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BFCSA
MORTGAGE
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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 Failures
After dealing with FOS and ASIC I am beginning to understand how a gang rape victim feels. Neither wants to see anything.....and protect the banks You agreed to a meeting with the banksters You must have encouraged them in some way You have done this before - borrow money You shared personal information with them because they asked for it You must have misunderstood their signals They misunderstood your signals You are old enough to know what this means - never been defrauded before so not experienced. "No" doesn't really mean "no" You might have been interested so we pursued you anyway You didn't report it till now (What do you mean you were too embarrassed at the time?) Don't worry about the banks, we are going to look into your past - we are investigating the borrowers Banks are not silly - they don't admit anything - so we cannot investigate them You have...
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  • doyla66
    doyla66 says #
    Well said, Ed. We're victims of crime and misconduct: not just fraud but also abuse, as we're revealing uncomfortable truths about
  • doyla66
    doyla66 says #
    Yes Ed you are right with all your points heard many of these myself. My favourite was Nab cannot locate the original rejected lo
  • doyla66
    doyla66 says #
    That's exactly what it feels like. We the innocent have to prove our innocence. We didn't put all this bull#hit on the laf's, the
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Unemployment figures also include everyone who has a two hour cleaning job and on welfare and looking for work.  Did you all realise that?  No?  Then may I suggest you read macrobusiness this morning" Our old timers know what's going on.............."we've seen it all before........"    Same with housing market.  People trying to sell and report market has collapsed yet developers as always talking it up.  Sellers can only achieve prices that are less than they paid five years ago - in all states.                                                         Posted by Unconventional Economist on 25 October, 2013           By Leith van Onselen News just got worse for the manufacturing sector, with Electrolux today announcing that it will close down its refrigerator factory in Orange, New South Wales, and shift operations to Thailand, in a move that will see 500 direct workers lose their jobs, with many more likely to be indirectly affected.  From...
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  • doyla66
    doyla66 says #
    It appears that the government statistics cannot be trusted. The stats provided are only an indication, not true figures. Working
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Bankers created the loans that are now the thorn in the side of ASIC regulators.  Banks were the engineers of the Products (Lo Docs and FULL Docs)  that became the catalyst for widespread lending.  I had one banker saying to me this morning "the fraud and forgery are irrelevant!"  Really?  I am afraid our members do not see it that way.  ASIC is trying to mumble it had no laws with which to prosecute banks pre 2010.  That is false - hence the High Court and six other similar cases were won by consumers (albeit with funding) against THE BANKS>  The Brokers were irrelevant in the fraud and forgery as the fact remained according to Judges that the Banks had a duty to reject unaffordable loans.  They had that obligation under the Banking Code of Practice.  Non Bank Lenders who are not members of the code (but ASIC does not warn the public of that minor problem) must...
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  • doyla66
    doyla66 says #
    Thankyou, Denise. Blow them away with the truth of their own words. It's looking more like a conspiracy now. ASIC supervises and
  • doyla66
    doyla66 says #
    I dont care how many times ASIC try to fob the blame off on someone else apart from their Bankster Mates, its the Banks and no one
  • doyla66
    doyla66 says #
    Robert, go with BDM. It's ALL just one GIANT sham. In my case, 2 distinct "episodes" of bank-fraud took place. The 1st, a 'garden
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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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The Four Corners program aired 30th Sept re Cover-Up involving RBA, ASIC, APRA and Australian Federal Police into Note Printing, displayed a striking resemblance of the way BFCSA members have been treated by the powers to be namely ASIC, Federal Police and Government with their neglect and sinister ways of protecting every evil person in the Banking and Financial industry and ignoring all evidence thrown into their laps.  Just goes to show how underhanded and evil the people running these departments and companies really are. Not one of them could lay straight in bed with an attitude of "you can't get me". ASIC once again has failed dismally in chasing down and convicting these powerful criminals and lying through their back teeth to government and Senate inquiries, but then again they are a huge part of the problem festering in the background. When will Government say enough is enough and jail these people for protecting...
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  • doyla66
    doyla66 says #
    The broader view has been ignored by all political parties. When the full impact of the Broker Model Banking Crisis is complete ho
  • doyla66
    doyla66 says #
    Tony, sounds logical; "do-able" & not some radical doctrine pushed by al-Qaida linked Somali Islamist militant group al-Shabaab.
  • doyla66
    doyla66 says #
    Excellent post, Duped. That's what struck me and others I chatted with today. Just like the BFCSA treatment - our cases a mega co
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Our growth rate as a support group – the peak and only support group doing this work – is gathering momentum in number of new members at around 30 per month and that will escalate as the main stream see the bigger picture.  We now know that a third of loans are via banks and no broker involved. We also know that our latest surveys have revealed 18% are full docs…….arranged by bank managers from a pool of  $1.28 Trillion mortgages.  What concerns me is that RBA have continued to trot out $1.28 Trillion for the past few years.  RBA suggest this figure has not changed in that past 5 years, yet the MFAA suggest their members are writing X number of these new mortgages per annum.  There is of course a contraction in the settling of mortgages each year, yet the low docs we know intentionally implode within 7 years.   The...
