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BFCSA
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MORTGAGE
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What BFCSA Does...
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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Finance Broker-Adelaide-Allegation of Major Fraud
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ED: Police in each State have investigated a few brokers over fraud. However, they soon realise ITS THE BANKS. Few charges are ever been laid against Finance/Mortgage Brokers for this reason. When disingenuous ASIC said to go and report endemic fraud to Police - they knew the State Police cannot investigate matters relating to the Banks and they know from experience the Banks refuse to co-operate. Australian Federal Police refuse to investigate, quite simple because the Australian Government has not raised the flag and ordered a full investigation. Every regulator must be aware of the Big Bank Elephant in the room but no-one wants to go near the systemic problem.
"7News has learned police are investigating allegations of fraud against an Adelaide finance broker"
http://au.news.yahoo.com/video/national/watch/17485977/major-fraud-against-finance-broker/
A little investigation has shown musical office has been played of recent times.
Mort
Last modified onComments
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Friday, 07 June 2013
Lisa, banksters spend their ill-gotten gains on $21m+ penthouses in 'Bondi Pacific' to investment banker Will Vicars & Goldmans Sach’s Anthony Miller securing a penthouse in 'Hastings' North Bondi project.
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Thursday, 06 June 2013
Well, in the Brokers defense they may be able to argue that the practice of application manipulation was wide spread and the banks turned a blind eye.
Just an observation, it is very plausible the number of Lo Doc Loan manipulations is larger than every one realizes, as many mortgage holders would not be aware 100% LAF's were subject to fraud They may NOT be in financial difficulty. YET!! -
Thursday, 06 June 2013
If this were just widespread broker application manipulation then the insurance should pay out the problems caused by the loan. This includes stress, suffering and other damages as appropriate to compensate injured parties.
If there are more than 50% affect lo doc application manipulations to ensure the loan approval then the brokers and/or Banks have some explaining to do. There are different types of manipulations.
Then there are the bank staff loan manipulations. Bank staff would also know that loan applications are legal documents and should be countersigned and/or initialled for all alterations. Bank staff would know they could be done for fraud for altering a legal document without authority after signing.
All up some estimate the loan application manipulation/errors/inaccuracies/alterations/fraud mix figure as high as 100% across all lo docs.
The government pulled out the their next lot of RMBS investment, even though it was a good revenue generator for them.
A compliance system from the beginning could have prevented much of this loan fraud mess.
Were QA/ISO systems applicable to this sector of the industry or any of the FSPs? If not how did Australia's FSPs trade with their international counterparts back then?
Thanks Mort
What about all the brokers and financiers in the evidence letters?
Regulators and law enforcement entranced, shocked into stupidity, or ordered to ignore the evidence and do nothing?
Interesting ...
Australia in for a major shake up ...