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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: US Government Cover-Up mirrors Australia - ignoring Mortgage Fraud

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The FBI has written that any discussion of the crisis that ignores the role of mortgage fraud is “irresponsible.”  But instead of prosecuting fraud, the government just continues to cover it up.”     Partly sourced from


“The FBI estimates 80% of all Mortgage Fraud Involves Collaboration or Collusion By Industry Insiders."  Here in Australia its run by the Bankster Cartel of the Major Four Banks plus Mortgage Mackers.

BFCSA can confirm that it was fraud by the big banks world wide –  which caused the global financial crisis  and, at the expense of the ordinary Mums and Dads trying to get enough nest egg to retire on, or  a few extra dollars for those on a pension. Here in Australia, the same fraud exists on a massive scale.

Macquarie Bank  Allan Moss told 1000 Planners in Sydney in 2005: “Target Asset Rich and Income Poor.”  Then all Planners went out with the target plan to spruik for ARIP’s……”as a new $50 billion market, said Macquarie,   I was there front row as a guest…………….Then I realised at that very moment, what this was all about.  I realised why the Government then and now, refused to investigate these crimes…..the executive and the public service had been captured.  Simple as that, and three years prior to the magical for some, GFC.

 Mortgage Fraud Australian style was at the expense of the ordinary Mums and Dads trying to get enough nest egg to retire on  OR a few extra dollars for those on a pension.  Allan Moss told 1000 Planners in Sydney in 2005: “Target Asset Rich and Income Poor.”  Then all Planners went out with the target plan to spruik for ARIP’s……”as a new $50 billion market, said Macquarie,   I was there front row as a guest…………….Then I realised at that very moment, what this was all about.  I realised why the Government then and now, refused to investigate these crimes…..the executive and the public service had been captured.  Simple as that, and three years prior to the magical GFC.

All Mortgage Low Doc loans were fraudulent, which means that there were billions of dollars worth of fraudulent mortgage loans, known as liar’s loans in the USA.  Credit Suisse estimates that these represented 49% of new originations by 2006.  

Within two years market share shifted to above 80% by Major Banks in Australia.  Even minimal underwriting of the loan files was sufficient to detect the overwhelming majority of such fraudulent loans.  The Australian Prudential Regulator and the RBA and the Australian Office of Financial Management failed to detect the fraud....or did they know, were fully briefed and covered up.  How could they not know if they properly audited the RMBS Income Stream packages and why do both Major Political Parties in Australia refuse to hold a Royal Commission?

"No honest, rational lender would make large numbers of liar’s loans."  We agree!

 The epidemic of mortgage fraud is so large that it hyper-inflated the housing bubble, which allowed refinancing to further extend the life of the bubble and the depth of the ultimate Great Recession...same as The Great Depression attributed to Goldman Sachs.

I have often said:  The bubble can be pricked by the Banksters at a time of their choosing: watch for the magic sign.  The refinancing stops.  Well guess what?Australia is in the third month of that phenomena.  How do we know?   Our BFCSA Team work at grass roots level and not from corrupt ivory towers.

 In the cases where there have been even minimal investigations senior lender officials were aware that fraudulent loans were gobbling up asset bases of Mums and Dads who had worked 25 years to own their own home.  They were debt free.  Then within the next seven years of meeting a Bankster and/or its agent, they entire home and nest egg was gone!  Of course its a conspiracy to defraud.  

The lenders could not make an honest business out of selling overwhelmingly fraudulent mortgages.

Fraudulent Mortgages were done for the usual reason – they optimized fictional short-term accounting income by creating a “sure thing."  If the mortgage market was a horse race - we would deem the same activity as being Race Fixing.

Banksters made loans to borrowers whom they knew couldn’t really repay because the heads of the banks could make huge bonuses based on high volumes and fraudulent appraisals, and they didn’t care if their own companies later failed.  Ask Ian Narev, Mike Smith (ex), Allan Moss, Gail Kelly et al.

Remember the orders here in Australia: “PUMP UP THE VOLUME”

Remember my words to Parliamentary Hearing by the Senate 8th August 2012: "not a clean loan amongst them."

In short, Banksters were looting their institutions and the economy as a whole. It puts a new spin on Bank Robbers, does it not?

