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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: URGENT: Dear Prime Minister, Hon Julia Gillard

Posted by on in Political Blindness
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Time to write second letter to Ms Julia Gillard

The Hon Julia Gillard, Prime Minister, Suite MG 8, Canberra ACT 2600, CC: The Treasurer Hon Wayne Swan

 Dear Prime Minister, Hon. Julia  Gillard,

URGENT Call for a Royal Commission into the Australian Banking Sector: 

I belong to the Banking and Finance Consumers Support Association (BFCSA).  It is now obvious, from Member generated collective efforts that there are now over 1100 families who have discovered not only fraud with the loan application forms, but also realise that much of this fraud was engineered and carried out by the banks, most of whom used the broker channel.  Over 10% of us have FULL DOCS generated by Bank Managers and no brokers are involved.

As a citizen of Australia, I am one of your constituents and am gravely concerned that there is an emerging pattern of computer generated loan approvals that strikes at the very heart of prudent lending practices.  All of these loans appear to have been imprudently approved by a computer and credit assessors in all major banks were not asked to conduct verification of the details contained in the loan applications. 

BFCSA has also discovered the widespread practice of targeting ‘asset rich income poor’ people such as ourselves. Bankers referred to us as “ARIP’s” as a target market

The BFCSA website is testament to the widespread abuse in our banking sector.

This state of affairs is not caused by the brokers as was first thought by your   Regulators.  Treasury has been badly briefed by your Regulators on a monthly basis.   

ASIC has admitted the banks are the engineers of this multi -billion dollar scandal.  To say we have no systemic issues in the banking and finance sector is a preposterous notion.  Everything the Regulators have been saying for the past decade flies in the face of Ms. Braileys’ testimony at the Senate hearings into banking – post GFC, on 8th August 2012.  Please read the transcript in order to be fully informed.

The evidence the BFCSA members have uncovered since those hearings prove beyond shadow of a doubt the banks were the masterminds of the incredibly bad lending processes that have taken place.

With all due respect Prime Minister, Monday 18th March Four Corners program highlighted the issues in America that are utterly consistent with the intention to deceive by Australian Major Bankers.   As you would have been advised, American banks own one third of our major banks.

I am one of the victims of this crime and my home is under an intentional attack by our bank.  There is widespread evidence of loan application fraud and as I am one of those victims, I require a formal response from you as Prime Minister as to how the victims of this crime can protect themselves from these banks. 

There are only six cases against banks in our favour as a precedent in this country.  These cases were fully funded by either State Governments in the public interest and, by private interests.  The research for the initial case structure was carried out by Ms Denise Brailey in 2003.   These significant historical winning cases, according to our Judges, show that if a level playing field exists  between bankers and consumers, the consumers would all win their arguments and the Banksters involved as engineers and their obvious criminal conduct would have been exposed long ago.

Our regulators have demonstrated no appetite to fund a case in the public interest: None in the past 14 years.  That situation is intolerable in the quest for Justice for Consumer victims of Mortgage Fraud.

The Civil Courts should not be just for the mega wealthy and used as a tool of deception.  If we are deceived then ASIC’s budget (from Corporation Fees and Licensing) should be utilised for the

Bankers could be encouraged to engage in decent practices IF custodial sentences became the norm for crimes such as our Billion Dollar Mortgage Scandal

It is not acceptable to suggest that Consumers need to be educated when they are the innocent victims of an intentionally deceptive grab for their only  major asset……………their home.   

Banksters need to be educated that they will go to jail for their crimes.  Tough leadership demands tough action against those responsible for the big ticket crime against mortgagors.

To purchase a home with a lending facility from a licensed banker has been the basic tenet of owning one’s home.  We were targeted the moment the bank’s realised we were about to achieve the dream of complete ownership.

The Bank’s strategy was for us to re-borrow funds to invest.  That is the advice we were given and was not our idea at all.  We were effectively paying payments for five years from the bank’s own money and increasing debt with no chance of recovery.  The intend consequence was the loss of our home and the investment suggested to us.  Regulators have admitted such an expose would collapse our Banking System.

