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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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Subscribe to this list via RSS Blog posts tagged in Australian Mortgage Fraud
Why the banks should be nervous about Election 2016  The Drum Ian Verrender  5 hrs ago       A good thing that's all sorted. With the election campaign now in full swing, it seems almost everyone has forgotten the reason we are going to the polls. During the past fortnight, as political opponents play Punch and Judy each night on the tele, there's been nary a mention of the ABCC - the Australian Building and Construction Commission - the immediate establishment of which was so vital, it required the Prime Minister to dissolve both houses of Parliament. It's easy to see why. Cranes jostle for position on crowded city skylines as the frenzied east coast construction boom races towards its inevitable climax. Industrial disputes have fallen to levels last seen six years ago at the height of the financial crisis. And wages are growing at their slowest since records were established...
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http://aca.ninemsn.com.au/article/8852388/nasty-conman-ripping-off-elderly-parents Perhaps you really need to ask Gail Kelly how much in bonuses she plans to collect on retirement?  This email address is being protected from spambots. You need JavaScript enabled to view it. See my interview and thoughts on the matter.................. INTEREST ONLY LIAR LOANS are up 39% last quarter according to Bloomberg.  Westpac no stranger to approving fraudulent loans.   Our files bear witness to the truth.  ...
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By finance reporters Elysse Morgan and Rebecca Hyam Updated Thu 27 Mar 2014, 3:15pm AEDT Photo: The tax office says Australians can avoid criminal charges for offshore tax evasion if they come forward now. (www.ato.gov.au/) Related Story: Amnesty in the offing for offshore tax dodgers Map: Australia The tax office is calling on all Australians with offshore assets to declare their interests before a global crackdown on tax evasion. The Australian Taxation Office (ATO) has launched project Do It, which was flagged back in January, and is aimed at providing a last chance for those who have not declared their overseas assets and income before the end of the calendar year. The ATO says Australians can avoid criminal charges for offshore tax evasion if they come forward now. Tax Commissioner Chris Jordan says there will soon be no such thing as a tax haven. "Now, as governments around the world step...
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  • doyla66
    doyla66 says #
    Does Australia pay company tax to the US? Or does our budget break even each year to avoid tax? How much do we pay the IMF and fo
  • doyla66
    doyla66 says #
    If the Govt. is so desperate for money all they need is abolish negative gearing and do away with exemptions for all foreign regis
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It sickens me the way the New Zealand regulator and the Ombudsman and Serious Fraud Office (whom I met and including the Minister in 2009) are mishandling these serious complaints of LOAN APPLICATION FRAUD engineered by the Bank Engineers, using the same SERVICE CALCULATOR as preferred weapon of choice and have been making obscene profits from criminal activity for more than a decade and a half.   Our regulators have all enjoyed over-bloated pay packets for playing in SNOOZEVILLE and continue this farcical denial campaign to Parliament.  "No systemic issues?"  Remember those words Greg Medcraft.  These victims lives are in tatters and you Sir can expect your brilliant career to become a down hill run from here on in.  You have been the Model of Cover-Up procedures by the Australian Securities and Investment Committee and then Chair to IOSCO to perhaps cover up there also. Australia has permitted it Banks to...
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  • doyla66
    doyla66 says #
    people have and still are being duped world wide.. Australian banksters the jig is up as more and more of us learn of your crimina
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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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Australia desperately needs a Royal Commission into Banking.  Our researchers have been busy!  Since July 2013 FOS have been treating Bank Complainants differently - yes we have noticed by the "take it or leave it DETERMINATION" and no right of reply!!!!  They also hired a Bank Expert seconded by Major Bank - so that the bank can view all your financial details!  Ughhhh.    Determinations by Ombudsman starting to seem like a cover up "YES we found Maladministration in Lending and offer $5,000 resolution and discount on current mortgage."   What happened to the 75% decision the customer's way?  (see below) Reduction of 75% of mortgage as  a fair assessment.  In Colin Neave's time as Ombudsman, he thought 25% was fair for Maladministration in Lending by Banks..  I warned FOS of this in 2007 (as ABOS) and again in 2009. So all those Determinations recommended by Bank Expert and Mates since...
