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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 ASIC Corruption Exposed
In the middle of a Tsunami of 30,000 complaints against banks, lenders, financial products and services, ASIC have nothing better to do with their $450 million budget than design a website....to protect consumers you may ask?  Add on to woof woof FIDO page that even Fido does not read?  No No No, something much more important.........ASIC want to name and shame.....waaaaaaaaaaaaaaaaaaaaait for it......name and shame award winning journalists who are game enough to criticise our useless Corporate Doormat Cop for snoozing on the job. The sooner the nation rids itself of the Monolith of Uselessness known as Australian Securities and Investment Commission ("ASIC"), the better consumers will be protected.   If we have to go back to BUYER BEWARE then let it start with Buyer Beware of ASIC....as the so called regulator was never there to protect YOU.  ASIC protects the charletans and banksters....evidenced by the escalating numbers of consumer complaints...
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  • doyla66
    doyla66 says #
    Yes Honesty, the ones who need to go are they at the very top. It's how they continue to operate and get away with evil - replace
  • doyla66
    doyla66 says #
    Oh what a great new market Greggy Medcraft and his mate Wayne Swan can sell all those left over RMBS to all that fresh meat they a
  • doyla66
    doyla66 says #
    Organza those with integrity leave ASIC,I have it from the horses mouth, comments like: "I don't like the way they are going",and
  • doyla66
    doyla66 says #
    This article I am afraid to say says has literally knocked the socks off me knowing ASIC have now dared to stoop so very low to fu
  • doyla66
    doyla66 says #
    Bravo Michael West .. your story literally sent shivers down my spine.
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The biggest crime of all in this country is Australian Securities and Investment Commission's negligence in protecting consumers from predatory conduct in the Banking and Finance sector.  Bankers manufactured dirty mortgage loans and marketed these faulty products via the broker channel. ASIC KNEW the crooked bankers had set up the Brokers and Borrowers to take the blame when the sub prime lending scandal eventually emerged, from  the subterranean depths of evil.  ASIC were duplicitous in the scam.  They covered up every step of the way knowing older, low income Mums and Dads (ARIP's) were the target.  Those who were fortunate and worked hard to own their own home. You may say these people were the backbone of our nation - proud Australians.  Yet ASIC permitted the banks to be untouchable.  Treasury covered up as well, so they could both blame one another.  ASIC briefs Treasury once per month and we can...
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  • doyla66
    doyla66 says #
    ASIC have one hell of a lot to account for, urgent Royal Commission please Senators along with a good dose of Epsom Salts to flush
  • doyla66
    doyla66 says #
    THE BANKS MUST BE MADE ACCOUNTABLE FOR THIS MESS. THEY MUST EXTINGUISH EVERY TOXIC LOAN WITH THE BILLION DOLLAR PROFITS THEY MAKE.
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Dear members We all know the BFCSA membership is over eleven hundred and each and everyone of us has been touched by the hand of bankster fraud but when you start reading the individual stories its nothing short of a tragedy and a travesty of justice.  We haven't lost our home yet but we came close some months when we had to use a Mastercard to meet loan repayments. I was working out payments such as utilities , insurances, bankster loan repayments etc twelve months in advance and even allowed for the two months of the year when we got three pension payments for the month, these two extra payments were used to pay back the Master card which covered the months we coudn't meet the full bankster repayments. The only reason we have a little breathing space at the moment is due to the record low interest rates but its...
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  • doyla66
    doyla66 says #
    The clue is in the computer coding Neil for it's all computer money and it's not the money they are after! Think of The Emperor w
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We lost  our  home of  13 years  by  fraud  by  J P Morgan, Bank of New York Trust and  & PEPPER HOME  LOANS and Financial Express pay day lenders. My  name    is   Terry    Moore   and  my  wife   is  Marlene  Forrest-Moore   we  had  a  home  in  Halls  Head  for  13  years. We raised five children and there are several grandchildren – all decent honest people. There is no level playing field in Our Story................... In September 2004  I  had  a work  place  accident  and  in  December  2005, my  wife  had  work  place  injury.  We  had  a  mortgage  over  our property  with  La TROBE   Financial.  In  2007   a  friend   put  us  in  contact   with  a   broker  name  MARY GARTLAND - ABBOTT    Mary   came  to  our  home  in   January  2007    to  talk   about  refinancing  our  L A   Trobe  ...
