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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 profiting from Fraud
A salutary lesson for all Politicians, no matter the political colour.   Members of Parliament better start waking up to constituency unrest as unemployment rises, mortgages default, victims start demanding LOAN APPLICATION FORM copies ("LAFs")  because the rest of the world started to figure this out in 2008.   Fall out in Australia, will be huge.  Everyone with a mortgage will start asking for their faxed copy of the original LAF……………………….then say (as in the United States sub prime debacle) "if you Mr Banker, were dumb enough to shred the original files then how can you prove what is going on internal to your Bank and how can you prove this was a prudent lend?   Ooops. Banks for a decade have told Brokers:  "do not keep the wet ink originals and do not send to us!!!   SHRED THEM under Privacy Act da da da………………."  Oh very messy!.  Intention to deceive had many faces!  Now banks are telling FOS...
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  • doyla66
    doyla66 says #
    Once upon a time there was a Chinese emperor who wanted to send valuable presents to his cousins who lived in far-off lands. Howev
  • doyla66
    doyla66 says #
    Despite all the security measures these systems are not immune to tampering. There is real concern over the digital loan applicat
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ASIC is blowing hot air, yet AGAIN.  20 complaints?  Our members sent ASIC 150 which its officers refuse to investigate.  The evidence presented with the letters shows that fraud is being carried out INTERNAL to the LENDERS.  The LAFs are being altered after the Broker faxes the paperwork to the credit assessors.  ASIC knows this, as I spent 150 mins briefing the Commissioner.  Its not the Brokers.  The evidence shows its THE BANKS.  Otherwise how do we explain 100% LAF Fraud on all loans Low Docs and Full Docs?   ASIC wants Brokers to turn on each other and trick the industry into believing its a few rogue brokers at fault.  That is false.  How do we then explain why 100% of the LAFs we have uncovered have been tampered with, after they were signed and after they were faxed?  That's why we asked all Members to ask for Bank's copy -...
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  • doyla66
    doyla66 says #
    mortgage Frauds have been increased in 2013 i think people by their own also have to gain some knowledge about the mortgage brokin
  • doyla66
    doyla66 says #
    I think the safest thing for ASIC to do, once again, is to shut up about their non-achievement record. Hitting brokers is like sh
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Mortgage Choice fined over false savings claims DateNovember 28, 2013 - 1:35PM Read later Clancy Yeates Banking reporter  SMH View more articles from Clancy Yeates Follow Clancy on Twitter Email Clancy Mortgage Choice has been fined for false advertising, after it wrongly claimed customers had saved an average of $10,000 over five years by refinancing their home loans. The Australian Securities and Investments Commission today said it had taken exception to television advertisements from 2012 that said customers had saved an average of ''$10,000 over five years.'' Rather than representing real savings by customers, the claim was based on calculations relating to a group of 300 refinancing customers over a six month period, ASIC said. ''No savings of $10,000 over five years had been achieved by any customer at the time of the advertisement,'' the watchdog said. Advertisement It fined the broker $30,600 for the infringements. The chief executive of Mortgage Choice, Michael...
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  • doyla66
    doyla66 says #
    Yes, Denise, it's a pretty lame effort. As academic theoretical regulators I guess that must seem like quite an achievement to the
  • Denise
    Denise says #
    So the only deception Mortgage Choice was engaging in was false and misleading advertising? Was that all you found Mr Kell? They
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