We now know 30 year loans were being handed out to the elderly and yet the plan was for the intentional collapse of the loan within six years of the Bankster led “refinance” scam to cover-up  the defaults and lie to APRA.

My suggestion is that all IMPRUDENT low doc loans with fraudulent loan application forms, and demonstrated stark non-affordability issues, must immediately be frozen, whilst a proper Australian Federal Police complaint in every case is thoroughly investigated.  From there we expect a FULL ROYAL COMMISSION with wide Terms of reference into this Multi-Billion  Dollar Australian Sub Prime Scandal.

Yours sincerely,

PS:  Main Stream media is picking up on the seriousness of this matter and you need some properly briefed consumer advisers who fully understand the gravity of the situation.  Over 200,000 families are likely to be infected with TOXIC LOANS: Full Docs and Low Docs.  Close to $100 Billion worth of loans have the potential (probability) of being falsely approved.

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  • doyla66
    doyla66 Thursday, 18 April 2013

    Thankyou Denise - I completely agree.
    The fears and conservatism of government are leaving Australians of all ages at risk. That is not acceptable.
    Remember the bank sword rattling during the Senate Inquiry, designed to put government off increasing regulatory requirements? Did government fall for the ABA nonsense? Has the housing market fallen off the cliff as a consequence of increased capital requirements and regulatory credit changes? Of course not! Our pollies need to power up in the interests of their constituents, not just in the interests of being elected.
    The slowness of government to respond appropriately, both to the banking credit risk and to the crystal clear lack of access to our legal system for those at risk, is unconscionable in 21st Century Australia. Does the government have any real and concrete solutions to this in justice?
    To educate consumers? - more pamphlets, more obscure NGOs to oversee the program, more websites? All appear to assume equality of access to this information. All assume the capacity to read and understand. All assume the ability of the borrower/investor/bank or corporate "victim" to correctly analyse their problem and assess their need for education as a possible solution. It would be more helpful to fund a mortgage fraud reality TV episode to teach consumer protection to mainstream Australia.
    But what about the rest of us, now caught in the web of deceit, acquiring a shock education being caught at the coalface experience of bank misconduct and fraud while dealing with the combined threats of homelessness and destitution? There is only the BFCSA to educate us in a politically unbiased environment without fear or favour of the Banks to distort the truth. Ours are not rare or isolated cases - they are the tip of the iceberg which grew from the poor decision making of successive governments over decades.
    A Royal Commission into Banking has the power to take the message into every Australian home, providing the educational exposure needed to alert Australian Consumers to the truth and the facts based on real life experience - far more effective than another ream of brochures and a new website IMHO.

  • doyla66
    doyla66 Thursday, 18 April 2013

    thankyou Denise and well written Lisa. We have written and posted off our letters today.

  • doyla66
    doyla66 Thursday, 18 April 2013


    In addition to Lisa's comments, the EDR system which has been set up for consumer protection is at best a sham or joke. Completely biased towards their bankster mates. FOS and COSL are protecting the banksters system of fraud and scams, and especially COSL who cannot comprehend with the word fraud, when it is so obvious. Evidence which every member have seen on their LAF is fraud and committed by the banks or their brokers. Undeniable. Why would COSL instantly close a case once they see the word fraud, what do they fear???
    Please Prime Minister rectify these problems with a ROYAL COMMISSION into the Banking Industry now for the sake of all your constituents and future generations. Banks should be held accountable and any EDR system must be fair and unbiased. If it wasn't for BFCSA bringing the banksters trickery out in the open and all the evidence needed for a ROYAL COMMISSION now its time for the Government to act.