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  • doyla66
    doyla66 says #
    If our tax dollar pays the salaries of Medcraft & Kell, can we not fight to have them sacked?
  • doyla66
    doyla66 says #
    Just re-read this horror story for the second time for had to walk away from the PC when I first read through it yesterday and lea
  • doyla66
    doyla66 says #
    God, I hope Greg Medcraft and Peter Kell stand before the Senators because I want them to see we are living breathing human beings
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ASIC is mischievously misguiding Parliament and the Senators re Public Calculators.....BFCSA are speaking of Internal Serviceability Calculators that ASIC permitted banks to use to assess loans and banks refuse to hand over copies to the victims.  ASIC permitted Banks to give the Brokers the Passwords.  We have copies of passwords for most banks (see Breaking News documents above).  ASIC has failed to mention the discussions that took place in 2005 re internal bank secret serviceability calculators.  Do not fret - we have copies.  THE TWO CALCULATORS are totally different and ASIC is attempting to mislead the Senators before they appear at the Inquiry.  But they did admit in 2005: ‘However, ASIC is also aware that calculators can mislead consumers if they are not designed responsibly. ' YES INDEED "mislead borrowers in $57 Billion worth of TOXIC LOANS and 18% toxic FULL docs of the $1.28 Trillion mortgage market IR 05-64 ASIC releases policy on calculatorsTuesday 20 December 2005ASIC has released its...
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  • doyla66
    doyla66 says #
    Thankyou, Denise. I hope all relevant Senators are on the page with the existence of the second calculator and the fact that both
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There are hundreds and hundreds of submissions waiting to be "cleared" for publication, including mine.  Most of the submissions are regarding victims of bank fraud that ASIC had powers to address and contain and then irradiate.  ASIC failed on all levels and that is why the public collective cry for ASIC to be pulled down and rebuilt.  Spare a thought for staff at the Senate who have been lumbered with the greatest dump of submissions of discontent ever waged against a regulator.   This Inquiry is long over due and the submissions received are the proof.  The BFCA Submission has been received but may take several weeks to be loaded up on to the website. The very name ASIC implies "security in investment" and their role has been to ensure markets are not permeated with fraud and forgery and thereby instilling CONSUMER CONFIDENCE across the banking an finance industries.  Trouble, is the bodies are...
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  • doyla66
    doyla66 says #
    This enquiry will give all of us back our faith in human nature. We have all been pushed and shoved from pillar to post by bureauc
  • doyla66
    doyla66 says #
    If as ASIC say they do a great job at regulating and investigating, then they will have the proof. Most of us have had the ground
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Our Members are continually asking this legitimate question.  We know the Low Doc product was predicated on fraud and forgery.  We have the collective evidence.  We know 36% of member loans were arranged by bank managers and no brokers involved.  We know that 18% of total loans surveyed are TOXIC FULL DOCS by Bank Managers.  We know that masses of defaulting loans have been "topped up" in order to hide the bodies.  We know the Major banks are now saying the original documents have gone "walkabout."  We know the banks cannot PROFIT FROM A FRAUD but clearly that is what they have been doing.  How do we have only 23 million people and our banks boast most profitable in the world?  Where are the experts???? So who is confident over bank shares placed on the edge of a sub prime precipice? One of our members explains: "What happens to all the...
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  • doyla66
    doyla66 says #
    Have you read the submissions that are already up? I just heard from a member who phoned the Senate. Apparently there are many mo
  • doyla66
    doyla66 says #
    Denise, Very prophetic ; check the below from cnbc A unit of British bank HSBC was hit on Thursday with a record $2.46 billion f
  • doyla66
    doyla66 says #
    Does A-Sic Greg Medcarft practice what he preaches? Non! Greggie says "if in doubt, disclose". Well, letz see? As head of SocGen's
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Well we know what ASIC has been busy with this past decade:  handing out fines to Brokers for "non compliance of its old and new laws."  We have been consistently warning Australian Mortgage Brokers that ASIC will come after you chaps but will not use the 2010 laws against fraudulent loans generated by bank engineered SERVICE CALCULATORS that automatically fudge client income figures.   ASIC have been fully briefed on what is going on but refuse to act against the PROTECTED Bankers.  ASIC have the laws and the powers to handcuff and charge every bank executive involved in LIAR LOAN engineering.  So what is ASIC doing about that gem?  Absolutely NOTHING..........NIENTE......ZIP............In three years the "new" laws are now "old" laws and they are copies of previous legislative tools that ASIC had in its arsenal but failed to use for 14 years.  AUSTRALIAN BANKS have been handsomely profiteering, racketeering from fraudulent LOW...
