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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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Weekend Australian - Low doc fraud rampant in boom

Posted by on in Fraudulent Loan Apps
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Page 6 Weekend Australian Anthoy Klan reports on class action for victims of the $3 billion Storm Financial collapse - lawyer said he had reviewed "hundreds" of low-doc loan application forms and the practice of fraudulently inflating borrower incomes was standard.  He said in almost every case borrowers were handed just one page of a larger document to sign and financial planners or mortgage brokers would later fill out the remaining page relating to a borrower's income.

"There was no provision for a signture where there was provision for information and there was no provision for informtion where there was a provision for a signature."  "It's the case with applications involving almost every bank.  It seems they set up a system where they could make someone else appear responsible"

Absolutely - this is precisely what happened to us and I'm sure it's what happened to all you folks out there swimming in this ocean full of sharks with us.

 

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  • doyla66
    doyla66 Saturday, 11 August 2012

    Thank you Anthony for bringing this all into the light. PLEASE kep going!

  • doyla66
    doyla66 Saturday, 11 August 2012

    LAF=Annexure to Loan Offer/Contract&banksters deliberately abandoned initial each page best practice > WHY indeed????

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