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  • doyla66
    doyla66 says #
    FOS and the Banks bedmates? If they like each other so much, why not make them gaol(jail)-mates so they can enjoy each others' c
  • doyla66
    doyla66 says #
    The head honcho at FOS should be sacked on the spot and his job (and salary of course) given to Denise and immediately, for she is
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Yes Robert we "start cleaning up this Nation by exposure of THE BANKERS CARTEL" Robert Mc - one of our readers writes:-   Banking FRAUD the reason we all come to this site, to see if one day a Mainstream Media outlet will finally put on the table the truth they have known for many years but have been too scared to expose. Our Government certainly wont let it out, not this current one as their illustrious longest serving Prime Minister was the one to lay the foundation for the deregulating of our Banks.   Our now opposition wont expose the truth about what is happening because they are the ones who implemented the entire deregulation of the Banking industry when they held power then went on to sell the toxic Banking product the RMBS. To cap off the two major political parties having a big vested interest in this fiasco...
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  • doyla66
    doyla66 says #
    Let's hope Senator Williams can work a miracle. I recall Barnaby was trying to do his best to warn us until they found a way to s
  • doyla66
    doyla66 says #
    All criminals belong behind bars so why not the banksters???
  • doyla66
    doyla66 says #
    Heads eventually are going to roll for aiding and abetting fraud. The grubby corrupt ceo's are starting to kill themselves, resign
  • doyla66
    doyla66 says #
    Why not do away with ASIC as they do not work in the best interest of the victims to get any form of justice, they are well paid t
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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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We lost  our  home of  13 years  by  fraud  by  J P Morgan, Bank of New York Trust and  & PEPPER HOME  LOANS and Financial Express pay day lenders. My  name    is   Terry    Moore   and  my  wife   is  Marlene  Forrest-Moore   we  had  a  home  in  Halls  Head  for  13  years. We raised five children and there are several grandchildren – all decent honest people. There is no level playing field in Our Story................... In September 2004  I  had  a work  place  accident  and  in  December  2005, my  wife  had  work  place  injury.  We  had  a  mortgage  over  our property  with  La TROBE   Financial.  In  2007   a  friend   put  us  in  contact   with  a   broker  name  MARY GARTLAND - ABBOTT    Mary   came  to  our  home  in   January  2007    to  talk   about  refinancing  our  L A   Trobe  ...
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  • doyla66
    doyla66 says #
    If our tax dollar pays the salaries of Medcraft & Kell, can we not fight to have them sacked?
  • doyla66
    doyla66 says #
    Just re-read this horror story for the second time for had to walk away from the PC when I first read through it yesterday and lea
  • doyla66
    doyla66 says #
    God, I hope Greg Medcraft and Peter Kell stand before the Senators because I want them to see we are living breathing human beings
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Imagine if a large number of people all decided to rob a bank today (please IMAGINE and do not do this) and the Government decided to create NEW LAWS to suggest that this illegal act was no longer illegal and you are now all free to do this again and again? WELL THAT is exactly what our Government has done for the Banks at the expense and trauma of its own people.  The Australian Government knew for close on two decades that people were being deliberately and maliciously targeted by Ganksters acting as Banksters.......with the clear intention (according to evidence BFCSA has amassed) of stealing homes from low income families and pensioners and charging high end fees for the privilege. The Government decided on 1 July 2010 to do something extraordinary.  We had several laws in various states and also the ASIC Act, to protect consumers from KNOWN predatory banking and bad...