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  • doyla66
    doyla66 says #
    "Commissioner Greg Tanzer says that ASIC regularly checks the veracity of information lodged as part of the requirement to lodge a
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The Australian Securities & Investment Commission ("ASIC") are virtually sitting on POWERS to protect the public.  They were given over $40 million to run cases in the public interest and that may have been an annual hand-out...............Whatever ASIC spent this money on it was NOT in the Public Interest but spent on continually replacing decent staff that desert the sinking ship "SS Corrupted ASIC" in large numbers.  Former staff are sick to the back teeth of Government's that do not respond to the obvious corruption of ASIC by Banksters.  ASIC is being paid $400 million a year to protect Banksters and in turn, neglect consumer complaints of losing homes and business.  I have no problem in naming CBA as one of the worst offenders according to my records. CBA are also bullyng customers into signing Privacy Statements to receive the Loan Applications Forms that they were legally entitled to receive as...
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  • doyla66
    doyla66 says #
    ASIC spent money earmarked for public cases on replenishing staffing levels ... and goodness knows what else. Where's the real acc
  • doyla66
    doyla66 says #
    Nab cannot produce the LAF's. "after extensively searching, neith hard copy nor electronic files could be located" Isn't that a
  • doyla66
    doyla66 says #
    I agree, NABbed Nanna. How did they establish the loan without paperwork? Is there no contract? No wet ink proof by NAB? Tell the
  • doyla66
    doyla66 says #
    Meanwhile, if you'd like to take a photo of the Mortgagee Sale noticeboard and send it to Steven Munchenberg at the ABA (via Twitt
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Recently the Nab took possession of our home after 42 years and the one and only home we have known.  We were collecting our possessions with the help of my son and his 2 small children, my grandchildren aged 5 and 2.  The 5 year old all seriously told me that "I do not want you to shift Nanny, I want to come and stay and play here"  What answer do I give to this precious child. It nearly broke my heart to think that all the other 9 grandchildren had done exactly that, stayed for holidays and played.  I loved every minute of every grandy's stays.  I would feed them up with probably all the wrong things but things that made it special for them and me.  I am absolutely bewildered as to why Nab would do this to us. I just cannot see the logic in it. It is...
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  • doyla66
    doyla66 says #
    Thank you all for your comments. I would not wish what we have been through on my worst enemies except if it were perhaps the mo
  • doyla66
    doyla66 says #
    Choked up as i read your story Nanna. This is so insanely inhumane. I admire your strength and determination to keep fighting. So
  • doyla66
    doyla66 says #
    I'm so very sorry to read that, Nanna. I'm facing a similar prospect if I can't get things straightened out in time or get heard
  • doyla66
    doyla66 says #
    @KRuddMP
  • doyla66
    doyla66 says #
    Terrible Nabbed Nanna there are a lot of us that could be facing the same result but they will eventually pay for their wrongs. Ke
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Greg Medcraft is presiding over a basket case regulator.  He could well be the reason for the escalating high turn-over of staff at the Australian Securities and Investment Commission.  Decent people loathe having to work in a corrupted work environment.....they will simply move on.  Consumer complainants now realise that their cases are being dealt with in a slow manner but by "nice caring people" and then those people leave and another takes her/his place.  The complainant is told investigation into their case has to start all over again.  Shortly after its CASE CLOSED. My guess is there will be a mountain of submissions lodged with the soon to be opened Senate Inquiry into ASIC.  Submissions accepted after 8 July 2013. I have kept a library full of stupid response letters from ASIC to consumers and RECA, dating back to 1998.  We will be releasing those shortly as an additional Breaking News...
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  • doyla66
    doyla66 says #
    Greg Medcraft doesnt just need to be sacked but fined for his apathy.
  • doyla66
    doyla66 says #
    It sounds like you would do a great job. Plant a BFCSA member inside ASIC with wires. I can see you lasting a week at least, befor
  • doyla66
    doyla66 says #
    Thanks, Maria. I just thought I might make some pocket money and do some good at the same time. At least until ASIC is shut down .
