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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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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 ACIS madness
Dear Mr Treasurer, Hon. Joe Hockey We know by experience COSL (Credit Ombudsman's Service to its own Members: Non Bank Lenders), needs to urgently have their EDR licence revoked.  They are incapable of handling consumer complaints and we both know the reason.  FOS will start to deal with a case regarding a Major Bank and then miraculously, the dirty toxic loan time-bomb is hand-balled over to a non bank lender whereby COSL will bury the bodies and even dig the graves. I recall a Hogans Heroes joke where Sgt Schultz announced new underwear, explaining Barracks A would change with Barracks B................And so the Major Banks in Australia are developing the same trail of deceit:  Hand-balling TOXIC LOANS TO EACH OTHER TO AVOID SCRUTINY,  as a ploy to be paid for stealing people's homes via TOXIC LOW DOC PRODUCTS which the Major Banks engineered in the first place. People are being tossed...
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  • doyla66
    doyla66 says #
    notice lately that non bank lenders are being promoted on current affairs shows as "competition" to the big 4?? WAKE UP.. Who do y
  • doyla66
    doyla66 says #
    Well just as I thought I was beginning to understand I find this. Perhaps someone with a brain more wired to understand this kind
  • doyla66
    doyla66 says #
    Wake up Joe the people are speaking, no more cover ups and stamp out this fraud and corruption the banks are committing. The gover
  • Denise
    Denise says #
    I think you should all be writing to Mr Hockey first and ask him to please reconsider the consequences of his actions and appointm
  • doyla66
    doyla66 says #
    Why do we waste our time in this country having elections they are a farcical sham. Both sides of politics are tainted by a whats
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  by Amy Rosenfeld | 17 Dec 2013 AB News:  Bank bashing culture unfair: Lending manager    Australian Broker News is on the Ball.....just read the comments and visit their website.  Its about time Brokers and Borrowers realise they are on the same side and the Banks/Lenders are setting everyone up......everyone with a pulse and a house including the broker families.  http://www.brokernews.com.au/news/breaking-news/bank-bashing-culture-unfair-lending-manager-182455.aspx A bank employee has hit back at the Australian "culture of bank bashing” following accusations ASIC is not doing enough to stamp out fraud in lending institutions.  Last week, Australian Broker reported ASIC has vowed to crack down on fraudulent brokers, and is currently investigating 20 cases of mortgage fraud. Many readers strongly supported the move from ASIC to take down the “rogues” in the industry, but highlighted an apparent disparity between ASIC’s stance regarding fraud in lending institutions compared to fraud in brokerages. The lending manager, who wished...
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  • Denise
    Denise says #
    The time to approach all the radio shock jocks, the documentaries, the editors etc is mid January when the EP's are back at work..
  • doyla66
    doyla66 says #
    members........ email all the current affairs programs your story. email all the radio stations your story. email your local newsp
  • doyla66
    doyla66 says #
    TELL EVERYONE YOU KNOW................. WE NEED A ROYAL COMMISSION IN THE BANKING & FINANCE SECTOR Every single parent will say "
  • doyla66
    doyla66 says #
    WAKE UP ASIC, FOS & COSL.......... you are all in this SHAM together.... "the great australian dream" you are destroying our count
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..watch CBAs slight of hand while it changes loan information and unlawfully takes people's homes - if you or I did that it would be fraud and theft - with the CBA it's standard practice, beyond the law BUT every shareholder of CBA is guilty of condoning the banks behaviour - time they started asking questions - otherwise they are guilty by association - innocent people are losing their homes, their health and there future by fraudulent bank behaviour. ASIC sits like the three dumb monkeys, seeing evil, hearing evil and doing nothing!!!    Ed:  If you are a shareholder and you read stories of fraud in the Bank you have invested in.....what do you think is going to happen NEXT when the whole industry comes under a ROYAL COMMISSION???? LOST HOMES not your problem????  Its everyone's problems including the next generations who may wish to buy a home at some...
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  • doyla66
    doyla66 says #
    “Fairness” RG 139.110 “We believe a scheme’s complaints/disputes handling and other procedures must accord with the principles of
  • doyla66
    doyla66 says #
    Having 3 actions against 2 different banks currently in the FOS system, we have been surprised at the two different methods of ha
  • doyla66
    doyla66 says #
    ABC news yesterday: There is an increase in mortgage defaults, and also an increase in homelessness of aged people! So far the pre
  • doyla66
    doyla66 says #
    We are seeing the greatest con in our country's history being played out right in front of our eyes. Joe Hockey is encouraged by t
  • doyla66
    doyla66 says #
    Well said, Jill. It looks like the lack of appropriate action by government will result in people eventually taking the Law into t
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Bloomberg agrees: Australian Banks’ Risky Loans Fueling House Price Gains By Nichola Saminather December 01, 2013 8:42 PM EST   Houses in Sydney Australia's biggest banks, whose lending standards helped the nation avoid a property crash during the global credit crisis, are raising concern with home loans helping to fuel record house prices. The proportion of mortgages that represented more than 80 percent of a home’s value -- the loan-to-value ratio -- rose in the third quarter to the highest since the second quarter of 2009, data from the banking regulator show. Mortgages in which borrowers pay only interest also increased to the highest in at least five years, according to the figures. The  Reserve Bank s 2.25 percentage points rate reduction in the past two years is luring buyers counting on home prices, which jumped the most in three years in the 12 months through Oct. 31, to extend gains. As the proportion of...
