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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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Prime Minister: Crisis looming in Welfare because of massive Bankster Fraud in Mortgage Loans.

Posted by on in Corruption Exposed
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Dear members

One of the advantages of being medically retired is we have time to spare, it wasn't planned that way but life doesn't run according to plans.We envisaged in retirement to do the grey nomad thing and travel around Australia by towing a van, we were financially secure and owned everything. Our plans would revolve around my health but we knew if any thing happened while travelling that I would be looked after being covered by DVA.

We only invested because a work colleague who was getting spotter fee's unbeknown to us, steered a broker our way, he played the old you can't help your kids physically but financially you have equity locked up in your home not working for you, and like the rest of you the rest is history we had fallen for the spiel.

The internet has opened up a whole new world of information to us, its like FOI freedom of information on a mass scale. The EDR's FOS and COSL state they are overloaded with cases, I would dearly love to know what is the actual number of cases on file including those waiting for allocation of case managers. I don't know who will speak on the EDR's behalf but when the Senators ask " how many cases are on your books and how many relate to LAF fraud allegations". This question has to be asked  as over a third of Senate submissions relate to this.

This debacle has to be sorted out post haste. How many victims of LAF fraud were self funded retiree's or business people who have lost everything and now depend on government support. The Coalition are screaming we can't afford a $70 billion dollar a year welfare fund, well its only going to get worse as the bankster engineered loans implode and the victims are forced to go on welfare.This morning I read an item in " The Advisor" where an industry professional states that property in the SMSF market is an oversold strategy and could wipe out the retirement savings of trustees, the other day this online magazine stated over$75 billion of SMSF money has been invested in property and is going to boom for years, agents trying to make quick and large commissions are inundating SMSF advisers with property listings.

But "BROKER" beware in the online mag IFA  Independent Financial Adviser a consultant and auditor Frank Smith told IFA a number of law firms are targeting the financial advice sector for litigation revenue, including  t.v. advertising in Victoria. No wonder the poor brokers are suffering from PTSD, yes folks that's right since the GFC its taken a toll on the broker community, this article is also online in today's online IFA. Its so bad a psychologist a Dr Jack Singer PhD has written a book for them to help out, its called " The Financial Advisers Ultimate Stress Mastery Guide."

Everyone is on board this gravy train to make a quick buck, everyone is a winner except the consumer. People want certainty in their lives so they can plan ahead, can you remember the old days when super was a sacred cow and couldn't be touched, we knew where we stood and what we were entitled to, now we are subject to market changes and whatever the powerful men in suits dictate.

 The government has to step in and regulate the banks again, people must be allowed to invest their retirement savings into safe guarantied funds or accounts and without all the commissions, account keeping fee's and all the other charges that are gouged out of the consumer. The consequences are huge if no action is taken,  there will be so much money allocated to welfare that other government expenditure will suffer due to the shortfall in funds. Even Medicare will notice the difference because self funded retiree's have private health cover, so its a flow on effect.

P.M. Tony Abbott for once stop listening to the banksters and their yes men and avoid ASIC at all costs at present and listen to the people there is a crisis looming and its the banksters fault and they will drag you and your government down if you don't address the problem. Thanks Neil T.

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  • doyla66
    doyla66 Saturday, 25 January 2014

    Yes indeed there are advantages to being medically impaired and/or financially impaired or jobless and (not because of not trying) for we do have ample time + untold experience + untold combined skills they all certainly lack and are most certainly are not the fools they all perceived us to be. All we needed was time to work it out and that is exactly what they unwittingly gave us and now they are all realising the folly of their ways for this has become one hell of a storm in a teacup and one can bet they are now all running scared. Doing silly things like shredding documents re-reading from old worn out scripts and a whole lot worse will very soon boomerang back with a wallop and bite them all in the bum! Mr. Abbott should be up there on stage in Davos with the big stop sign saying sorry Australia is closed for business and all evil influence AMEN. By the way where is Greggie hiding? Oh no - surely not having a spell in Iosco country teaching a new song to his cheer squad!

  • doyla66
    doyla66 Saturday, 25 January 2014

    I'm starting to think the superannuation we are made to pay into is a big scam as well !!!
    It doesn't matter what you invest your money in anymore, you are likely to end up with nothing and on pension.

