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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 Scandal
Australians will soon feel the pain suffered by the Greeks.....all because of rogue banking system - out of control in de-reg, meaning NO REGULATION banking sector.  Warning, if you have agreed to a Low Doc Toxic Mortgage, known as Liar Loans in America, this is what to expect.   Banks created the mayhem, with bankers paying themselves big fat bonuses worth millions of dollars in retirement plans (ie SELFIE SUPER), then bankers jump ship and ask the nation to bail out the banks.  Australians are lucky if they lose their homes that they worked hard for 25 years to achieve.  At least they cannot be thrown in jail!  NO Bankers jaiiled of course for providing unaffordable fraudlent loans.    This email address is being protected from spambots. You need JavaScript enabled to view it.   Greece: 'They are stealing everything, even our homes' Saturday, April 26, 2014 By Afrodity Giannakis, Thessaloniki   “I wish I could leave Greece. I can’t go on living here. I...
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Dirty campaigns to attract Asset Rich Income Poor pensioners was promoted by Major Banks in 2004..........its all coming home to roost.  Three years prior to the GFC....so American investors have rang asking this obvious question: How did our banks keep the same deceitful LIAR Mortgage LOAN model rolling forward and riddled with fraud....for so long? http://www.deloitte.com/assets/Dcom-Australia/Local%20Assets/Documents/Australian%20Mortgage%20Industry%20Report(1).pdf  The Australian Mortgage Industry At The Crossroad - 2005    Interesting times in the mortgage industry.   The dynamics between direct franchising and third party distribution loom large; consolidation choices in the increasingly influential brokers’ domain are yet to finalise.  Regulation and risk management tighten the landscape. And overall the competition around retention and sales is as fierce as ever and continues to keep margins under pressure. All are key strategic factors for the industry.  For these reasons we title this first in the series of Deloitte’s points of view on The Australian Mortgage Industry...
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Ask a Banker to run an Inquiry into Banking System?  Sounds like a bad dream does it not?  No impartiality here.  Did we put in a  submission? Why bother? Terms of Reference shows what Policy will make the Treasurer happy.  Its a  done deal, as they say.............. The toxic mortgages in the current system will barely get a mention.  There is no independence at all.  More like a Banker Elite Bash with everyone patting themselves on the back.  Notice how the actual TERMS OF REF do not even mention the word CONSUMERS, nor the word TOXIC.  Notice only half the submissions sent in as there was for the Senate Inquiry into ASIC.  Murray is hardly going to rat on ASIC, the RBA, APRA, banking colleagues and himself of course!   Its the usual talk fest and pats on backs that will lead to a forgone conclusion...............................dracula in charge of the blood...
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  • doyla66
    doyla66 says #
    This is BLOW-Hockey at his best (if you believe the BS he professes to understand). It must be quite difficult for him to have to
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Mortgage dispute case total mounts By IAN KIRKWOOD March 23, 2014, 10 p.m. CHARLESTOWN woman says the “huge response” to her call for a royal commission on mortgage fraud and sub-prime loans shows the problem is far greater than authorities will acknowledge.   CAUGHT: Michelle Matheson, with her mother, Delys, has been battling to keep her home. Picture: Darren Pateman   A CHARLESTOWN woman says the “huge response” to her call for a royal commission on mortgage fraud and sub-prime loans shows the problem is far greater than authorities will acknowledge. Michelle Matheson, a single mother of three, has been fighting for seven years to keep the home she bought with a “low-doc” loan through a mortgage broker. In her struggle, she has found many other “ordinary Australians” in similar situations and is working closely with Western Australian activist Denise Brailey, founder of the Banking and Finance Consumers Support Association....
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  • Denise
    Denise says #
    Please pick up the phone - dial your local radio talk-back - tell the world what the Banks are doing - the evidence we have uncove
  • Denise
    Denise says #
    Finally Members are breaking down barriers with sheer guts, determination and persistence: Michelle Matheson, single Mother of 3,
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Transformation- Posted on Thursday, March 20, 2014  One of our readers:   People like Jon Denovan who have the benefit of both EDR/COSL experience and Law like to soften down the nasties of life - like Fraud, lying, common thievery. Many lawyers are like this. eg The 127 Law Firms involved in The Solicitor Mortgage Scams of the 90's and yes, ASIC did nothing, and $2 billion in losses.   Their justification? Conflict is expensive to client and so is court. Reality? They're of the breed of Australian men who get rattled by conflict and disputes and like life to run smoothly to their tastes and their benefit, of course. Push them hard enough and they can be quite nasty, but they will patronise you to death in the meantime, refusing to take you seriously. That's also why it takes so much effort to get some politicians to take this seriously...
