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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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Four Corners: Happy Banking?

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Back in early 2008, the Australian economy was going well. With the property market booming many businesses took out loans from Bankwest, a small but aggressive lender based in Perth.

Then came the GFC. With its parent company in Britain facing dire financial problems, Bankwest customers began withdrawing money from their savings accounts. The Reserve Bank was worried and the Commonwealth Bank saw an opportunity. Moving fast the Commonwealth took over Bankwest for the bargain basement price of $2.1 billion.

From everyone's point of view, including Australia's central bank, it looked like a good deal. But what happened next shocked customers.

Aware that the GFC was driving down property values and slowing the economy, Bankwest's new management did an audit of loans. Valuations were re-assessed; businesses called to account and in some cases loans were terminated.

The Commonwealth Bank says both it and its subsidiary acted properly at all times - but did the bank act too harshly? Could some of these businesses have been saved?

Four Corners talks to a developer, a couple who dreamed of owning a holiday motel as a retirement nest egg and a publican who ran the classic country pub. All thought they had a bank they could rely on - but all lost their businesses.

Read Full Article Here: http://www.abc.net.au/4corners/stories/2012/04/05/3471045.htm - Note: When ABC website opens, click the buttons marked,  'Show transcript' and 'Show background information' to get all the information about this story. It's a very interesting interview with Luke Saraceni.

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  • doyla66
    doyla66 Saturday, 11 August 2012

    That was a powerful program. I can't help but think that just showing the stories, like the eviction scenes on prime time TV, without the documentation, numbers and facts can actually negate the power of the story. There seem to be two strong "bank" attitudes amongst the public that I've encountered this week:
    - The victim stories are so very bad that there must be another side to it, something must have "caused" the banks to behave in a manner that defies belief.
    - The banks are so powerful that they won't change and our government lacks the will to take them on.
    It was depressing chatting with people who see the situation as hopeless.
    By contrast this site is so strong and positive!:)
    We can and we are making a difference, whether other people believe it or not.

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