  • doyla66
    doyla66 says #
    How hard is it to get a job at ASIC assessing these cases? What qualifications are needed for the job? Does anyone know? Are th
  • doyla66
    doyla66 says #
    Lisa, RBA/Treasury-headhunter's footnote; precursor-- "only mates of PM & 30bank$ters need apply", and have a nice day :-)
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Given the seriousness of the Australian Sub Prime Full Doc and Low Doc Mortgage Crisis we really do require an answer to this from the Federal Government. Why was Greg Medcraft chosen and why was he chosen with a waiver of tender Prime Ministerial approval?  He needs sacking immediately and we know why.  Consumers are in grave danger when they ought to have been protected.  Medcraft placed consumers in harm's way and heading for financial ruin and despair.  There has to be a whole of parliament approach to this nonsense. BFCSA Member asks this: Senator queries PM's giving 'a mate' $700k ASIC job."Its run by someone who has a cloud over them. What on earth is going on here?"  ABC-Radio: Senator Cormann; "the Govt threw their own processes overboard when it came to appointing Mr Medcraft as chair of ASIC. ..It didn't do it's homework & without going through proper process....
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  • doyla66
    doyla66 says #
    Seven years - - an appointment like that can't be sustained - only thing is that Australian Govt would have to pay out his salary
  • doyla66
    doyla66 says #
    And the Government has extended the Medcraft appointment for 7 years. SCANDAL!
  • doyla66
    doyla66 says #
    Gaby, did fellow BFCSA members "break-a-mirror"? Have no doubt --Medcraft's dubious tenure is on "borrowed" time, pardon the pun!
  • doyla66
    doyla66 says #
    ASIC Chairman ~ Greg Medcraft BCom (Melb) was appointed ASIC Chairman on 13 May 2011 for a five-year term. Greg joined as ASIC Co
  • doyla66
    doyla66 says #
    You hear of not being able to trust a politician but this is going too far. How can the Prime Minister give a job to a mate withou
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"Willbee" ASIC has lazily sat back and watched these BIG hitter liquidators ruin other people's lives for over a decade.  ASIC has just had another attack of the WILLBEES......"we will be getting tough!"  Yes Mr Medcraft and SO WILL WE.  We will be getting tough with you.  Expect a genuine letter of complaint to IOSCO about your neglect and why you need to be investigated for your role in our current and widespread secularization scams.   We have "genuine and comprehensive" plans to ensure ASIC BECOMES a dismantled beast over the next 12 months.  It can no longer be trusted as a corporate regulator or a consumer protector.  Too many long lunches and dastradly deald under desks behind closed doors.  The media has seen through the ROT that is and inherent ASIC Corrupt Culture.  Ordinary citizens of Australia have been road testing ASIC for years with extremely poor results all round....
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  • doyla66
    doyla66 says #
    ASIC's Chair-Greg Medcraft on $700k peddles misinformation that ASIC actually administers real-consumer-protection, --when in fact
  • doyla66
    doyla66 says #
    You took the words right out of everyone's mouth Lisa The occasional spurt of action from ASIC is their way of pretending they are
  • doyla66
    doyla66 says #
    I'm with you, Maria. There's something very wrong inside ASIC if they have to be regularly reminded of the basics of their job by
  • doyla66
    doyla66 says #
    Stop tolerating ASIC - everyone - and demand the end to their well paid incompetence and illegal conduct. If the regulator is com
  • doyla66
    doyla66 says #
    EXACTLY.. it is absolutely criminal
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The soft underbelly of the regulator DateJune 14, 2013 - 5:39PM Read later Michael West Business columnist View more articles from Michael West Email Michael Zoom in on this story. Explore all there is to know. Australian Securities and Investments Commission ASIC's processes questioned. Photo: Arsineh Houspian There are mates’ deals and there are mates’ deals. The recent revelations by Jeff Knapp from the University of NSW that the corporate regulator produced an accounting relief order for Kagara on the same day the application was received exposes the soft underbelly of the Australian Securities and Investments Commission – its conflicts of interest. The corporate regulator responds Nine senior ASIC staff members, including the chief legal officer, are associated with a quick-fire process to render assistance to a former colleague. The ASIC email chain for Kagara is chilling: a bat phone to high ranking ASIC offices, inappropriate pressure placed on Commission staff by the special counsel...
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  • doyla66
    doyla66 says #
    This misconduct and attempted coverup by ASIC and lawyers does nothing to engender trust in Australia's corporate regulator. Wher
  • doyla66
    doyla66 says #
    "Mallesons paid ($millions) to run a test case on whether a court could give an order to allow the company NOT TO DO DISCLOSURES -
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