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  • Denise
    Denise says #
    My Dear Captain Haddock, yes its all for my own personal self grandiosement, that I help these people. You are not saying which a
  • doyla66
    doyla66 says #
    Denise, there is nothing here you have not said before. What is the total dollar value of all the loans you have looked at, as a
  • Denise
    Denise says #
    Bottom line Captain: Bankers intended to profit from the widespread effect of the Banker Engineered Fraud known as toxic loans.
  • Denise
    Denise says #
    Ah Dear Captain Haddock, Always a pleasure to spar with you over banks behaving badly, fraudulent lending habits, exaggerated inco
  • doyla66
    doyla66 says #
    Honesty, perhaps because they were not responsible for the fraud? Of course, if Denise was able to confirm the total balance of m
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ASIC IS HAVING A GO AT LAST:  Its has rapped Credit Union Australia over the knuckles re misleading ads.  Did ASIC even think to remedy this conduct by telling the borrowers who have been shafted that they can now extinguish the mortgages if they wish to?  I doubt it.  Wait for all the other tricks in these contracts.   So Lenders will continue to mislead consumers as its a very very lucrative market in the Low Doc Toxic Loans Industry.  Our members KNOW the Major Banks have all been using misleading material to rope customers into borrowing money they cannot afford and using "honeymoon" clauses which are hidden from view.   Consumers are not told to "take the blank contract home with you and get an independent lawyer to look for the "honeymoon trick" clause." As Peter Kell says: "he has been monitoring this "trend" for years.  We know Pete..........................................there is a...
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More fuel for the ASIC fire:    Michael West @his best as eminent SMH BUSINESS COLUMNIST..  It was not a pleasant week for the corporate regulator. As if the revelations of the 16-month delay to investigate the cover-up in Commonwealth Bank's financial services division were not harrowing enough. Then there came news that more than 100 low-doc loan victims who had filed formal complaints of fraud last July had been advised to ''get a lawyer''. Their supporting evidence was ignored.   When it comes to insolvency though, the Australian Securities and Investments Commission responds with the brutal efficiency of Seal Team 6, the special operations force that took out Osama bin Laden.   The disturbing evidence of two-speed regulation comes care of an accounting and disclosure expert from the University of NSW, Jeff Knapp. Documents obtained by Knapp under freedom of information laws show no less than nine senior ASIC people, including...
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  • doyla66
    doyla66 says #
    yaaawn as ASIC deputy Kell spins.. "WE WILL ACT" when expectations are not met & banks fail to provide clear info to consumers.. b
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LM liquidators get boot over conflict of interest   Monday, 12 August 2013 11:55am   By James Fernyhough  |  In Regulatory   FINANCIAL STANDARD   The Queensland Supreme Court has appointed a new receiver to oversee the winding up of LM Investment Management Limited's (LM) failed First Mortgage Income Fund (FMIF) after it found that its current liquidators had a conflict of interest. The new receiver will be David Whyte of accounting firm BDO. The previous LM-appointed liquidators, John Park and Ginette Muller of FTI Consulting, had previously resisted attempts by the Australian Securities and Investments Commission (ASIC) to remove them from responsibility for FMIF. ASIC said it was concerned that Park and Muller were not putting the interests of unit holders of the FMIF before their own when they called a meeting of unit holders in April to change the responsible entity of the fund. Queensland Supreme Court Justice Dalton agreed, saying: "The...
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  • doyla66
    doyla66 says #
    FTI Consulting's MD Mr Dopking formerly headed-up the insolvency division of ASIC 2008 to 2010., contacted ASIC seeking special tr
  • doyla66
    doyla66 says #
    What? Nanna! That's an issue alright. Fancy his admitting it he had NAB shares. Conflict of interest between Trilogy and LM? Did
  • doyla66
    doyla66 says #
    Yes Conflict of Interest is a problem. In our Supreme court appeal the sitting justice made comment that he had shares in Nab and
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The truth is no matter what the broker did on the Loan Application form, he provided the Bank with documentation to show the exaggerated figures calculated by the Service Calculator.  The Brokers was taught by Bank BDM's to write the computer calculator "Speedy" generated figure on the LAF.  Brokers suspected nothing.  The banks told them "you are helping people."  Yet every loan was an identical 80% LVR and the incomes were inflated by the CALCULATOR to match the 80% LVR borrowing "capacity."  This is Australia's sub prime shame, aided and abetted by the regulators. Se the links under "Breaking News" at the top of the home page and see the evidence and documents for yourselves, including the calculator and the passwords." Skippy the Computer approved the loan internal to the banking system.  The system was a fraud. THE BANK THEN APPROVED THE IMPRUDENT LOAN and that is against Banking Laws in...
