million but can't afford a Royal Commission into Fraud.
    ASIC to investigate with BFCSA? So when is Denise Brailey and BFCSA getting paid for the consulting work, collation of data, report writing and 20 years of study? Not to mention whistle blower work to save Australians billions of dollars ...

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