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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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Article in the Herald Sun, Sunday 19th January 2014. Sophie Elsworth. Desperate homebuyers are signing up to mortgage products with little or no deposit saved -- and in some cases taking out loans of more than 100 per cent.  In what some experts fear is a return to dangerous ways, some lenders are luring customers with no saving to take on hefty loans and become swamped with debt. Analysis of the nations home loan market by financial comparison website Mozo found dozens of products available to customers where they need virtually no money behind them to purchase raising concerns of whether they could repay the loan.  The maximum borrowing borrowing capacity is 120 per cent -- more than the value of the property, allowing borrowers to consolidate other debts. But some lenders do require guarantors to secure the loan.  Mozo spokesperson Kristy Lamont said there were mortgage products on offer that...
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  • doyla66
    doyla66 says #
    Forgot to add I watched today the lasted CEC report from 17 January which says mortgages propping up our banks are leveraged by 50
  • doyla66
    doyla66 says #
    Yes indeed shattered dreams and not just for our generation who have their homes stolen but the next and the next and the next....
  • doyla66
    doyla66 says #
    Organza isn't this a sad and sorry state of affairs. Young peoples dreams wrecked. Empty streets. You just have to take a visit
  • doyla66
    doyla66 says #
    I am beginning to feel I am living out a nightmare. Had a call yesterday from a cousin who bought into a new estate on the outski
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What is the remedy for all those who KNOWINGLY fed off this monstrous period in our nation's history of WHITE COLLAR CRIME gone rampant through the Banking & Finance Sector. So how do we punish these morons that thought it OK to capture Government and all to do with their own personalized GREED.  Preying on defenseless people you targeted pensioners and low income families) who trusted your insane strategies touted as good economic management to get ahead into comfortable retirement, instead of satisfied with low income: Trust Me I am  Banker!"  NO MORE.  You coveted their only asset THEIR HOMES.  You Bankers were acting as a CARTEL: same stationary, same model of business, same chains involved, same database of directives, same use of BDM's, same governmental meetings, same targets ARIPS, same asset hunger, same greed, same contracts, same law firm, same lobbying techniques, same protection rackets........................better than any bikie could dream...
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  • doyla66
    doyla66 says #
    It's going to be a busy time if lawyers who cover up crime are in for it. In some areas of Australia not only is covering up by la
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My own GP and staff will be asking their bank on Monday - "Where is my copy of my LOAN APPLICATION FORM ("LAF") its only 11 pages and we are entitled top a copy as it contains our signature?"   Whether FULL DOC or NO DOC dummy loans dressed up as LOW DOCS........ no-one has copies................... Ask teachers at the local school:  "Have you got a mortgage and if so were you given a copy of the LAF when you signed?  No?  Then ring up and ask for a copy.  Be prepared for a shock." Ask your local garage mechanic..................your colleagues..............your grandchildren's swimming coach......................neighbours.............your dentist, have their children got mortgages?  Ask: Do you have a friend with a mortgage? They will all say:  Thanks for the TIP.  No-one has a copy of the LAF in their files........................ 2014 will be the year of everyone demanding a copy...........................so start becoming very busy BFC'er. If...
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  • doyla66
    doyla66 says #
    Once I did have 2 – one with ANZ and one with Colonial – Colonial stolen with my wallet and somebody went on a fast spending spree
  • doyla66
    doyla66 says #
    and what about being tricked into thinking you can TRANSFER ALL debt from old credit card to new one at reduced rate for limited t
  • doyla66
    doyla66 says #
    When my house was proving so difficult to sell I went in to talk to my Bank Manager for funds were then running low and despite tr
  • Denise
    Denise says #
    A little known secret.............All Major Banks were flogging credit cards and several bank staff members of FSU complained to t
  • Denise
    Denise says #
    My Comment: Hopefully the Police will go after the Lender internal staff who approved the loans. Its takes two to tango. Some bad
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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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My files are FULL of evidence from people with legitimate claims of Maladministration in Lending amongst the Major Banks - registered as FOS members.  No-one better tell our members there is not a problem in Australia.  At least BFCSA was on the money when it told all members to demand the FAXED copy of the Loan Application form.  A key INDICATOR OF FRAUD IN THE BANKING sector materialised when NAB WESTPAC, ANZ and CBA started to SHRED DOCUMENTS.  Yet the Australian Securities and Investment Commission bleated to Federal Parliament they could find no evidence of fraud!"  Corrupt or incompetent?  YOU be the judge. ASIC hands out licences to FOS and COSL: the External "Dispute" Resolution Services (EDR's), controlled and funded by Banks.  ASIC therefore say "we do not investigate consumer complaints!"  No-one does.  Fraud is being treated as a "dispute" and the fraud is supposed to be investigated by the lazy...
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  • doyla66
    doyla66 says #
    To Government, ASIC, APRA, Aus. Federal Police, FOS and COSL, wake up and smell the roses. The banking cabal have caused destructi
  • doyla66
    doyla66 says #
    All these questions are legitimate and as Aussies we are all entitled to answers. If everything was above board at FOS this would
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