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.
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.
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...
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.
...
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...
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...
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...
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...
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...
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...
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 ...
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...
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...
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,...
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...
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...
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...
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...
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...
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...
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...
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. ...