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  • doyla66
    doyla66 says #
    All one needs do is watch the ABC video link of last night's lateline business to know it was another smokescreen interview by ASI
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We are all good Australians who have worked hard to build our country and live good law-abiding lives.  We have all made many sacrifices along the way with the aim of owning our own home and rearing good children and instilling into them all needed for them to become good solid law-abiding Australian citizens as we are.  Not one of us ever expected nor deserved to be treated like imbeciles yet that is exactly what has happened and is still happening. The authorised dream stealer called ASIC has ruined everything and is responsible for the theft of our homes, our life savings, our superannuation and in many cases our health and our sanity and not just for our generation who thus far have had to bear the brunt of their incompetence but for future generations who are the ones who will be responsible for dealing with all the home truths of...
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  • doyla66
    doyla66 says #
    Have you yet had a call from our PM Denise? He can hardly say he is afraid to deal with thugs after calling for a Royal Commissio
  • doyla66
    doyla66 says #
    I think the current government is not happy with Medcraft, Kell et al. They did querie Medcraft's appoinmtnet when in opposition a
  • doyla66
    doyla66 says #
    Time to round up and behead all those slithering red bellied black snakes and entomb them in a metal time capsule below the Arctic
  • doyla66
    doyla66 says #
    Medcraft and Kell live in public service land, they know best and no matter how much facts you present them they will not change t
  • doyla66
    doyla66 says #
    Like i have said before many times, i'm sure they all know what's going on. Why else has everybody ignored our letters. We, as a g
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Low-doc loans make up one third of ASIC submissions to Senate AUSTRALIAN BROKER NEWS by | 20 Jan 2014 The final submissions to the Senate committee’s review on ASIC’s performance are in, and low doc and no-doc loans are a hot topic.At last count, more than a third of the 400+ submissions received related to low-doc and no-doc loans.The latest submission, by Rocco Cassaniti, hits out at ASIC for failing to act after he alleges incomes were “grossly inflated” in their low-doc loan application in order to secure funding. “Simply these matters are shrouded in legal protection for banks, hurting the livelihood of the unsuspecting citizen in the process,” wrote Cassaniti.“With so much evidence against bank inappropriateness, why do we have an organisation who does not protect the consumer?”A further common theme amongst the submissions was the collapse of Trio/Astarra, which was mentioned in 20 submissions. The failure of Storm Financial received 11...
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  • doyla66
    doyla66 says #
    Ho Hum! Are our banks into this evil insurance rort along with their big bad US cousins? Read a few very interesting articles to
  • doyla66
    doyla66 says #
    I have always thought that Brokers whether insurance, mortgage, financial were a created industry and totally unnecessary. All th
  • doyla66
    doyla66 says #
    As usual Neil your points are well worth a read. I just noticed your first blog regarding the Broker blaming the customer for infl
  • doyla66
    doyla66 says #
    Well done Denise, I've just viewed some of your comments in The Australian Broker news where you have tried to enlighten them on h
  • doyla66
    doyla66 says #
    ASIC as it now stands is a joke and a hurdle to foreign investment in Australia. For years overseas's investment have complained t
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Every case of FRAUD BY LENDERS must be investigated.  The Australian Securities and Investment Commission ("ASIC") cannot be permitted to just pick and choose and then not investigate any LENDERS. That in its self is a crime.  ASIC has acted like its own brand of mafiosi.   FRAUD BY BANK MANAGERS RUNNING AT 36% of all loans surveyed by BFCSA.  There has to be an immediate response by The Australian Federal Government as to why FRAUD in lending is systemic and why they tolerate ASIC's systemic untruths. If we commit fraud on a document we the people,  would be tried in criminal court and sent to jail.  If the Banks/Lenders commit a $57 Billion FRAUD, two bank porters crack their knuckles whilst ASIC pay a visit for a free lunch!!!!  Australia needs to prepare for more revelations about our own simple brand of SUB PRIME CRISIS - playing NOW at a BANK...