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  • doyla66
    doyla66 says #
    Have been jousting with a bank for some time now by exchange of letters. There are questions the bank has been asked to answer re
  • doyla66
    doyla66 says #
    Woke up this morning......... decided I will write another one either way.......and file this 2nd one away for Jan when all the me
  • doyla66
    doyla66 says #
    I wrote a submission today. Can I do another tomorrow? There is so much more I want to say. I want to tell my whole story. After
  • doyla66
    doyla66 says #
    Banking Code of Conduct are meaningless words that no banksters listen too and alot of lenders aren't even party to, so its all B/
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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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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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Members who have scrolled through our library are seeing the truth for themselves of how Bankers manufactured faulty mortgage products to gain maximum profits using FRAUD as a means to a greedy end.  Members are expressing horror at what has been uncovered, yet ASIC were given 200 of these emails in hard copy form (I have the 2000 originals), and failed to expose the crime.  Members can see what ASIC corruptly refuses to see or cannot see through sheer stupidity.  Brokers did not set up this gigantic sub-prime scam...................Banks did.   The emails BFCSA has uncovered were mostly sent to the entire Broker Channel.  That means that every Broker received copies.  Unfortunately, many brokers did not reach the giddy heights of the big hitter commissioned high flyers.  Far from a profitable career, brokers lasted many months, worked very long hours and did not earn a great deal of money.  These hard...
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  • doyla66
    doyla66 says #
    Brokers conned, Bank staff conned, Borrowers conned, Spruikers and Promoters conned, ASIC conned, the Public conned... even the Au
  • doyla66
    doyla66 says #
    Old and dotty I may be, but everything you have written is absolutely correct Denise. I know I keep bashing the Nab but with good
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Just remember this figure:  18% of all people surveyed by BFCSA, say they have FULL DOC LOANS arranged by Bank Managers and NO BROKER INVOLVED yet all were toxic, unaffordable, designed to implode at 6 years and, all were fraudulently altered after people signed and without their knowledge and consent.  36% of all our people surveyed said their loans were either FULL DOC or LOW DOC arranged by Bank Managers and NO BROKER INVOLVED yet all were toxic, unaffordable, designed to implode at 6 years and, all were fraudulently altered after people signed and without their knowledge and consent.  No-one across Australia received a LOAN APPLICATION FORM despite the fact that under Contract Law the customer is entitled to a document they are asked to sign.  You are entitled to a copy at point of signing, yet this most important decision of a lifetime and NO-ONE received a copy and ASIC state "no systemic issues." BFCSA has managed to unravel how the Loan...
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  • doyla66
    doyla66 says #
    Just wondering, Change, what percentage of each Bank's value is created by their home loan and then business loan book? Our econo
  • doyla66
    doyla66 says #
    Good one, Paul. Herald the coming investigation, inquiry and Royal Commission into Banking. Then give the Bank, non-Bank lenders
  • doyla66
    doyla66 says #
    EXACTLY Paul - an amnesty could work, otherwise our whole economy as we know it will go down the gurgler.. also, our "live' loan
  • doyla66
    doyla66 says #
    That's right Paul, we are the innocent party against the bank crooks. It's not hard to detect brazen fraud on the laf's when an in
  • doyla66
    doyla66 says #
    If a document contains my signature and it is related to a then live loan it CAN NOT be destroyed. Remember this is a crime scene
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WHERE ARE THE TRUE INDEPENDENT FIGURES RE LOW DOCS?  Are you telling BFCSA that there is no independent AUDIT?  That we are trusting the Banks to be honest?  Are you kidding me?  Let's not wait until it all comes crashing down USA fashion.  We are asking serious questions here?  Where is the Treasurer?  Where is the Prime Minister?  Who is minding the shop? The "Force" has received hundreds of complaints re service calculator fraud run by Major Banks and total of 30 non bank lenders.  Maybe the Australian Federal Police need a lesson in priorities.  Ignoring this problem will only serve to damage the economy as senior economists have warned re sub-prime lending practices.   Alarmingly, the figures from the RBA suggest only 10% of loans from a pool of $1.28 TRILLiON Mortgages are Low Docs - what rubbish.   Reserve Bank Australia ("RBA") get their unaudited figures from the Australian...
