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BFCSA
MORTGAGE
DISTRESS SOS

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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 Sub Prime Lending
Investor Daily exposes the true statistics re consumer complaints - showing around 32,000 per year trend against BANKS.  We hope the industry stops calling banks the "FSP's."  Banks are Banks and have become PENSION DAY LENDERS.  Our Banking System has become worse than Bikie Networks for Organised Crime.  Organised Lending Crime - rife for past 15 years.  There is a price to pay for this folly of WILLFULL REGULATORY NEGLECT. FOS complaints up in 2014 Wednesday, 14 May 2014 | Staff Reporter       Today's News Former BT boss laments research house influence ASIC fines MIS responsible entity Budget repair levy to impact margin lending Investor demand for ESG increases Ethics vital for asset managers: CFA Institute BoQ pushes for ‘product sales advice’     inShare   The number of complaints received by the Financial Ombudsman Service has increased by nine per cent in the first quarter of 2014. In...
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  • Denise
    Denise says #
    Hi Transformation, I suggest you write to Philip Field and ask him to qualify those reports and stats. Ask for easy access to a c
  • doyla66
    doyla66 says #
    "The ombudsman closed 7,919 disputes in the March quarter. Of those, 54 per cent were resolved by the financial services providers
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MICHAEL and Karen Cook were no longer happy home owners despite a landmark case attacking Australia's version of sub-prime lending. They were living in a tent with their two young daughters out the back of a friend's place in Camden.  The NSW Supreme Court attacked the sub prime lending case.  Yet the court still permitted the lenders to keep their interest, fees and charges.  That would not happen today. Why? The case highlights the 2003 prevalence of FRAUDULENT LENDING PRACTICES.  As stated in Parliament 8 August 2012: "Governments cannot, ought not to profit from a fraud."  Very simple law: neither can Banks and Lenders and all those in the SUB PRIME LENDING business can profit from a fraud. There have been few cases presented to court against the banks, displaying victory for the victims of this insidious crime. WHY?  People do not have the funds to defend their positions and homes, in...
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  • doyla66
    doyla66 says #
    How easy to award Maladministration and Unconscionable Lending to we who have been and are being defrauded by the Banks and Bankst
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ASIC bans former Westpac bank home finance manager in relation to false loan applications Wednesday 12 March 2014 ASIC has permanently banned Mr David St Pierre, a former Westpac Bank Home Finance Manager from engaging in credit activities and providing financial services. Mr St Pierre, of Mt Nathan, Queensland, was a Home Finance Manager for Westpac Bank between September 2000 and April 2011. An ASIC investigation found that between July 2008 and June 2010, Mr St Pierre: ·         submitted loan applications to Westpac for approval when he knew that they contained false information and that they were supported by false documents ·         failed to prepare an authority that accurately identified the payee of a cheque with the result that a customer cheque for $215,000 was paid into the personal trading account of a non-office holder of Capital Growth International Club Pty Ltd (CGIC), and ·         enabled and encouraged customers to borrow...
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  • doyla66
    doyla66 says #
    Declan Carnes - infamous Bank Manager of BOQ and storm financial case is back in court today with another. This victim is not stor
  • doyla66
    doyla66 says #
    So how do ASIC see the bank engineers of this fraud as fit and proper persons??? They're ruining lives across the country!! ASIC-
  • doyla66
    doyla66 says #
    May I ask what this is all about Mr. Michael Kingfisher Smith? I note well that failure to make a decision, or take action, or de
  • doyla66
    doyla66 says #
    Looking at this horse in the mouth reveals......... ANZ Administrator Global Retail Credit Policy Team ANZ Automated credit asses
  • doyla66
    doyla66 says #
    One down and thousands more to go. one after the other just like falling dominoes.
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The public have deep sympathy for bush fire victims losing their home.  The public also arrive with buckets and mops to help strangers that are victims of floods.  Australia is a land that does suffer tremendously devastating weather curve balls and disasters at times. Another one for the salvation Army to pick up.  Victims says: "So I'm moving too .... no home, no $155K refund ......to who knows where now???  Another financially ruined, middle aged person who will soon be homeless.... How does that help our economy?? Yet when one loses one's home (as an older person) from a Bank driven Service Calculator Fraud on a deliberate TOXIC Mortgage, two porters at ASIC crack their knuckles.  Why is that?   Well failure for the public to understand this phenomenon of widespread bank looting of homes is all of the reasons Australians will be much worse off during the next 50 years. This...
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  • doyla66
    doyla66 says #
    That's dreadful. Ripped off by the lender then ripped off by the Australian injustice system. Perhaps the only way to deal with t
  • doyla66
    doyla66 says #
    Appalling how these banks string you along just to claim the maximum amount from borrowers who started off trusting these parasite
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Quite simply they are cheating.  They are targeting older people who own their own home and suggesting in an aggressive media campaign that people will be better off financially if they listen to the Evil Bankers and their agents!!! Australia has only 23 million people and most banks north of the hemispherical divide have never heard of Australia.  So how do they become the most profitable?  Making paper money? Or, perhaps plucking money and figures out of thin air in a wicked attempt to grab people's land titles?  REUTERS are on to this insane situation which we have been warning of for years.  Consumers are at last being listened to.  Their stories are important when one is seeking THE TRUTH about Australian Bankers.   Australian Securities and Investment Commission is there to protect the banks, not the people. Parliament dictated that ASIC is responsible for the Financial Markets, Consumer Confidence and...
