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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: The Australian Sub Prime Scandal: Michael West, SMH, the Age; Monday 3rd June 2013

Posted by on in Consumers Fight Back
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AT LAST THE BIG REVEAL - Use above LINKS to Evernote

Michael West and the Sydney Morning Herald have broken the barriers in revealing the nature of our concerns with the Major Banks and Low Doc Lending.  We simply asked Mr West to report both sides of the argument:  “is the evidence we have collected, merely marketing, or are there more sinister signposts to wide spread looting of homes and assets by the use of Low Doc and Full doc loans?”

We are asking the public to be the Judge, in the absence of any assurances by Government to agree to a Royal Commission into the Banking Sector.

The results of BFCSA’s investigations over the past four years can at last be revealed.   With the assistance of Michael West, the SMH and our voluntary team, the final pieces of the jigsaw will be revealed this week.    Despite the Australian Securities and Investment Commission (“ASIC”) supporting the Banks’ explanations of why the spike in Low Doc complaints, it is clear to all our Members those loans were being made as asset-lends to people who least could afford a mortgage. 

Asset Rich Income Poor people (“ARIP’s”) were being targeted by the Banks.  Older citizens and baby boomers who had finally paid the last payment on their home loan after 25 years of scrimping and saving were about to lose their homes within seven years.   Why?   If there was nothing sinister about the loan products then why didn't the banks place a piece of paper in the bank windows saying “we do low docs here?”  Why use the highly complex, terribly expensive Broker Channel….making the product the most expensive in the world, if not for banks to avoid liability?  Banks took no risks and taxpayers may well have to pick up the tab for this folly.

Were the Regulators doing their job in a satisfactory manner?

Has there been a systemic cover-up? 

Are Australian Banks above the Law and a protected species?

Why have no bank executives been questioned or charged?

Were Brokers set up to take the blame for the intended fall-out?

Why is there a political reluctance to suggest a Royal Commission into the Banking sector? 

And the all important question: -

If our documents, our investigations  and the pieces yet to come, suggest wide spread looting has taken place, where do we as a nation, go from here?

Emails between the army of Business Development Managers and Credit Assessors delivered to the estimated 20,000 broker network, show patterns of alarming processes that were clearly and intentionally engineered by the Banks.  Why and on which level?  Quite simply, the Brokers could not have dreamed this one up on such a majestically grand scale.  Most brokers do not know each other.  Neither could the BDMs.

The Scandal emerges when the emails are viewed in a whole of matter approach.

BFCSA supplied these emails to ASIC in February with the regulator suggesting they had a team of experienced people pouring over them and concluded they are “just marketing.”

In the public interest we have decided to open up our files for everyone who has an interest to view all documents uploaded to date:  250 emails,  100 LAFs (and 300 over the next few days)  ASIC letters and so much more.   Just follow the LINK to our documents………………….

If you have experienced mortgage pain and believe your Loan Application Form was tampered with.....join us.

 

As promised, BFCSA Members will be collectively holding their own online Royal Commission into the Banking Sector.  This email address is being protected from spambots. You need JavaScript enabled to view it.

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Comments

  • doyla66
    doyla66 Sunday, 02 June 2013

    Wikibfcsa-leak has a nice ring to it!!

  • doyla66
    doyla66 Sunday, 02 June 2013

    Noice :)

  • doyla66
    doyla66 Sunday, 02 June 2013

    Brilliant, Denise! Laugh or cry, they can't ignore us now :-o

    How about Bankgate or Mortgage-gate?

    How about the evidence? What a shocker!
    As if the LAFs from the Banks weren't bad enough.
    Read the ASIC emails - oh dear!
    And ASIC think that's "marketing" ?? - remind me never to go to ASIC for business advice! I could end up with a haircut instead!

  • doyla66
    doyla66 Sunday, 02 June 2013

    Simply BFCSA O'Gate

  • doyla66
    doyla66 Monday, 03 June 2013

    Yes.... Noice alright!

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