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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: More mainstream outing of LAF fraud: The wild card is Banking. Nick Hubble

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Extracts from "Book in a Volatile Market"  by By Nick Hubble • January 23rd, 2014 The Daily Reckoning

..." The wild card is banking. Our story on LAF manipulation is likely to get an award for the slowest viral story ever. If you don't remember, mortgage brokers and bankers have been manipulating people's Loan Application Forms. They put a '1' in front of your income when you apply for the loan, turning $50,000 in to $150,000. And that makes the $500,000 loan affordable.

--Nobody knows how common this is for sure. But the little evidence there is tells us that it's big enough to cause a financial crisis in Australia. If the story gets out, that is. That's because, in Australia, unlike in the US, Europe, and UK, borrowers who take on the banks can end up with a house and no mortgage. The banks have to book the loss on the entire loan because the lender should never have approved it. They don't even get access to the mortgaged house they thought they had as collateral.

--News.com.au and the Australian Financial Review picked up on the story today. They reported on the mortgage brokers going to jail and ASIC's investigations. The story included the whopping lie that the banks don't know this is happening. The truth, according to the whistle-blower who has personally cancelled more than 200 mortgages because of LAF manipulation, is that the banks teach the brokers how to manipulate the LAFs to get loans past lending standards. The British inquiry into the financial system found that this had happened in the UK.

--If somebody in the mainstream media realises that a good chunk of Australia's mortgages could be wiped off bank balance sheets, there could be interesting ramifications. A lot of Super funds and investor brokerage accounts hold a lot of bank shares.

--In short, Australia has just about all the risks a country headed for trouble might have...."

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  • doyla66
    doyla66 Tuesday, 28 January 2014

    Duped

    Amazing when you think that Nick Hubble being basically the only person in the media who has understood and reported for so long the dirty ways that the banks and lending institutions plus ASIC have gone about this terrible evil scheme to manipulate mortgage documents through fraudulent means and intentionally fleece and ruin the lives of every day Australians, and all in the cause of making obscene profits. I think it has taken all this time to expose the cover up as most people did not think these morons would stoop that low and surely we would have had a system in place that would stop such a crime. Of course we all know now that there was and is a systems check in place called sleepy lazy ASIC but the problem there is they have been too full of their own importance for so long and far too closely aligned to the industry itself. Wining and dining with the very people they are supposed to enforce the law on, is a recipe for disaster. With the movement and knowledge now becoming apparent, hopefully more of the media will have the balls to write and report on the wilful blatant crime that if not stopped immediately will ultimately ruin the Australian economy. Banks should start paying out post haste, while they can and limit the fallout because if they don't no one will ever trust the industry again and also if left unchecked any longer could see the demise of them with greater payouts. Time is ticking so get on with it.

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