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BFCSA
MORTGAGE
DISTRESS SOS

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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BFCSA Blog

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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Subscribe to this list via RSS Blog posts tagged in ABA Failures
  http://actuaries.asn.au/Library/1400%20Langton-Wickham.pdf     5th Financial Services Forum  Renovating the Financial System  13 and 14 May 2010 Sydney   Current Issues:Super Benefit Projections,Web-calculators and Fee Disclosure Benefit Projections Working Group  (printed) Benefit projections Web calculators Fees and costs Olden days ISC circulars 2003ish FSR advice / Calculators withdrawn 2004 IAAust Guidance 2005 Web calculator class order 05/1122 July 2008 ASIC consultation paper 101 April 2009 IAAust GN revised 2009 July 2009 Intra fund advice class order (09/210) Oct 2009  ASIC consultation paper 122 / Draft RegulatoryGuide Jan 2010 Australian Govt Actuary consultation April 2010 Cooper –suggested compulsory projections as part of MySuper     Benefit Projections -proposed ASIC rules (CP122)   • Printed Statements (not calculators) • Voluntary not mandatory • Relief from advice requirements Corp Law • Once a year with Benefit statements • Doesn’t apply to DB(?), SMSFs, ERFs • Prescribed assumptions • Some standard disclosure eg: • today’sdollars...
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  • doyla66
    doyla66 says #
    Denise, I think rigging the game is the equivalent of Bank risk management. Certainly in investing, which includes property buying
  • Denise
    Denise says #
    Yes Transformer. Exactly like rigging the horse race - setting the outcome prior to race finish and then running home with the pr
  • doyla66
    doyla66 says #
    These could be questions for the Financial Inquiry, if anyone there gave a hoot about consumers .... If Banks can predict the perf
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RICKO - Posted on Friday, January 24, 2014 Don't doubt yourselves fellow BFCSA Members you know the truth, I know the truth, Denise Brailey discovered the REAL TRUTH and our Government not just the present one but the one before that and the one even before that knew the REAL TRUTH. The problem being is as organza stated this news is leaching out to the rest of the world now even making a Shanghai newspaper and it wont be too long before the whispers become a shout and our Government is going to great lengths to make it look like they are in control of the situation. Nothing could be further from the truth.  Our Government is even going to the effort of setting up what to all intent and purpose looks like, on the outside, an investigation into our Banking and Finance Industry. Not at all. In fact it is...
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  • doyla66
    doyla66 says #
    Humpty Dumpty sat on a wall................
  • doyla66
    doyla66 says #
    Hi Change it was Westpac that duded us, sorry to confuse you but I am answering for Ricko as its not accepting his email to blog f
  • doyla66
    doyla66 says #
    Riko, interesting comment. I was wondering which bank duped you?
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If you have complaints against La Trobe, we want to here from you.  COSL are doing nothing regarding the ones that have already banked up.  I seem to recall reporting La Trobe for peculiar transactions in 1999, via letters to the ASIC Chairman, the Tas Law Society and ASIC Commissioner in Tasmania.   Hmmmmmm I more than likely have kept those files.  You probably have shredded yours. BFCSA Members are starting to appreciate the value of data-banking....................................the collective strength in swapping information, documents and also exchanging stories of experience with these lenders. Non Bank lenders are starting to explain they do not adhere to the Australian Bankers Code of Practice............well Mr O'Neill you ought to explain the HIGH RISKs of unregulated lenders and products to customers BEFORE they sign up with a non bank lender.  Same thing Treasurer Joe Hockey warned last year................................ Now that may not be profitable for business, but it...
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  • doyla66
    doyla66 says #
    I am in a battle with La Trobe. Does anyone have information on La Trobe such as copies of fraudulent documents that they could se
  • doyla66
    doyla66 says #
    we are with La Trobe latest with cosl is the end of the year. trying to get LMI forms to prove more altered figures
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ASIC banks broker over fake approval letter ED:  So why did ASIC FAIL yet again to lay charges against the Bank Staff who approved the loan?  Those who failed to check the validity of the letter?  Hello?  One phone call could have averted this disgraceful situation!  ASIC bleat that its not corruption....so what is it?  The Bank approved an imprudent loan based upon a fake letter so where is the justice?  The bank engaged in Maladministration in Lending.  One Perth Broker did not cause this Tsunami of Debt.  The CBA have thousands of similar loans. ASIC know that as FACT.  Mr Chu should turn whistleblower on an industry out of control.  This email address is being protected from spambots. You need JavaScript enabled to view it. by Australian Broker | 17 Jul 2013   A Perth-based mortgage broker has been permanently banned from engaging in credit activities after an ASIC investigation found that he had falsified a letter stating finance approval had been provided for a client.Eric...