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  • doyla66
    doyla66 says #
    Am new to this computer stuff,...anyhow, will add name of Money mob in Melbourne and their crooked Lawyers, on par with the notori
  • doyla66
    doyla66 says #
    Our capacity to pay back was zero. Our monthly repayments were $7.000....That's $84.000 per year and we were only earning $23,000
  • Denise
    Denise says #
    Tip off : Inquiry into ASIC imminent - any day now - get your submissions ready - why asic is corrupt [email protected]
  • doyla66
    doyla66 says #
    FOS also says the banks didn't have to check because it was a low doc loan. That's unbelievable for loans in the $100,000s or mill
  • doyla66
    doyla66 says #
    The banks didn't have to check because the loans were lo doc. But the Banks, as lenders, were responsible for the lending. It was
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LEAVE THE INDUSTRY WHILST YOU STILL CAN:  Banks told Brokers "you are our joint partners."  Brokers and Planners were given an AGENCY ID number and also given PASSWORDS to be able to activate and use the actual Bank in house and secretive SERVICE CALCULATOR.  Brokers/Planners used the "ICW" the income calculator worksheet to have the Bank Computer nicknamed "Speedy" work out the NEW INCOME FIGURE for the clients. Broker/Planners and Bank Managers and Officers (The Bunnies) would innocently go online to Bank Calculator Program and type in TRUE INCOME and Speedy would calculate a futuristic income (example $50,000 income becomes $180,000) and Brokers were asked to then write in their handwriting - the new futuristic income - one size fits all.  The document copy shows the words on the Bank Program screen as "DO NOT SHOW COPIES OF THIS TO BORROWER." Borrowers had no access to Speedy - its not the...
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Posted by on in Dumb ASIC
Dear Peter, You know me very well.  You also know ASIC did not ask for the LAF.  Ask Greg Kirk.  I was asked by Robert Allen to bring in THE EMAILS which I drove 400kms round trip to deliver to ASIC Perth.  When I arrived there I was asked "where are the LAFs?" My answer: "You asked for the Bank emails, not the LAFs.  In any case ASIC has over 100 LAFs from those who wrote to ASIC completely detailed formal complaint letters in July last year.  You have been sitting on those documents since July.  You and ASIC are lying to Parliament, lying to Media and lying to Consumers, but what has changed since 2003?  You told Parliament and said again this evening on the ABC NEWS: "there are no systemic issues."  Rubbish. The reason ASIC wanted the infamous "EMAILS" from Bank BDM's to Brokers, was because they wanted to show the...
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  • doyla66
    doyla66 says #
    Denise, you have more patience than most. I personally could throttle some of these people you have had to deal with lately, but m
  • doyla66
    doyla66 says #
    Even if ASIC were willing to take our complaints seriously enough to review their decisions, letters and come up with a better dea
  • doyla66
    doyla66 says #
    How frustrating it must be for Denise talking to idiots and liars. If I was her i'd be pulling my hair out and screaming day and n
  • doyla66
    doyla66 says #
    Denise why wast your breath on such a looser.
  • doyla66
    doyla66 says #
    Love the graphic Gotta wonder tho' - is that the new uniform for ASIC?
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Just saw this and stunned and amazed that our money is being spent on this kind thing, and victims of criminal banking activities are being marooned on an island with no voice other than Denise Brailey's and the members of BFCSA. What do the regulators and government bod's think is going to happen to them when the inevitable Royal Commission begins?  Where will they run to, where will they hide.  But this is classic psychopath mentality.  Too big to be questioned by the 'peasants'.   Thank you to the whistleblowers and ex-banking sector people who are coming forward.  The new year will create an avalanche of undeniable evidence.  Those who had the power of the people to initiate a full-scale investigation into the ciminal banking practises of our banking cabal leaders may be spending there last christmas with their families for a while, because there will be charges, there will be...
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  • doyla66
    doyla66 says #
    It's ironic that you bring up that this is "classic psychopath mentality" because I've been discussing with a few friends how the
  • doyla66
    doyla66 says #
    That is why that figure is rather scary about the amount of funds wasted. The total figure will be much, much higher.
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