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  • doyla66
    doyla66 says #
    Good one Jean the only response I have seen with a pollie referring on to Attorney General. Hopefully it doesn't get the ordinary
  • doyla66
    doyla66 says #
    Thanks Duped. My son has been busy with all this and he doesn't give up lightly. Ross will get back to him or my son will follow i
  • doyla66
    doyla66 says #
    That's great, Jean. I got no reply from my latest letter to PM. Another letter going to MP this weekend. Attorney General ... l
  • doyla66
    doyla66 says #
    From: [email protected] To: Subject: RE: Banking maladministration/fraud and the necessity for a Royal Commission Date: Sun
  • doyla66
    doyla66 says #
    AFP are only interested in easy visible tasks. I've written three times and got rubbish replies. If we commit Fraud they jump but
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The truth is no matter what the broker did on the Loan Application form, he provided the Bank with documentation to show the exaggerated figures calculated by the Service Calculator.  The Brokers was taught by Bank BDM's to write the computer calculator "Speedy" generated figure on the LAF.  Brokers suspected nothing.  The banks told them "you are helping people."  Yet every loan was an identical 80% LVR and the incomes were inflated by the CALCULATOR to match the 80% LVR borrowing "capacity."  This is Australia's sub prime shame, aided and abetted by the regulators. Se the links under "Breaking News" at the top of the home page and see the evidence and documents for yourselves, including the calculator and the passwords." Skippy the Computer approved the loan internal to the banking system.  The system was a fraud. THE BANK THEN APPROVED THE IMPRUDENT LOAN and that is against Banking Laws in...
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  • doyla66
    doyla66 says #
    Am new to this computer stuff,...anyhow, will add name of Money mob in Melbourne and their crooked Lawyers, on par with the notori
  • doyla66
    doyla66 says #
    Our capacity to pay back was zero. Our monthly repayments were $7.000....That's $84.000 per year and we were only earning $23,000
  • Denise
    Denise says #
    Tip off : Inquiry into ASIC imminent - any day now - get your submissions ready - why asic is corrupt d[email protected]
  • doyla66
    doyla66 says #
    FOS also says the banks didn't have to check because it was a low doc loan. That's unbelievable for loans in the $100,000s or mill
  • doyla66
    doyla66 says #
    The banks didn't have to check because the loans were lo doc. But the Banks, as lenders, were responsible for the lending. It was
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How to effect a giant cover-up?  Very simple.  Send all consumer complainants a letter telling them to go to financial counsellors, who will then send the victims back to the banks for hardship lessons.  When that runs out of steam we set up the External Dispute Resolution Services ("EDR"), run from the same gene pool that loath pesky consumers.  Licence the EDR's such as FOS "Financial Ombudsman" and COSL "Credit Ombudsman" and then they can bear the blame for failure.  ASIC then instructs the EDR's to treat every complaint of fraud as if its "a dispute." ASIC:  "Yes its Fraud by brokers but what do you want us to do?  Go and find a lawyer and talk to the EDR's" Consumers who go to COSL are told: "Oh this is FRAUD" we cannot help you.  Go to the Police. State Police say: "this is definitely FRAUD BY BANKS - go to...
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  • doyla66
    doyla66 says #
    Yep - very familiar with that merry go round described by Denise. It is deliberately designed to be that way & you only discover A
  • doyla66
    doyla66 says #
    Where should consumers go with Fraud cases? We've done the rounds, written to the Prime Minister, Senators, Ministers, our local m
  • doyla66
    doyla66 says #
    Bank$ters deny FOS/Applicant discoverable docs, FOS says "no probs", yet same conduct in Court, Default Order issued by Judge agai
  • doyla66
    doyla66 says #
    Who told the judges that was an acceptable answer from a Bank? Lost contract? Lender, manager and SPV/Trust have a copy of it.
