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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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Well Members,  here we see Banks trying to circumnavigate FOS.  Lenders ALL have COSL captured who simply look for FRAUD (very easy to find thanks to BFCSA members efforts) and then use the info to say: "sorry we cannot assist as this is fraud - we do nothing about fraud and we do not report fraud and every case has fraud."  FOS is trying to send people to COSL....do not fall for these tricks.  The EDR's are trying to tell you you must have signed a BLANK FORM.  That is is false.................every LAF was only presented as 3 pages, yet you now know the LAF was 11 pages: standard industry practice - also BANKS.  The 3 page LAF was filled in by the broker or bank manager - YOU THE CUSTOMER were not allowed by banks to fill in the forms.  How do we collectively know that?  Because all LAFs are...
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  • doyla66
    doyla66 says #
    Another trick they do is to take it out of FOS's eyesight by getting their solicitors to write directly to you, (by passing FOS)
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Senators need to question:  ASIC Commissioner Greg Tanzer, Director Malcolm Rodgers and ASIC General Counsel Brendan Byrne as to why they signed Dec 2005 Class Order 05/1122 – exemption on serviceability calculators for Low Doc Loans – risks to consumers: 15 Dec 2005 In May 2005, IFSA suggested, according to the Wheeldon evidence (2nd April 2014), that if ASIC lawyers did not sign off on the EXEMPTIONS for Superannuation Calculators they would lean on the Commissioners.   Parliament would put in place laws to protect consumers and ASIC would then give exemptions from prosecution to the Banking Fraternity - the very people who had been preying on vulnerable Australians for years.  The laws were to protect people.  ASIC gave immunity to the Bankers and left consumers exposed to catastrophic losses of homes and life savings. The Sub Prime purpose of all these calculators: to entice and entrap consumers into RISKY strategies, investment advice, toxic loans...
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  • doyla66
    doyla66 says #
    I actually feel sick to the bottom of my heart reading this. It is just as I suspected and as I wrote in my previous submission to
  • doyla66
    doyla66 says #
    what the hell is going on! ASIC happy to ping a few rogue brokers, and pat themselves on the back for their efforts... but it is
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Citizens Electoral Council of Australia Media Release  Wednesday, 26 March 2014 Craig Isherwood‚ National Secretary PO Box 376‚ COBURG‚ VIC 3058 Phone: 1800 636 432 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: http://www.cecaust.com.au   Hockey gives London oversight of Australia’s ‘fixed’ financial system inquiry Treasurer Joe Hockey is consolidating the push Paul Keating started to turn Australia’s economy into a financial casino, by giving oversight of Australia’s new financial system inquiry to one of the City of London’s leading financial gamblers and political insiders. [Click here to see Hockey’s “Open for Business” policy in action.] He has named British-Australian businessman Sir Michael Hintze as one of four leading international business people to oversee the so-called Son of Wallis inquiry. The City of London financial centre operates as a lawless enclave in the financial world, a deregulated zone from where most of the world’s derivatives bets and speculative currency raids have been made. Ironically, its status...
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  • doyla66
    doyla66 says #
    Son of Wallis is sounding more like Son of LIBOR. Our Government will regret missing the opportunity to rectify Australia's Banki
  • doyla66
    doyla66 says #
    What in the hell is Hockey and Abbott thinking, they are now losing my vote. As if banks are not profiting big time at present thi
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1.  The Bank copy of the LAFs which were missing and never sent to Storm or the customers remained hidden despite a Senate Inquiry 2.   Banks Officers known as Business Development Managers BDM's frequented Storm offices - to teach Brokers how to use the CBA Service Calculator 3.  The Faxed copy of LAF from Bank (those who have secured their copy) differs from the originals. 4.  Only Brokers who kept their originals and ignored bank warnings to "shred the wet-ink LAF" have proof.  Proof the Broker was not the culprit 5.  Brokers are saying they were under instructions from Banks that ALL LAFs faxed to bank must have SERVICE CALCULATOR page and ICW (worksheet) attached to the LAF.   6.  Bank customers were told to sign  "we have read and understood everything" yet Banks only asked for three pages to be presented to all clients, knowing all other pages had to be then collated...
