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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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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 Supp Submission to #156 in response to ASIC supp sub 45.1 now on Senate website

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Time for some light reading.  Our BFCSA supplementary submission # 156.1 responding to ASIC's criticism of our work contained in ASIC supp sub # 45.1 is now online and a public document enjoying Parliamentary Privilege.  

I suggest you absorb the set of recommendations we have listed in the interests of consumer protection.  ASIC refuses to regulate the Banking Industry. ASIC goes after the little fish, the Brokers, who are paid by the Four Big Bad Bank Lenders.  

ASIC and I agree on one thing:  Only 3% of brokers are rogues.

My question to ASIC:

Why is it that 100% of Loan Application's that we have viewed are FRAUDULENT?  Are 100% of Brokers crooks?  No of course not!

ASIC is treating the public with contempt as if we are all sub-moronic.  They know the Banks are the Engineers of the Service Calculator - we call this TOOL the "fudge the income figures calculator."  The Calculator is a Banker made tool and is distributed to all Brokers nationally.....and with passwords supplied by Bankers to utilise its pensioner income is switched automatically to $180,000 p a by the computer, not the Brokers.

The Major Banks and other Lenders all have acted as a CARTEL to use same method, same payment to broker system, same stationary and same CALCULATORS to engage in inappropriate lending activities, including to now say vital documents in the client file are MISSING or SHREDDED, only 4 years in to a 30 years loan.  Really?  Yes, a wonderful profit making machine for bankers who wish to tap into your home equity.

If you are about to ask for a MORTGAGE (Low Doc or Full Doc)  don't do so before you have read the BFCSA supplementary submission.

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  • doyla66
    doyla66 Friday, 24 January 2014

    funny that... when we received our LAF copies $180K was listed as our income also.
    Our broker has told us he had destroyed all out files last year, under instructions, but would not tell us by whom..... and when we were in his office a few years prior there were stacks of paper files on his desk relating to us... now they are all gone apparently! We still have a current mortgage too.
    And FOS wants consumers to provide all the evidence!... but happy enough to take the banks word as the whole truth and nothing but the truth..

  • doyla66
    doyla66 Friday, 24 January 2014

    We the victims can vouch for what Denise has written in her submission.
    ASIC better start telling the truth.
    We have proof, the reason most of us did not go ahead and send information to ASIC is because they stated
    investigating our complaint would not be in the public's best interest.
    Can ASIC please explain how it would not be?

  • doyla66
    doyla66 Friday, 24 January 2014

    Maybe we should all be asking for our LOAN AGREEMENTS as opposed to our LAF'S mine certainly makes for interesting reading, and I also have in my possession a copy of the certification from the solicitors,which states a totally different Trustee and Lender to the one one we signed.All done without our knowledge or authority.
    Surely if original documents are destroyed while the loan is still active,then by law they can't ( the banks that is) prove that the loans ever existed. Hence no documents,no loan!!!!! Just a thought.

  • Denise
    Denise Friday, 24 January 2014

    Here is a BIG CLUE. Ask the Banksters for their copy of the SOFP that they relied upon to APPROVE your loan!!! Can you hear the GASPS in the wind? So Banksters want a recent SOFP? OK So Banker Wankers can hand over the old one first! Statement of Financial Position. Also ask for Lender agreement with Originator "we the originator warrant any deal where fraud is found in the LAF" Bankers set up the Originators to take the FALL IF FRAUD found! So why are bankers not suing the Originators? There was fraud on every document created by Bank engineered service calculator. You also want a copy of their LENDING POLICY GUIDELINES at the time you signed. WE at BFCSA are just warming up!!! [email protected]

  • doyla66
    doyla66 Saturday, 25 January 2014

    Don't know how I will sleep over the long weekend for am so looking forward to Tuesday when I will call and ask the question fully aware of what it means for knowing and asking direct questions is always the best way to catch them off guard but only if you are fully aware of what you are asking! All this SOFP and FOS and COSL and ASIC stuff is worse than learning the jolly roger code of old of when one only had to learn 26 meanings from A for apple to Z for zebra. Probably all part of the plot to turn the english language into bankster code to bamboozle people!

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