 Citizens should be crying out: "Hold a Royal Commission, harness these Banksters to the witness stand."    I will bring in the evidence, I will provide the problem!!!!!  If I am wrong then jail me.

History demonstrates that if the Engineers of Fraud get away with their criminal behaviour, hiding the crimes as they go, then we can expect more of the same.

By allowing the banks to use their political power to gimmick the accounting rules to permit them to hide their massive losses on Mortgage Fraud we have made it far harder to take effective administrative, civil, and criminal sanctions against the elite frauds that caused the Great Recession. Hiding the losses also adopts the dishonest Japanese approach that cripples economic recovery and public integrity.

We the people need to use our vote to wipe out the political parties who is part of the cover up.   Their failure to appoint regulators that prosecuted the heads of the Major Banks are the prime reason we have massive Mortgage Fraud here in Australia.  What would you rather do:  lock up the Bankster Bandits or reward them?   

In the USA and in Australia and most likely other countries..... save for Iceland...... no CEO of a large, non-prime specialty lender has been convicted of running Mortgage Fraud Institutions.  No-one has even been charged.  Why is that?

Are we so laid back here in Australia that we do not care?  I think this will have the opposite affect on Australians.

Wait till these blokes and gals come flying over the tops of the trenches............. As a nation we may be laid back at times but, we get a bit peeved when we realise we have been lied to by all those elected to Govern............for the past two decades.

These Banksters have crippled the future for the next two generations and beyond.   Hands up all those who wish to reward them?  Not I said the lion................

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  • doyla66
    doyla66 Thursday, 04 April 2013

    APRA,RBA, AOFM Failed to detect the fraud,hmmm Banksters pulled the strings,the governments are but puppets in the Banksters hands.Government did fail,they are just plain dumb!

  • doyla66
    doyla66 Thursday, 04 April 2013

    It's so disheartening to hear one more "we acted in good faith" comment by the banksters.and politicians. Rubbish!!
    We want to see significant changes in our politicians attitude. The Australian people have clearly been short changed.

  • doyla66
    doyla66 Friday, 05 April 2013

    As one of the mom's and dad's who had a nice, small, affordable mortgage with only 6 years remaining on a 25 year mortgage (even though we only owned our home for 6 years at that time because we paid extra to pay the principal down), we were silly enough to refinance our mortgage originally to get a better rate and borrow a bit more to pay off some debt. But to our surprise, even after being knocked back by 2 other banks, one came to the party and encouraged us to borrow more than what we wanted. We foolishly followed the advice of the bank manager, who was also the mortgages and loans manager, and took out a big fat mortgage and now 7 years later after struggling continuously for those 7 years, we may now lose our home. We could not afford the new mortgage when we took it out and cannot afford it now. How does this happen? A bank cannot legally give someone a loan if they do not have the means to repay it. Yet this happens every single day. Something must be done to prevent more families going into bankruptcy and or losing their homes. But when will the government look at this as a serious legal problem? When we all go on welfare because we have lost everything because they turned a blind eye? Why were Bank Managers who knew the risks and consequences and did not explain to us, allowed to approve illegal loans?

  • doyla66
    doyla66 Friday, 05 April 2013

    Dear Sadie,

    the bank managers new what they were leading you into, but because they are concerned with the monthly targets and the relevant commissions, they do not give a shit! They are happy buying renovating multi million dollar properties in the leafy suburbs or beach side suburbs and it is not in their interest to tell you any thing.They attend enough training seminars and conventions to know how to stitch up and tie up the client (sorry sucker), whom is probably thinking this fellow across the table wants my best interest.What they want is your equity in your home and the rest of your assets and sadly these bastards get away with it because they will never see the inside of a prison and learn to actually do things with their hands rather than just push a pen and screw people. A Royal Commission is very will be welcome in the financial and banking sector, where thousands of hard working people have or are being" raped " financially by banksters.

  • doyla66
    doyla66 Friday, 05 April 2013


    What is the mind set of the two political parties, they would know exactly whats going on but to sit back and let the banksters continue this scam without a peep out of them, beggars belief. They are just as corrupt as the banksters. Sooner rather than later they will be flushed out of their comfort zone and go down in history as the worst pack of politicians that ever represented the citizens they have been elected to serve. For god sake, grow some balls and admit we have one huge problem facing this country, call a ROYAL COMMISSION in the banking industry now before its too late. Banks must be punished for their insidious crime.

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