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BFCSA
MORTGAGE
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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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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 Australian Low Doc Scandal
eldiablo here thank you for reading my blog story in response to which bank WESTPAC the one and only have created this maladministration debark-le it is only if we all stand together that our voice will be heard. if it was once said that the meek will inherit the earth then i for don't mind being meek and stopping this crime against us all we shall be heard we shall create a diference we shall have all this wrong doing reversed and the banks have to in the very least take the hit for the loans  it not not like they didn't profit from us all in taking our money and lively hoods now its time for their compassion to be shown and secure our future for once and all so we can live out our final years without this debt, pain and suffering. So i say to all the banks...
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  • setup
    setup says #
    Yep, lets all encourage each other and make a tonne of noise so we can grow bigger and more powerful. We all know we have not comm
  • setup
    setup says #
    Sorry 25th August...
  • Rob
    Rob says #
    One in all in! lets all get behind this effort, Rome wasn't built in a day but it is still hear today. So come on all you sand bag
  • setup
    setup says #
    That's exactly right Rivers, which is why we have to persevere in putting pressure on the Politicians to bring banking back to how
  • RIVERS
    RIVERS says #
    We were brought up to respect banks and the kindly bank manager. How things have changed! We now consider them to be the enemy, on
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Bank of America has agrees to a record $18 Billion deal to settle claims it sold risky mortgage securities as safe investments ahead of the 2008 financial crisis. The bank said it would pay out US$9.65 billion (A$10.37 million) in cash and provide US$7 billion (A$7.5 billion) in relief to consumers affected by losses tied to those securities. The settlement, with the US Department of Justice, the Securities and Exchange Commission, and other authorities including individual states, resolves a number of civil investigations against the bank and subsidiaries Countrywide Financial and Merrill Lynch, which it took over during the crisis. But it does not resolve potential criminal cases, especially involving Countrywide, once the country's largest home-loan issuer, and Countrywide officials. "We believe this settlement, which resolves significant remaining mortgage-related exposures, is in the best interests of our shareholders, and allows us to continue to focus on the future," the bank's chief...
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  • brett@sctelco.net.au
    Here it comes, the Banks have got away with this for too long already but now the tide is turning and there is a light beginning t
  • setup
    setup says #
    Their Political leaders would have put the pressure on and i guess it's a start in the right direction but it doesn't state clearl
  • Duped
    Duped says #
    We here in Australia know that banks used fraud against ordinary people borrowers which is one of the reasons they make these obsc
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http://www.smh.com.au/business/banking-and-finance/australian-banks-need-ringfencing-law-says-former-bank-of-england-governor-20140805-100ft3.html Australian banks need 'ring-fencing' law, says former Bank of England governor Banking and Finance Date August 5, 2014 Former Bank of England governor Lord Mervyn King says Australia should look at the “ring-fencing” law adopted for banks in his home country, to avoid “the terrible moral hazard” of taxpayers bailing out banks for risky investments made by their trading arms.  His comments came after Financial System Inquiry chairman David Murray told Fairfax Media that a version of the “ring-fencing” law adopted from the Vickers banking inquiry in the United Kingdom should be considered in Australia. Speaking on the sidelines of the annual Diggers and Dealers mining conference in Kalgoorlie after delivering the keynote speech, Lord King said other countries could benefit from studying Vickers.  “Vickers combined a high degree of ring-fencing, with higher capital requirements for banks,” Lord King says. “…I think people in Australia have to look and see...
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Bubble Economics: Australian Land Speculation 1830 – 2013, has been published through the World Economics Association website, at http://www.worldeconomicsassociation.org/books Just click on the link.............. You need to read this AMAZING REPORT by Philip Soos & Paul Egan and in particular: The chapter on fraud “3.6 The Emergence of Fraudulent Mortgage Lending” can be found on page 621 - 660 If you are a victim of Mortgage Fraud by Bankers, professional academics are writing books on Australian Mortgage Fraud - the one that ASIC has been in denial over for fifteen years!   Remember the porkie pie that ASIC told the Australian Parliament  8 August 2012 and again in Feb 19, 2014:  "No systemic issues in Mortgage Fraud", weeks after receiving the EDR reports to say complaints against the Four Major Banks had increased dramatically the previous five years!   Bubble Economics is a sound historical look at bubbles and land speculation over the past 180 years.  A...