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  • doyla66
    doyla66 says #
    The more this unravels the more obvious it is that Operation Keep Lips Zipped has been on in earnest trying to cover A### and all
  • doyla66
    doyla66 says #
    There are plenty of questions to be asked isn't there. Why have regulators failed to take action, the reason is they are too close
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You Can Bank on Another Crisis Written on 25 September 2013 by Vern Gowdie  MONEY MORNING The GFC brought into stark contrast just how vital the banking system is to the functioning of an economy. At the height of the GFC banks did not trust each other. And people did not trust the banks. Banks viewed each other with suspicion. Letters of credit were no longer accepted on face value. The shipping industry, which relies heavily on letters of credit, ground to a standstill. Customers lined up outside banks (some with suitcases) to withdraw their savings. Such was the demand for cash, the Reserve Bank of Australia came close to running out of physical notes. Modern commerce is a function of faith. When faith in the financial system is lost, chaos follows.  Banks are the Heart of the Financial System Money pumps in and money pumps out. The flow of money through the system is as vital to economic health...
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Political Parties will find no currency in either trying to avoid the Mortgage Elephant in the room or continue to bury the bodies.  The Low Doc Loan Scandal which eeked into the Full Doc Loans with identical toxicity, could envelope every Australian in some form.   The amount of toxicity in these 30 year loans, set to implode within 4 - 6 years, is an unknown quantity.  Yet every loan we have viewed has fraud and/or forgery starring us in the face: "not one clean loan."   Collectively, members have been able to piece together the mechanics of this dreadful situation.  Both major political parties have been hiding our sub prime problem for far too long and knowingly offering no protection to consumers.  That abysmal strategy to protect the banks at the expense of ordinary Mums and Dads will costs this nation dearly on many levels. The evidence is clear: ASIC...
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  • doyla66
    doyla66 says #
    Thank god for BFCSA For bringing all this to my attention! Editor: Thanks Gfs, that's not what banks are saying!
  • doyla66
    doyla66 says #
    How could ordinary consumers know what they were getting into? Basically, they couldn't. In order to ask the right questions to f
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The most telling piece of evidence that our Members are now discovering:  Banks ensured the customer only ever sighted a three page Loan Application Form.   The Brokers we have spoken to admit they were taught by their Business Development Manager's (BDM’s): "the LAF is only three pages and make sure client signs only three pages, then come back to the office, go online to the BANK generated serviceability calculator and type in the base income.  Then the CALCULATOR DOES THE MATH FOR YOU....easy peasy!. Then write the FUTURISTIC INCOME on the wet ink copy of the LAF."  What the BDM's did not realise, they were setting up the Brokers to take the rap and go directly to jail if necessary.  "So if income is say $50K, futuristic income will be $180K.  Do not worry because it’s not against the law according to our favourite lawyers, to use englobo income figures.  ASIC,...
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  • doyla66
    doyla66 says #
    Yes this is a big, big scandal. If Denise knows what is going on and we all know the same now. then there is no way that ASIC, FOS
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Dear members As of this morning Tony Abbot has accepted an invitation to debate with Kevin Rudd, he wants the first debate to be held at the Canberra Press Club and the next two as open public forums. As David Speers will be the adjudicator and Foxtel will be broadcasting nationally I've taken the opportunity to check out the Sky news website. On the site are a lot of little sub sections but one caught my eye and so I clicked, this section is called "your say" so I thought why not. They ask for your name, email address and town or city location but then you get a small space to put your comment in, if you prefer you can ring 1300 32 88 80 to make a comment. I requested for David Speers to ask both leaders why they both won't address the problems of the thousands of Australians...
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  • doyla66
    doyla66 says #
    We have submitted 'Our Say'. Please everyone it only takes a few minutes take this opportunity give yourself a chance to be heard.