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  Our favourite Banksters are getting more and more desperate to avoid the consequences of their dishonest asset lends and LAF fudges, that not only have got their EDR schemes limited to 500k, they are telling the poor folk at Financial Ombudsman’s Service (“FOS”) that are trying clean up the carnage of irresponsible lending.  Surely FOS is not falling for that one?   Lenders are also suggesting that: “we Banksters do not have the LAF the borrower signed; (before the Bankster Chain fudged it), we only have an electronic reproduction that our clerical staff typed up after the loan had been settled.      If BFCSA Members and Readers look at that closely, it only includes what the Bankster lot want to show us, now we have turned up the blow torch.   But if FOS takes the lead from the courts and precedence, then if the borrower says: “that’s definitely not...
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  • doyla66
    doyla66 says #
    CBA definitely did a number on me with the help of a mortgage lender, HOMELOANS Pty Ltd. Never use them.. they are disgraceful. B
  • doyla66
    doyla66 says #
    Torch the getaway car, throw the gun in the river, shoot the witnesses, burn the house down, all these classic cases of destroying
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Dear Mr Treasurer, Hon. Joe Hockey We know by experience COSL (Credit Ombudsman's Service to its own Members: Non Bank Lenders), needs to urgently have their EDR licence revoked.  They are incapable of handling consumer complaints and we both know the reason.  FOS will start to deal with a case regarding a Major Bank and then miraculously, the dirty toxic loan time-bomb is hand-balled over to a non bank lender whereby COSL will bury the bodies and even dig the graves. I recall a Hogans Heroes joke where Sgt Schultz announced new underwear, explaining Barracks A would change with Barracks B................And so the Major Banks in Australia are developing the same trail of deceit:  Hand-balling TOXIC LOANS TO EACH OTHER TO AVOID SCRUTINY,  as a ploy to be paid for stealing people's homes via TOXIC LOW DOC PRODUCTS which the Major Banks engineered in the first place. People are being tossed...
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  • doyla66
    doyla66 says #
    notice lately that non bank lenders are being promoted on current affairs shows as "competition" to the big 4?? WAKE UP.. Who do y
  • doyla66
    doyla66 says #
    Well just as I thought I was beginning to understand I find this. Perhaps someone with a brain more wired to understand this kind
  • doyla66
    doyla66 says #
    Wake up Joe the people are speaking, no more cover ups and stamp out this fraud and corruption the banks are committing. The gover
  • Denise
    Denise says #
    I think you should all be writing to Mr Hockey first and ask him to please reconsider the consequences of his actions and appointm
  • doyla66
    doyla66 says #
    Why do we waste our time in this country having elections they are a farcical sham. Both sides of politics are tainted by a whats
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Cricket Fans who are victims of MORTGAGE LOW DOC FRAUD perpetrated by internal frauds within the Commonwealth Bank, must be sickened to see the CBA logo splashed across the Australian Cricket Team's shirts.  If ever there was a good Aussie example of crooked dealers NOT PLAYING with a STRAIGHT BAT, it would be the executive staff at CBA.  It would be like Al Capone sponsoring the Team...................or Charles Ponzi. The EDR's have powers to demand CBA hand over the Loan Application Forms and other parts of the client files so we can see the FRAUD for ourselves. The reason that the "WITCH BANK" has not handed over files when asked is specifically because THERE IS FRAUD.  That is obvious.   If there was no fraud, the bank would not have to hide behind FOS and seek their protection from angry consumers of TOXIC CBA LOANS. This email address is being protected from spambots. You need JavaScript enabled to view it. From a Member who wants...
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  • doyla66
    doyla66 says #
    The more stories and comments I read the more horrified and angry I become. What an insult for CBA victims who love cricket! I f
  • doyla66
    doyla66 says #
    A tent city at Canberra plus tell every Australian with a mortgage or loan to request their LAF's from the lenders, how many LAF's
  • Denise
    Denise says #
    Yes Maria, I can see a BIG BFCSA Tent City protest in Canberra coming up..................2014
  • doyla66
    doyla66 says #
    It's a disgrace!!! They are are bully's. The Banks! They are destroying the lives of people that have worked their entire life. We
  • doyla66
    doyla66 says #
    How many fraud cases will it take to get Govt on the page: A Royal Commission into Banking and Finance is needed now. What do we
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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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Banks Shredding Evidence has become a Global Phenomenon - a master grand slam.  Like the raising of the Costa Concordia, the Banks have no plan B and have been left with their pants down.  In the United Kingdom and Ireland, no victim of toxic loans has been told by regulators or support groups to obtain their Loan Applications Forms and why.  I have been fielding international calls from distressed mortgage holders the past couple of months. No-one knew these documents existed.  Nor did they know the Service Calculator was used to have the bank program fudge income figures.  The Brokers did not pluck figures out of thin air, as global regulators (members of IOSCO) would have the world believe!   Now Medcraft is in charge of all Security Chiefs around the world!  What is going on??????  Charles Ponzi must be chuckling around Bank Heaven...................................double up in LAFTER.  The LAFs were hidden...
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  • doyla66
    doyla66 says #
    Medcraft probably runs the ALP behind the scenes.....something stinks!!
  • doyla66
    doyla66 says #
    This bloke is a gangster he has set up the scene for the perfect crime to be completed by his crooked mates. The ALP put this blok
  • doyla66
    doyla66 says #
    It's a world wide con job - similar problems, similar methodologies. When there's enough evidence of this around the world what w
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