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My own GP and staff will be asking their bank on Monday - "Where is my copy of my LOAN APPLICATION FORM ("LAF") its only 11 pages and we are entitled top a copy as it contains our signature?"   Whether FULL DOC or NO DOC dummy loans dressed up as LOW DOCS........ no-one has copies................... Ask teachers at the local school:  "Have you got a mortgage and if so were you given a copy of the LAF when you signed?  No?  Then ring up and ask for a copy.  Be prepared for a shock." Ask your local garage mechanic..................your colleagues..............your grandchildren's swimming coach......................neighbours.............your dentist, have their children got mortgages?  Ask: Do you have a friend with a mortgage? They will all say:  Thanks for the TIP.  No-one has a copy of the LAF in their files........................ 2014 will be the year of everyone demanding a copy...........................so start becoming very busy BFC'er. If...
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  • doyla66
    doyla66 says #
    Once I did have 2 – one with ANZ and one with Colonial – Colonial stolen with my wallet and somebody went on a fast spending spree
  • doyla66
    doyla66 says #
    and what about being tricked into thinking you can TRANSFER ALL debt from old credit card to new one at reduced rate for limited t
  • doyla66
    doyla66 says #
    When my house was proving so difficult to sell I went in to talk to my Bank Manager for funds were then running low and despite tr
  • Denise
    Denise says #
    A little known secret.............All Major Banks were flogging credit cards and several bank staff members of FSU complained to t
  • Denise
    Denise says #
    My Comment: Hopefully the Police will go after the Lender internal staff who approved the loans. Its takes two to tango. Some bad
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Dear members Both political leaders have given their prospective Xmas speeches and rightfully so have heaped praises on the unsung heroes and heroines of this great country, everyone from the police, doctors and nurses, military and all the volunteer workers and countless others who don't get the recognition they deserve. Both parties have made reference to the less fortunate in our society and I agree whole heartedly but what about the less fortunate who have been put in that position through no fault of their own. I'm talking about all the victims of the banksters and their unquenchable thirst for all our assets, these parasites and their lecherous lawyers have sunk to the lowest depths in order to make their profit margins bigger. To use stealth and cunning to lure victims into these falsified contracts is the height of audacity. What or who gave the banksters the green light to pursue flogging these...
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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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Well, well, boys and girls it looks like after many tireless years of Denise's and BFCSA persistence we have struck a raw nerve at ASIC. To rate a supplement to ASIC's submission to the Senate means they are finally hearing what we are all saying. To start compiling a list of counter claims to all our evidence reeks of desperation to save their own sorry skins. To use time as an excuse is preposterous by stating the falsehood that a lot of our members were PRE all these new regulations so that must deem them to be not appropriate, you do not put time limitations on a crime as if the passing of time wipes the slate clean. One of the most obvious pontificating ASIC statements is the complete onus on the brokers for the loans and LAF's, they are completely exonerating the banks and show where their allegiance lies. To...
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  • doyla66
    doyla66 says #
    Fancy ASIC singling BFCSA out for such special attention! All those other complaints and we get the ASIC red carpet treatment? Wh
  • doyla66
    doyla66 says #
    Yes Neil it's going to be a day of entertainment, a day when the truth will prevail and a day of history making. We are nothing to
  • doyla66
    doyla66 says #
    Well said Neil. Like you I will be ready, willing and able to attend the Senate enquiry to support Denise and other BFCSA members
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The general public have had enough of weak regulators.  With Australian Securities and Investment Commission we have corrupted regulators who are literally running bankster protection rackets.  Just how did an estimated 200,000 families fall for this scandal?  There must have been some whopper lies told to customers to have them believe these loans were perfect for their financial well-being.  The truth is the LOW DOC and a swag full of FULL DOC MORTGAGE LOANS were high risk and the most expensive in town.  Of even more concern, we have uploaded the proof that the applications were "doctored" in all cases to date.....after they documents were signed and without their knowledge or authority.  It is clear from the documents that the alterations were done after the broker sent them to the banks.  The Banks knew this to be true and secretly ordered Brokers to SHRED THE ORIGINALS. I suggest the State Attorneys-General...
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  • doyla66
    doyla66 says #
    Posted on facebook by Anna Delamere Lastnight's ABC's interview with Denise was re shown this morning.... with journos comments; "
  • doyla66
    doyla66 says #
    What does Steven Muchenberg call it then? If it's not "repossession" is there another expression for it? Wearing the complainant
  • doyla66
    doyla66 says #
    Mr Muchenberg, I know your not legally qualified to speak without "strings attached", please inform Citizens Re: Secret Board Meet
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