  • doyla66
    doyla66 Thursday, 18 April 2013

    Consumers left in the legal wasteland - Time for a serious EDR upgrade

    To simply leave wronged consumers shut out in the legal wasteland is a human rights issue and one that requires real solutions from our government.
    Australia needs an independent tribunal to deal fairly with all loan fraud and imprudent lending cases. Closing the door to genuine cases when there is no accessible alternate solution is a denial of justice. The failure of government to attend to this oversight is deplorable.
    A tribunal is needed with the ability to handle genuine cases that fail the existing EDR rules e.g. due to the size of the loan and the narrow jurisdiction of the existing EDR system.
    To close a file that mentions "fraud" results in the inhibition of a full and honest investigatory process.
    To have different rules in effect at COSL and FOS without a choice as to where a consumer takes their complaint is ludicrous and is resulting in frustration with the process on all sides.
    Either the EDRs, ASIC and the government haven't caught up with reality or they never will under the current funding arrangement.
    Whether the EDRs are actually biased or not, the appearance of bias can be created by EDRs staff competency issues and lack of jurisdictional capacity. The perception of bias or cuts to one of the cornerstones of successful alternate dispute resolution: impartiality. EDRs must strive continuously to remedy this impression by improving their communication skills and expanding their jurisdiction to reflect the needs of Australians ie. justice occurring and being seen to occur through free and fair examination of the case and effective penalties and/or the referral of cases to other jurisdictions where any criminal conduct may have occurred.
    I think it would be preferable to set up an independent Tribunal which, amongst other cases, would absorb the lending complaints and disputes currently handled by the EDRs and ASIC. I would rather pay a small fee to access a fair and independent Tribunal than battle on with the "free" but limited service from EDRs and ASIC.

  • doyla66
    doyla66 Thursday, 18 April 2013

    My COSL case manager said the workload would be too huge to investigate Fraud, analyse handwriting etc and that it's best left to the courts.. or words to that effect.

    I can't see why? It is plain to see - why not look at our bank statement that was submitted with our application and cross reference that to the income that was listed on my LAF (my own copy is blank in that section - somehow I have the original??) and compared to the LAF copy the Lender provided, you can plainly see it was filled in - very overinflated income) and CLEARLY a child could see that it is in someone else's handwriting! Very clear to see fraud COSL... no court needed!

  • doyla66
    doyla66 Thursday, 18 April 2013

    So your case ends up in the too hard basket because of the workload at COSL?!
    Will this result in a denial of your access to natural justice under the present EDR system?
    What sort of professional opinion do they need on the handwriting?
    **I think Fraud may need expert/professional attention for sufficient proof of intention ... Denise's territory. Easier to see when many loans show patterns of behaviour, policy and/or misconduct. Seen one loan at a time it can look like a few administrative errors (just my opinion). That's where the legal bods have gone wrong in the past and EDRs - they see them one loan at a time too. The old ASIC site had investment fraud and deceit case summaries on it ... ASIC appeared to know the patterns to look for ... good reading IMHO.

    Doing my own "analysis" of handwriting - it's obvious on my paperwork too.
    Seeing where a critical sheet/form (information added after signing) has been faxed or scanned more times than the other paperwork - it's paler and harder to read than the rest of the forms.
    Re statements: similar situation.
    Professional people do make errors - isn't that's why they have professional insurance?
    If they think it's someone else's fault/liability they may not check it properly - not acceptable where they have the greater knowledge/higher duty of care/professional responsibility IMO.
    But who designed the Bank Forms and selected the questions? Aha ...
    And who decided what needed to be checked at the Bank and what questions should be asked of the borrower via the broker in the interests of accuracy, compliance and prudent lending?
    Or the real picture on the borrower's understanding when it was all done via fax/email? Way too many assumptions all round.
    Some pretty slack professional work IMHO - and I had to become an amateur sleuth to work out the game plan of the other side. As a fraud my loan is elegant and cleverly planned, but there's no way that I could have masterminded that or executed it. Back then, I was the dumb bunny in the spotlight, stunned by the niceness, help, encouragement and incredible offer. :(

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