  • doyla66
    doyla66 says #
    Yep mine is in also. Keep them rolling in peeps
  • doyla66
    doyla66 says #
    I have submitted my queries as well. "Why won't both leaders acknowledge the fraudulent banking practices. You are telling Austral
  • doyla66
    doyla66 says #
    I have just sent my question in as well regarding asking the hard question of both leaders of how they will tackle the bank crime
  • doyla66
    doyla66 says #
    I have just submitted my question..hope it gets asked. So come on everyone google sky news point curser to contact, another bar op
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YOUR SUBMISSION TO THE SENATE INQUIRY is vital.  If you ignore this Inquiry there will be no reason to hold a Royal Commission into the Banking Sector.  Then the banks will move in with a united rush! Please email This email address is being protected from spambots. You need JavaScript enabled to view it. “YES SENT Submission” in address bar and email to us.  We are counting heads. Rate ASIC’s Performance on what if they had investigated all those cases they did receive and as a result ASIC gave public warnings – would you have been aware of the dangers and not fallen into the mess you are all in right now?  Senators want to know how you feel about that. Eg:  If you were travelling on a highway and the bridge had collapsed and there was no warning “Bridge Collapse – STOP IMMEDIATELY “ and you continued around the bend and over the cliff into 200m ravine…..would your family be upset? If Government KNEW...
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Australian consumers of mortgages, whether FULL DOC or LOW DOC are far better off without any regulator at all, than trust ASIC.    Reliance on ASIC caused consumers to believe there was regulatory industry oversight, enforcement of law, corporate policing.  When the full extent of this scandal is revealed, it will rock the nation and cause thought-provoking economists to gasp.  Had ASIC placed a massive sign on each of the buildings as a serious warning to consumers, no-one would have even thought to TRUST A BANKER.  ASIC is breaching a very old REGULATION called: PASSING OFF.  ASIC is passing itself off as a consumer protector when it clearly is protecting its Bank Buddies.  Slight case of "Malfeasance in public office." In the interest of Consumer Protection the sign ought to read:   "ASIC PROTECT BANKS......NOT CONSUMERS.....please be warned." In order for ASIC to continue its historical DO NOTHING POLICY, now in...
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  • doyla66
    doyla66 says #
    Thankyou, Denise, for spelling it out so clearly. You are absolutely right about the situation. My journey into the regulatory wi
  • doyla66
    doyla66 says #
    When we first got on the no doc, low doc, full doc merry go round in 2007 we bombarded Canberra with letters and phone calls plead
  • doyla66
    doyla66 says #
    "An anonymous source said ASIC's internal complaint system was useless and the human resources team unsupportive, and that time wa
  • doyla66
    doyla66 says #
    I do hope the SMH story has some teeth seeing there is a FEDERAL election soon, so the next few months will be very important to h
  • doyla66
    doyla66 says #
    What chance does the Australian borrower stand with this type of fraudulent behaviour from supposedly trustworthy organisations...
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Australian Manufacturers know that if they manufacture faulty products, laws are in place to ensure Manufacturers must make good and repair or replace the faulty item.  Consumers must be protected from faulty goods and services. Manufacturers know they cannot "pass-off" something as trustworthy brand name knowing links in the chain are severed.  Manufacturers also know they cannot hand out "false and misleading" literature to entice unwary customers into purchasing faulty goods.  Nor can they engage in "misleading and deceptive" conduct.  Time to write to the Australian Competition and Consumer Commission ("ACCC"). Australian Banks have been manufacturing a financial product (Low Docs, No Docs and Full Docs) that Bankers knew for 15 years, was not only fraudulent but contravened all of the ACCC's list of criminal behaviour.   Our federal Governments have turned a systemic "blind eye" to sub prime mortgages for almost two decades.     How does the probability fo over 100,000 - 200,000 families losing their homes and living...
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  • doyla66
    doyla66 says #
    I'm trying to get to the templates to send them out again, but my user name and number don't work. My email says invalid, I've jus
  • doyla66
    doyla66 says #
    Just imagine the head of Holden cars being given a huge media worthy bonuses for selling faulty cars - then waiting for people to
  • doyla66
    doyla66 says #
    "B Ennett Ian - Denise, you have written a very good analogy of the Low Doc lending practices. This is very similar to my thinking
  • Denise
    Denise says #
    Australian Government needs to instruct the Australian Federal Police to start demanding documents from the Major Banks, and assis
  • doyla66
    doyla66 says #
    AFP's mandate must investigate ING's "direct" role in producing on ING letterhead a document to close FOS "hardship file". I hold
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