  • doyla66
    doyla66 Saturday, 25 January 2014

    Duped

    Couldn't agree more with you Neil, I only hope Mr Abbott reads the blogs on this site because if he did he would have no alternative to back the victims of bank mortgage fraud to the hilt. All the bank and non bank lender CEO's had better wake up fast and start paying out whatever their victims of fraudulent laf's demand as compensation.

  • doyla66
    doyla66 Saturday, 25 January 2014

    Organza, last week Gerry Harvey was on the Richo show on Sky, he stated to Peter Reith and Richo that politicians have no idea whats happening in the real world. He stated I have stores in every major city in Australia and how people live and spend day to day gets sent back to him, he stated by the time information is gathered for the pollies its filtered, collated and condenced into a form they can understand and by the time that happens months and months have elapsed. Peter Reith was clearly uncomfortable but was giving cursory laughter at Gerry Harvey's barbs.While Tony Abbott is telling the world Australia is open for business Gerry Harvey stated its hard to run a succesful business in Australia especially if your starting from scratch, the chances of failure are higher than those for success.If the P.M thinks business will be our salvation he's in for a big shock, strong leadership is the first step to salvation and the government controlling the economy NOT the banksters is the next step in the right direction.

  • doyla66
    doyla66 Saturday, 25 January 2014

    Yes Neil and therein lies the real problem. The trouble with Politicians is these days (aside from Senators) they are all career Politicians who have absolutely no idea what goes on in the real world aside from where many are recruited from and there are so many layers within by the time any news finally reaches the top it's too late and any experienced business person like Gerry Harvey is treated as if only interested in his own well being by the media (and because that is what the media are instructed to do of course). I found a lot of sites a few days ago where it was stated that 1600 hundred people applied for 36 jobs in Maryland in the US in an icecream factory! Not much different to how it is here either and I know for had been trying right up until the bitter end when ANZ pulled the plug with that foreclosure letter to find a job. Funny thing is I even applied for some with the Government and I still keep getting email alerts from them re new jobs on offer BUT that's all done to justify their own existence for all Government advertised jobs are already filled from within and they have to follow their own internal processes and be seen to advertise. A very close friend of mine in Qld. tells me her daughter who is very well regarded and highly experienced in HR is almost reduced to tears when new jobs come in knowing she has to follow the process and interview untold people well aware there is no real job to fill and these days not just within Government! Takes the mind back to the days I lived in Canberra when Hawke was in power and all the scandel then going on and how all one was ever asked at social events was what Dept. do you work in? What Grade are you? Most of them then lived in cuckoo land and at all of the training courses I conducted (hundreds of them) I used to have to listen in breaks to them all moan how unhappy they were with their jobs. I used to butt in and say well if not happy leave and the replies were always the same - gotta wait until my long service is due - just applied for a new position in a different department ............and then I found out they were all locked in and not able to sell up and move back to where they had been transferred from for part of the then deal to move to Canberra was half price mortgages! Only saving grace for me during that time was knowing I was NOT a public servant and instead only there being well paid trying to teach them a few new skills in areas I was experienced in and they were not. Looks like I failed dismally didn't I?

  • doyla66
    doyla66 Saturday, 25 January 2014

    Organza, you didn't fail, they were just to thick and stubborn to learn new ways because they think they already know everything.

  • doyla66
    doyla66 Saturday, 25 January 2014

    Took me 3 years to figure that out and then I went back to work in finance for a short until the 1987 crash after which I fled the ACT back to home territory where I got another well paid job in Finance and saw a lot of shonky things going on within that industry which shocked me. All problems I am afraid date back a good few decades but never too late to put on the brakes and reverse the process so long as somebody in the position of power to do so is brave enough. The real truth is that too many of they in control have been brainwashed into thinking they are above suspicion and have acquired a taste for juicy apples and are more worried about themselves and their own reputations. One can bet that's why none will come clean until forced to and it will happen just as it happened to us when we all had to face up to things we had been purposely blinded to and would prefer to not even know thanks to their ineptness and shiftiness from obeying orders to keep their own jobs. Can't wait to hear all the excuses when all comes out "after the fact" for while some will escape many will become bagmen. The one glimmer of hope with Mr. Abbott is at least he gets on his bike and mingles with ordinary people and can (or could) be brave enough to call a spade a spade but then again funny things happens to them all once elected into any position of power and an alter ego seems to always take over and then rather than do as they should they turn into either a mute blue tongued lizard or a red fire eating dragon!

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