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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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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 APRA delays cost borrowers billions
MY COMMENT  This email address is being protected from spambots. You need JavaScript enabled to view it.  APRA has ordered LAZY/CORRUPT ASIC to take a "Bo Peep at TOXIC LENDING!" The moment of truth is bubbling (at last) to the surface.  BFCSA has been gathering victims of unaffordable loans together for years and complaining to three Chairmen of ASIC re these Interest Only 30 year loans sold to pensioner and low income families.  BFCSA have, with assistance from an economist and editor, been explaining the impact for the banking sector to four Inquiries this year.  ASIC read my February report and evidence in chief in Senate Inquiry into ASIC.  Medcraft in denial.  Now after Sept figures they claim they want to give surveillance next year?  Where is the Consumer Protection?  ASIC is conflicted in protecting big end of town with the interests of Mums and Dads left in a closed file - for years.  BFCSA subs to Murray, Fawcett and recently Dastyari Inquiries explain in...
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  • Wayne
    Wayne says #
    Yer....jabaajaabbjarginyabadabadooooooooooo yep that's what we need to focus on, Now wheres my glasses? ASIC= a blind man on a ga
  • organza
    organza says #
    “Compliance with responsible lending laws is a key focus for ASIC???
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Remember when APRA chief told the Senate Inquiry into Banking POST GFC August 2012 "no systemic issues in banking!"  So everyone waking up from slumberland are we?  I will notify the long suffering consumers caught in these diabolical frauds in the Banking Sector. Bring on the Royal Commission into Banking as the regulators are dragged screaming and kicking into the sunlight?  Am I being too harsh here?  Ask the overpaid Dr John Laker if he has lost his home? Wakey Wakey............................. http://www.smh.com.au/business/banking-and-finance/banking-regulator-gets-tough-on-home-loans-20140718-zubfv.html Banking regulator gets tough on home loans Banking and Finance Date  July 18, 2014 The financial regulator has taken its concerns about the housing market to the boardrooms of Australia's biggest banks, in recent months asking chairmen to spell out how boards were managing lending standards responsibly.  Wayne Byres, the new chairman of the Australian Prudential Regulation Authority, on Friday gave fresh details on how the regulator has sought...
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APRA warns of spread of high risk loans - Macrobusiness Posted by Houses and Holes in Australian banks, Featured Articleat 1:07pm on May 26, 2014 | 9 comments       The Australian Prudential Regulatory Authority today (APRA) today declared that: APRA Chairman Dr John Laker says credit standards in residential mortgage lending have been a major focus of APRA’s prudential supervision of ADIs, particularly in the current environment of strong pricing pressures in some housing markets and very active competition between lenders. ‘In this environment, APRA is seeing increasing evidence of lending with higher risk characteristics and it does not want this trend to continue. The draft prudential practice guide reinforces the importance of maintaining prudent lending standards when competitive pressures may tempt otherwise’, Dr Laker said. In response to the problem, APRA released not a comprehensive framework for macroprudential policy, but rather, a piece of paper, summarised below by Martin North’s DFA blog:...
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  • doyla66
    doyla66 says #
    Good article. But until the Credit Laws are enforced in an efficient and timely way, the system won't produce truly prudent lendi
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Risky Australian Lending Targeted as RBA Spurs Housing: Economy By Narayanan Somasundaram and Michael Heath May 25, 2014 11:01 PM EDT  3 Comments http://mobile.bloomberg.com/news/2014-05-26/australian-regulator-warns-of-rise-in-higher-risk-home-loans.html An artist's impression of a residential development is displayed outside a construction site in the suburb of Eastwood in Sydney. The Reserve Bank of Australia, which has held its cash rate at 2.5 percent since August, has signaled the housing upswing was needed to spur residential construction. Australia’s banking regulator urged mortgage lenders to maintain standards as higher-risk borrowing rises and home prices surge amid record-low interest rates. The Australian Prudential Regulation Authority is “seeing increasing evidence of lending with higher risk characteristics and it does not want this trend to continue,” Chairman John Laker said in a statement. Draft mortgage guidelines released today reinforce “the importance of maintaining prudent lending standards when competitive pressures may tempt otherwise.” The Reserve Bank of Australia, which has held its cash rate at 2.5 percent since August, has signaled the housing upswing...
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  • doyla66
    doyla66 says #
    Dr Laker is trying to avoid being blamed for this latest bout of lax lending practices? Fact is, Dr Laker, this has been going on
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APRA worried about growth of high risk lending in Australia’s $1.3 trillion mortgage market   JEFF WHALLEY BANKING HERALD SUN MAY 26, 2014 8:27PM Qld Courier MAIL THE nation’s banking watchdog says it has witnessed “increasing evidence” of high-risk lending in the $1.3 trillion mortgage market as the scrap for market share intensifies in the face of low lending rates. The Australian Prudential Regulatory Authority has laid down the law to banks and other lenders with a series of new draft guidelines aimed at sharpening risk management. The Reserve Bank has maintained official interest rates at a historic low of 2.5 per cent since August last year. That’s created a hothouse atmosphere among banks which are fiercely competing to grab as much of the mortgage market as possible. “In this environment, APRA is seeing increasing evidence of lending with higher risk characteristics and it does not want this trend to continue,’’...
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  • doyla66
    doyla66 says #
    Interesting that there's a lot of competition for low doc clients when the interest rates are so low. The message must be getting
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