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BFCSA
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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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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 around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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BFCSA Submission to Finance System Inquiry up online - edited by Philip Soos

Posted by on in ROYAL COMMISSION URGENT
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At last our BFCSA submission is on the FSI website and my personal thanks for Philip Soos for his editing and experience.

http://fsi.gov.au/files/2014/09/Banking_and_Finance_Consumer_Support_Association.pdf

cut and paste the link into word document and it will lead you there or paste into google

 

also read:

Bubble Economics: Australian Land Speculation 1830 – 2013, has been published through the World Economics Association website, at http://www.worldeconomicsassociation.org/books

 Philip Soos and Paul D Egan

This book is free and on our website, re mortgages see chapter on fraud “3.6 The Emergence of Fraudulent Mortgage Lending” can be found on page 621.

 

 

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  • setup
    setup Saturday, 06 September 2014

    Thankyou Denise for a well written report. Everyone should read it - Denise has put a lot of time and effort into it.
    We are all so fortunate to have this Financial System Inquiry enabling everyone to tell their story.
    So i hope that every single member has sent one in.
    I for one am looking forward to the final outcome and hope that it brings about the much needed cancellation of all fraudulent loans.

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  • kddeed
    kddeed Saturday, 06 September 2014

    Interesting read Denise.
    We have been told by our Bank Manager that the finance on our 30 year interest only loan, plus buffer, for an investment property in Queensland was approved on the basis of our incomes at the time, but Westpac should never have approved the loan in the first place given that we were in our 60's. We have also obtained a property valuation from the bank which valued the property well under the loan value, yet our application was still approved.
    We finally received our LAF after putting in a complaint to FOS and it appears intact though I don't quite understand the pages on negative gearing assessment and serviceability assessment, but then I'm not a Bankster. Another page under 'property investment loan', it says "decision required - AIP or Full and in the Rocket Investment Loan section the broker has written "FULL" and put in a loan amount for over $200k above the loan value (?) and term for 30 years. We have wondered if our loan really was in fact a LIAR LOAN, but after reading page 621 in the Bubble Report, I believe we have been victims due to the following excerpt from the report which reads;
    "The issue arises when the property’s value is less than that of the mortgage. If the mortgage is recourse, the
    lender can pursue a deficiency judgment against the borrower to make a claim on their remaining assets. The intent of recourse mortgages is to encourage conservative borrowing and minimise bank losses, as the lender can begin legal proceedings against the borrower if they default and the property sells for less than the outstanding debt liability. Recourse lending is therefore asserted to limit risks to lenders and the financial system as a whole".

  • kddeed
    kddeed Saturday, 06 September 2014

    Another interesting article in the West Markets in todays Weekend West; "Buffers no bother for true believers". Well we are the dummy "bunnies" that were led to believe that our property prices would go up and we would have a comfortable retirement!! We have had tenant problems, lower rent problems, maintenance problems and in 2 years our property is now worth over $100k less than we owe the bank. When are the other "sharks" going to be made accountable for their LIES - investment companies and their brokers? Bring on a Royal Commission into them too, I say!!!!

  • kddeed
    kddeed Saturday, 06 September 2014

    Further to the above re Bubble Report, do banks allow us to sell our investment properties at a loss and then try and repay the loss by other means, or another mortgage (God forbid) or would it be their excuse to take our own home which was the equity for approving the 30 year interest only Rocket Loan? Sorry if I sound naive but I'm new to all this. We need some advice on which way to go about this, do we try and sell now or wait and see IF the value of the property goes up? If anyone can offer any advice it would be greatly appreciated.

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