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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: We salute the Jenman Agents - Shame on ASIC - "not in public interest"

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I have read a few posts on this blog discussing brokers as agents for the lenders. i don't know much about that but I came across this and thought it might be of use. It's a court decision where the lender Permanent was held responsible for the agent Streetwise..hope it helps:

http://www.bdl.com.au/index.php/Commercial-Business-Law/the-liability-of-financial-lenders-for-unjust-loan-contracts.html

ED:  Yes it was Ms Brailey who originally gathered those people together in 2004.  She briefed the lawyer and handed over 12 arch files of documentary evidence of proof of dirty loans from 50 families.  They raised funding from the Jenman Group for 3 families.  The generosity of the Jenman Agents to uphold truth is legendary.  Those families were dedicated RECA Members and are now BFCSA Members.  

The family appeared on Sixty Minutes in 2005.  Denise also reported the Streetwise Scandal involving some 187 families in 2003.  ASIC responded with letters to ASIC Chairman from Denise, as President of RECA,  stating: "there was no evidence ...........not in the public interest............."  ASIC turned up at the court case with "brochures in the public interest in 2009.  How embarrassing can they be?  Judge was unimpressed   Case went on to High Court with Firstmac using deep pockets to defeat these three very ordinarily and decent families and ASIC sat back and watched the processes stating they had an "interest" in the matter.

Bring on ROYAL COMMISSION into ASIC and the entire Banking System and their agents............................

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Guest Wednesday, 02 December 2020