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Yes, the banks needed to get more money out on the street. So, free up polices to attract a new level of customers. The equity rich home owners. Release the LO DOC PRODUCT to anyone in the market, give the brokers some slack and away you go.  No morals needed, just tick the box to get the application over the line to meet the banks easy requirements, all boxes ticked? Loan is approved. Easy as that.  AND its approved by a Computer! It is called "NOT MY RESPONSIBILITY TO QUESTION IT".  I think it is "Y"Gen thing.  Just following Orders. It is the oldest trick in the book DRUG DEALERS USE. Put  some product on the street to get people hooked and then everyone comes a running for easy loan. Now the banks can sit back at arms length and let the brokers take the fall. fill up the Courts with...
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  • doyla66
    doyla66 says #
    Excellent information, Mort. Thankyou. You're right - I couldn't sleep either after watching just one episode. Profoundly disturb
  • doyla66
    doyla66 says #
    I've watched the four episodes. It is worth the time and effort. It was amazing to live through this time watching it happening v
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Time to expose the accountants involved in the scam.  For a few years Banks asked Brokers to provide accountant's letters to "provide financial details to satisfy affordability criteria."   Banks also asked for Real Estate Agent's letters to provide "proof of rental returns likely on any given property." Business Development Managers employed by the Banks would teach Brokers across Australia how to satisfy this "criteria" without too much fuss.  Ask a local accountant to write a letter on behalf of Mrs Jones (whom accountant had no knowledge of) to write I can verify that Mrs Jones earns $120,000 p.a.  The local real estate agent would write on letterhead of course: "Dear Mrs Jones, the rental property you wish to purchase would bring in $2000 per month in rent....." The Low Doc Loan files from say six years ago are riddled with these letters.  You are entitled to a copy.  If there is no fraud Mr Banker and the letters are legitimate, then...
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  • doyla66
    doyla66 says #
    Nothing would surprise me with dodgy accountants and real estate agents - nice little earner on the side thanks to Banks and Broke
  • doyla66
    doyla66 says #
    I love the way Denise has presented this scenario. The banks are running scared of her knowledge and tactics. Also the Canberra Po
  • doyla66
    doyla66 says #
    ING sought accountant confirm property worth HTW val. + worked for myself, but NO INCOME verification sought ever = asset lend (on
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MUSHROOMS NO MORE!!!!  BFCSA Members are fighting back........... stronger than ever and armed with the TRUTH. Consumer Protection laws are NOT inadequate and COMMON LAW is our “special effects,” of law working for the people.  The Australian Securities and Investment Commission are now telling consumers to stay away from BFCSA.  That means our collective efforts are biting hard.  Once again, ASIC is sending people to those who unable to properly assist consumers to reduce their mortgages considerably.   We have demonstrated that point since 1996 when the nucleus of our group started out as RECA (Inc). Experiencing nothing ASIC has been doing assists consumers in any meaningful way.   LAZY ASIC (and CAC and ASC) have clearly been ignoring the provisions available to regulators since 1980.  By simply ignoring the problem Australian regulators are in fact CONDONING THE PRACTICE of widespread BANK induced mortgage FRAUD.  The new NCCP laws are a cover-up for that laziness. ...
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  • doyla66
    doyla66 says #
    You ring them for help & they tell you to go away, ring another red-tape bureaucracy [contact anyone but us] then when they get sh
  • doyla66
    doyla66 says #
    Denise is well known for disguising what she really means to say. I'd say where she says ASIC has been lazy, what she really means
  • doyla66
    doyla66 says #
    yes asic reps advised me to stay stay away fm bfcsa.
  • doyla66
    doyla66 says #
    What a cowardly game ASIC,.FOS etc play. These henious crimes are destroying lives. Do they not understand the impact losing your
  • doyla66
    doyla66 says #
    I understand what you're saying, Gypsy. You've been through a loss that I couldn't cope with. You're much braver than I am. I did
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