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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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We agree - bank managers and officers have been writing a minimum of 36% of all Toxic loans where fraud takes place inside the bank.  Staff are also "tweaking" loans submitted by "agent sellers" after the Loan Applications have been sent in for "processing."  We have the proof.  We simply need a Royal Commission into the banks asap, so that we can present our collective and extensive evidence.  INTEREST ONLY LOANS ought to be banned immediately. We need to jail a few Bankers.   Notice how ASIC is simply rounding up a couple of hapless brokers a year?  We notice and so does the "seller agent" industry.  This email address is being protected from spambots. You need JavaScript enabled to view it. ASIC should crack down on bank branch managers, association says       inShare by Adam Smith | 27 Aug 2014   An industry association has called for ASIC to apply the same scrutiny to bank managers as it does to brokers.According to a Fairfax report,...
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  • Denise
    Denise says #
    You should all be reading comments on Broker News right now. They are also calling for Royal Commission and we agree. Ready to s
  • setup
    setup says #
    6000 plus Submissions??? this is unbelievable. Its from CEC re Glass Steaqgall? Fantastic
  • organza
    organza says #
    How interesting. I note there is no mention of Banker CEO's at the very top in the article responsible for manufacturing the loan
  • Rob
    Rob says #
    It becomes to easy for them to do some creative alterations to the applications, before long all they see is trailing commissions
  • setup
    setup says #
    The tampering of our documents took place inside the bank and we have the names of the Credit Assessor who inflated our income fi
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ASIC ARE FAILING TO NAIL A BANKER.  ASIC ARE FAILING TO WARN THE CONSUMERS.  Instead Kell is intent on blaming the Broker, blaming the borrower, creating sham and biased "studies" - the usual nonsense of course. Peter the more you tell porkies about Mortgage Bank Fraud / Toxic lending by Bankers the more you will be recorded and exposed by us.  You are inflaming the situation not solving it. Eleven years ago we discussed this and you agreed the clients deserve a copy of the LAF at point of signing....precisely the reason there needs to be a Royal Commission into all ASIC hierarchy / luminaries who are conflicted by the word "TRUTH." Its a widespread ASIC disease.  Here is another gem from your MOB: BORROWERS have been warned about a disturbing rise in fraud by mortgage brokers who are pushing up incomes and falsifying other information on the promise that it will...
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  • doyla66
    doyla66 says #
    We all have solid evidence that seems to be ignored....
  • doyla66
    doyla66 says #
    All part of the big smokescreen GFs and using the same old tactics and the same old script they did after earlier investigation in
  • doyla66
    doyla66 says #
    There is all this media about the brokers...... I don't get why they are not asking the questions? So yes, we get it, your blaming
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Banksters, ASIC and the EDR's are all realising the CITIZENS of this great southern land are (oops) waking up now to the fact the so-called NEW LAWS were simply a nasty smoke screen, developed by ASIC and its Bankster Mates, to bury the PRE 2010 bodies of mortgage victims who are now losing their homes at a rate of knots.  New Zealanders have figured out it was Aussie Banks....what wrong with us?  Are we too timid?  Too quiet? Too passive? OK so we understand:  Its the LITTLE AUSSIE BATTLER vs OUR CROOKED BANKING SECTOR.  The default rate is FUDGED and APRA needs to wake up now!  Defaults are being manipulated by the bankers and refinancing which Commissioner from ASIC told me in Feb 2013 "we have stopped the bankers' refinancing (scam).  Really Wazza?  When did that happen?  I am confused.  You did say Yes Banks are the Engineers.  We agree on...
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  • doyla66
    doyla66 says #
    Yes, Kiwis are always ahead of the Aussies... and I am not even a Kiwi. This is all so very frustrating.. the Regulators know all
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A Royal Commission into the Banking Sector is long over due.  The last one occurred in 1986 and immediately after, the banking and finance market became de-regulated.  If there was a semi regulated uneven playing field prior to 1986, to ensure 1929 never happened again, protections for consumers were intentionally vaporized in 1986.   During the eighties and nineties, ordinary Mums and Dads lost over $2.2 billion dollars.  Notoriously, the Estate Mortgage collapse 1989 rocked Australia as "the big one." Retirees had ploughed masses of dollars into worthless developments, whereby any cream had been milked by promoters.  At the bottom of these dung heaps, bankers, lawyers, accountants, friendly valuers and developers (elite customers of our banking system)  featured in the rape of ordinary citizen's  modest nest-eggs.   Many other investment companies collapsed soon after and the old Corporate Affairs Commission ("CAC") felt the hot air of public wrath breathing down their...
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  • doyla66
    doyla66 says #
    Organza , No need to change the rules FOS just say they will use their discretion (which they don't have ) and with the use of le
  • doyla66
    doyla66 says #
    I feel like I discarded reading a book in 1989 and have only just picked it up again to finish reading it. Bet not much work is d
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