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  • doyla66
    doyla66 says #
    By my way of seeing all of this mess if the Banks wont hand over the correct figures then the only ones that would have a true ide
  • doyla66
    doyla66 says #
    Thankyou for that information. There had to be some sort of "check and balances" system ... surely. Freedom of Information may b
  • doyla66
    doyla66 says #
    Denise, as I see it, if our statistical analysis says 75% Low Doc and 25% Full Doc and there are no stats produced using the same
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Keith Walton must love his job.  His bank is ripping off ordinary Mums and Dads - disabled pensioners - and then hounding them into the grave for any debt left over.  No Justice for those whom ASIC has ignored.  I have seen some of Keith's handiwork and its not a pretty sight. Where is THE FAIR GO we have been promised?  Why not send me your story and we will BLOG it for the world to see what is going on in Australia right now. From a Member: In May we were forced to sell our home of 15yrs or be evicted....we found a buyer who lived near us & bought it for an investment property & we are still able to continue living here & renting for as long as we want....for months while the bank was taking us to court to evict us, we lived in fear, with nowhere...
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  • doyla66
    doyla66 says #
    I am so sorry for the pain this bank has put you both through Disability Pensioners. It was so upsetting to hear what this bank ha
  • doyla66
    doyla66 says #
    Don't forget to go to the top of this page - click Media Info, then Video's..
  • doyla66
    doyla66 says #
    NAB are disgusting, Nanna. I hope the politicians responsible for allowing this to happen cringe with shame when they read or hear
  • doyla66
    doyla66 says #
    Thanks Denise for that info. Hi Sean, I watched and listened to you Last August read out your transcript to the Senators at the Se
  • doyla66
    doyla66 says #
    Yes, thank you Hifumi Rob my husbands health is of great concern. Here's another Nab corker. Whilst my husband was in hospital
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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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"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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Website:  www.ettamogah.com/ Phone:  (08) 9635 1777     About Ettamogah Pub Cunderdin WA:    Situated in the heart of the Wheatbelt region of Western Australia, Cunderdin is a small country town 156km east of Perth. This venue has quickly become a tourist must-see, and visitors cannot help but notice the large Ettamogah theme hotel and pub when driving through the town. Steeped in history, Cunderdin, like many small towns in the area, developed as a stop off town during the gold rush in the WA Goldfields. The Pub that exposed the Banks' Crime of the Century................ ...
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  • doyla66
    doyla66 says #
    How do the Banks explain their approval of a loan without the LAF? What did they use for our details? Common FOS, get a grip. Sta
  • doyla66
    doyla66 says #
    It's not the banks fault they didn't check anything to make sure everything on the LAF was true. They didn't have to according to
  • doyla66
    doyla66 says #
    What a read!!!!!! These listed events are what percentage of reality........let's call it 1% as that is a nice round number trotte
  • doyla66
    doyla66 says #
    Suffice to say, reading some of the emails from Banks to brokers etc. It can been seen CLEARLY there was extremely loose lending p
  • doyla66
    doyla66 says #
    I believe they are trying to make it so hard that we will give up and go away. Will Denise at the helm we have the support and the
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Missing pieces in a low-doc lending trail that shattered lives Date June 3, 2013         (2)                      Michael West Business columnist                 It was 9am Monday, on a late February day this year, when Denise Brailey arrived at the offices of the Australian Securities and Investments Commission in Perth for a meeting with Victorian Commissioner Warren Day and lawyer Robert Allen. Allen and Day had flown from Melbourne to find out what information Brailey, a veteran campaigner for victims of financial fraud, had about the banks and their low-doc loans. Brailey claimed to have the last bits of the jigsaw puzzle which would prove that mortgage brokers were acting as agents of the banks in foisting loans on customers who could not afford them. Though interest rates had fallen to historic lows, there were family homes on the line, lives ruined. This $57 billion, low-doc loan sector required urgent investigation, said Brailey, who...
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  • doyla66
    doyla66 says #
    This just proves once again those 'willbees' from ASIC are still expecting Denise to do THEIR work for them. Members went to the t
  • doyla66
    doyla66 says #
    ASIC and co could justify their way out of a concrete box. Skippy, no doubt, is an efficiency measure, designed to improve product
  • doyla66
    doyla66 says #
    If our government won't order a Royal Commission now they have their priorities upside down. More fuss erupted over a dodgy hor
  • doyla66
    doyla66 says #
    Field's states"brokers (are) agents of customer" legally spurious--as not (1) customer ID "Disclosure Certificate"(DC) supplied by
  • doyla66
    doyla66 says #
    Thankyou, Andy. So well explained and now I really get it. And Philip Field - good grief - had he read the Schmidt Anor case? Reg
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