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  • doyla66
    doyla66 says #
    Denise will know exactly who I am talking about. The Melbourne based Broker/Company Managing Director was given a SEVEN YEAR BAN b
  • doyla66
    doyla66 says #
    ASIC takes the role of gatekeepers very seriously. People who do not take their obligations seriously will be removed from the ind
  • doyla66
    doyla66 says #
    Peter Kell and ASIC have only done half the job. Why no charges against CBA staff who approved the loan that resulted from Mr Chu
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What a great day for all consumers of mortgages across Australia. No wonder Steven Munchenberg is "confident the banks are not involved in the Inquiry"  The ABA has been obviously given assurances........  it's the bank influenced uplifting Terms of Reference that could be a worry for consumers.  However BFCSA members will send a record number of submissions ever received by Parliament in the past. The performance of the Australian Securities and Investments Commission Terms of Reference The performance of the Australian Securities and Investments Commission (ASIC), with particular reference to: (a) ASIC's enabling legislation, and whether there are any barriers preventing ASIC from fulfilling its legislative responsibilities and obligations; (b) the accountability framework to which ASIC is subject, and whether this needs to be strengthened; (c) the workings of ASIC's collaboration, and working relationships, with other regulators and law enforcement bodies; (d) ASIC's complaints management policies and practices; (e) the protections afforded by ASIC to corporate...
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  • doyla66
    doyla66 says #
    WOW 999 HITS on this blog as at 11 am EST... and counting
  • doyla66
    doyla66 says #
    ASIC doesn't really care about the consumer they just refer complaints onto FOS and COSL who in turn just side with the banks and
  • doyla66
    doyla66 says #
    That's the impression I have as well. ASIC FOS and COSL are just a formality. Like the judge will say "did you try to resolve the
  • doyla66
    doyla66 says #
    I would love to have been a fly on the wall in the offices of ASIC after the grilling by Senator Williams. Wonder what will happen
  • doyla66
    doyla66 says #
    I was thinking the same thing, Jean. As mad as it sounds it would not surprise me if Kell said to his staff "that went well" and a
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For the Head of the Australian Bankers Association to suggest the Senate Inquiry into Australian Securities and Investment Commission is not about the BANKS is a key indicator that the ABA is corrupted or stupid.  He cannot have an each way bet on this appallingly gross Australian Mortgage Low Doc Scandal. If there were "only" 1,200 victims of the LOW DOC FULL DOC scams in Australia, the 30 Banks and Non Banks would have immediately moved to use their petty cash reserves to discharge everyone of the LIAR LOAN Mortgages and defuse the public scrutiny.  The truth is there are possibly 200,000 of these hideous loans out there and 18% of these toxic loans are FULL DOCS arranged by Bank Managers and internal staffers.  The ABA simply just sits there and GULPS! Of course the Inquiry into ASIC is only the first step in releasing long hidden information as to why...
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  • doyla66
    doyla66 says #
    Pity Mr. M. isn't like Pinocchio and every time he told a lie his nose grew longer. He would be tripping over the wretched thing b
  • doyla66
    doyla66 says #
    I doubt that Munchinberg in his high position is ignorant of banks repossessing homes. i think he is well informed but chooses to
  • doyla66
    doyla66 says #
    Sent today to ABC TV re ABA Munchenberg interview on ABC Breakfast Show. *** If you would like to comment on this you can do so
  • doyla66
    doyla66 says #
    I also put the link to BFCSA on the bottom of the email. Fingers crossed ABC will get onto Munchenberg, NAB and give us a fair go
  • doyla66
    doyla66 says #
    I remember emails and phone calls with the ABA. Didn't want to know me.
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