GLOBAL SUB-PRIME CRISIS

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BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

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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BFCSA Blog

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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I am constantly asked re credit cards what do we do now: I suggest you all lodge Credit Card complaints with FOS especially the offer to raise the debt was given to you.  Look at FOS website re Credit Cards and it clearly shows where grounds for complaints are more than possible.  Australians being charged a staggering $6.2 billion in credit card interest annually.  Tom Godfrey of Choice is saying the market is dominated by THE BIG FOUR BANKS and that's not good for Consumers.  Nothing in banking is good for Consumers right now as these Banksters are so dishonest, deceitful as we have proven time and again.  Also start going to media as it is a BIG story of how Banks insisted on a Mortgage Borrower taking out THEIR credit card when they already had one.  www.fos.org.au What a Bunch of Bankers..................I am writing a book............... They said "you do...
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  • Denise
    Denise says #
    We as a group have power and strength in numbers. Its called collectivism, and it can move mountains and start class actions, cha
  • doyla66
    doyla66 says #
    As I have said before a condition of my re-finance was I take out a platinum card with ANZ yet having been an existing customer fo
  • doyla66
    doyla66 says #
    Oh Lisa .... I agree......... The anguish of our situation is enough for someone to end it all. The pain, the anxiety, the depress
  • doyla66
    doyla66 says #
    Same same same One mortgage Another mortgage and a third mortgage 5 credit cards maxed out trying to save the sinking ship not kno
  • doyla66
    doyla66 says #
    Re interest on cash advances - I believe that is conveniently charged right up until the entire card balance is paid out if one su
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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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AUSTRALIA NEEDS ONE BANK EMPLOYEE WHISTLE-BLOWER:  Just one DECENT SOUL with a conscience.  YOU KNOW what was going on.  What if it was your parents? Just send us your "insider" emails - one would be sufficient to blow the LOW DOC MORTGAGE SCAMS out of the vaults. No-one deserves to work 25 years to pay off their home and then have it stolen.  No young person needs to be stitched up with a 120% LVR loan and pay twice the price of rent and then find five years later the loan has imploded and they are back out renting.  No-one deserves to be ripped off by Banksters in Australia.  NO-ONE.  Your home is the biggest asset you will ever purchase in your lifetime and yet there is no consumer protection for Australian families. Yes there are laws but NO-ONE is policing the banking and finance industry.  The regulators and Politicians believe in...
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  • doyla66
    doyla66 says #
    I suspect the reason we've had to put up with some cruddy treatment is that everything was supposed to be handled quietly. Our pol
  • doyla66
    doyla66 says #
    Lisa: THe ENd GAme: Explosive," It was like replacing bank vaults with roulette wheels" dismantle Glass-Steagall Act, the "safety-
  • doyla66
    doyla66 says #
    Bearing in mind that we're coming up an election and a lot of dirt gets thrown to sway voters ... some clues as to our treatment b
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What did KEVIN 09 SIGN?    Look what happens when decent people pool their limited resources and fight back.  Kevin Rudd omitted to send out one particular and vital memo to his colleagues.  The Rudd factor is not about political correctness or personality clashes.  That would be far too simple an explanation.  Did he cause Australia to become entrenched in the Global Financial Crisis?  Was Kevin simply being Just Kev?    So what did the Prime Minister SIGN back in 09?   Hmmmmm.  We know. But was Rudd the cause of the looming catastrophe or did he inherit a diabolical Bankster Scam that had been running rampant in Australia for several years prior to the GFC?  Was ASIC just following the Nuremberg line?  We wuz just following orders?  Whose orders? Lots more to come.............................all the little ducks are flying in a row and its all so simple really.  Truth always is....
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  • doyla66
    doyla66 says #
    Australian needs to split retail banking from trading banking YESTERDAY. It really is that urgent IMHO. There is no other simple
  • doyla66
    doyla66 says #
    "to the Australian Prudential Regulation Authority (APRA) that it grab creditors’ funds, including deposits, to prop up a failing
  • doyla66
    doyla66 says #
    I don't know who is selling our assetts to overseas but in the last couple of years 4 farms have been purchased by an overseas con
  • doyla66
    doyla66 says #
    Wow, I like many others would not know what legisation is being passed within the political circles. Without the CEC they could be
  • doyla66
    doyla66 says #
    WOW.. ..."More details of the Cyprus bank bail-in were released early Monday and showed that the largest depositors in Cypriot ba
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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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