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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 slam JON DENOVAN (Gadens)

Posted by on in Consumers Fight Back
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Dear Mr Denovan  (copy to Senators Economics Committee of Inquiry: : Banking POST GFC

You say there is no legal requirement for loan assessment.

Wrong answer Jon….and you are on the Board of COSL? And Gadens do the lion’s share of the mortgages our Members are attempting to extinguish?

Our advice is that the Bankers Code says the rights under the Code are additional to law. So the assessment under reg A25 is an additional warranty the bank gives you. In laymen’s terms the Bank is happy you can afford to repay.

To assess, these Bankers/Lenders must look at the LAF. If they do assess on EVERY occasion in Low Doc Loans, like us, they will SEE a mix of handwriting.

The Banker/Lenders MUST also vet the details with the borrower. A phone call would have been appropriate, yet banks chose NOT to phone customers to check income as a “standard industry practice” according to RHG correspondence.

Therefore we say, just like the RMBS, it invalidates the security, because the security has been obtained by fraud and being obtained by fraud, the security holder is not immune from rectification.

Have a nice day!

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Comments

  • doyla66
    doyla66 Saturday, 20 October 2012

    My ING Bank scanned LAF copy clearly presents 3peoples handwriting & unauthorised "white-out" altering it's true construction!!!

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  • doyla66
    doyla66 Saturday, 20 October 2012

    After reading his publication - one is left questioning his integrity, morals, ethics and character.

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  • doyla66
    doyla66 Saturday, 20 October 2012

    Given the fact that he is on the board of COSL and has such a biased opinion - shouldn't he be made to step down due to conflict of interest. Given his public statement - he certainly should not be on the board and clearly can not be placed in a position of trust or with the expectation of giving an unbiased opinion.

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Guest Saturday, 15 August 2020