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  • doyla66
    doyla66 says #
    Why was SENRAC, Bank of Queensland and Macquarie not CRIMINALLY charged like the brokers of recent for similiar allegations, (excl
  • doyla66
    doyla66 says #
    Don't be surprised if it works the other way as well - favours for ASIC by Bankster mates. Banksters don't want the tame regulato
  • doyla66
    doyla66 says #
    ASIC know what is going on. This is massive and of monstrous proportions. ASIC do not want their incompetencies shown for what it
  • doyla66
    doyla66 says #
    ASIC is spending more time finding excuses to protect their Bankster mates than they are protecting the people who pay their taxes
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  Real Estate Gurus and banks are talking up property markets as mad investors rush in and force property prices even higher.  But who are the buyers?  Well they are ordinary Mums and Dads fed a rubbish strategy by Bankers and who will lose their existing homes.  They have been targeted and then talked into to drawing on "equity Loans," by MAD HATTER BANKERS.  Most are on a pension and/or low income. Such is the nature of our COVERT SUB PRIME CRISIS.  Yet all banks are reporting shortfalls in selling prices.  What????  How does that compute?  Forget the "reasonable man" theory.  These are all the global KNOWN key indicators of a giant PROPERTY BUBBLE.  Today's Daily Telegraph (Linda Silmalis) ran this headline this morning quoting sources from the office of the NSW Sherriff.  So what are the weekly repo rates in other states? Last year, 2163 repo orders were granted but the Bankers...
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  • doyla66
    doyla66 says #
    I kept up my repayments with the banks money, Bendigo banks money. They are the biggest crooks going, same as CBA, NAB, Westpac, F
  • doyla66
    doyla66 says #
    Same thing with RAMS. Their solution to us, via FOS .. was to sign off on their offer to us which stated ... RAMS would release u
  • doyla66
    doyla66 says #
    With me the Bendigo and Adelaide Bank on a home of 40 years , which they valued at $2.4 m in Jan 2009, denied in court that they h
  • doyla66
    doyla66 says #
    Keep it coming Tom; its time to gore a few Bank$ter Bastards running amok in that smelly ASIC/FOS/COSL freshly manured paddock.
  • doyla66
    doyla66 says #
    Nab wanted us to sign documents and hand over our home to them no ifs or buts just give us your home. That would have been nice a
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YES Gadens are bullies and if we had a Royal Commission into our Banks, as is desperately needed (if we are to control bad banking behaviour as happened in every other democratic country) Gadens would be called in to answer 12 months of questioning as to whether they were the masterminds of the Low Doc Scam.  Its a question that every consumer of a mortgage loan in Australia, Full Docs, Low Docs or No Docs has a right to ask.   In our experience, Gadens hand-prints are everywhere.  The Law Societies in each State and indeed The Law Council of Australia should be investigating Gadens for their roll in arranging the lion's share of toxic mortgages in Australia.  The Judiciary in each State, speak amongst themselves and they see trends that are as unpalatable as we have uncovered.  Not that ASIC sees anything wrong.   ASIC permit one person to be...
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  • doyla66
    doyla66 says #
    I'm so looking forward to seeing Gadens hung out to dry by some good lawyer in a public arena. Their "advice" to Banks has been i
  • doyla66
    doyla66 says #
    I have previously dealt with the Law Council and found them to be very protective of their members as the banks, fos etc are. Nev
  • doyla66
    doyla66 says #
    I think that most of us have had a lot of stress dealing with Gadens as they are everywhere and act for many banks. Great idea fro
  • doyla66
    doyla66 says #
    Gadens are low life and during the Royal Commission they will be exposed with their deceit, distain and corrupt methods. Up to the
  • doyla66
    doyla66 says #
    Gadens NEVER move without instructions -express/tacit- same as Theresa Gadens threw my pregnant tenant out without Court Order so
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There is more than one way to encourage people about to take out a mortgage which is the best lender to chose?  The one with the so called "best interest rates" usually has hidden charges that would need a crane to lift - that means more bonuses for the bankers and definitely more DEBT FOR YOU. It gets quite ugly if the loan you are offered is a LOW DOC.  Demand a FULL DOC but note that 18% of Full Docs are TOXIC.  If the lender says NO you need a bigger deposit....steer clear of the debt trap and save for more deposit first....best advice we give that banks will not tell you why that is GOOD ADVICE. LOOK FIRST and see if LENDER is a Member of COSL or FOS.  If they say COSL - run a mile - DO NOT BORROW - DO NOT SIGN ANYTHING - RUN FOR YOUR...
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  • doyla66
    doyla66 says #
    You surely were mislead. We were too. Our original Nab mortgage document was in 1971. The bank manager was a drunk. But we were y
  • doyla66
    doyla66 says #
    I cant get through my head how the trail of bad documents does not make this case a doddle. ASIC must come clean, they cannot hide
  • doyla66
    doyla66 says #
    Gawd, Greg. Your COSL FOS experience was even worse than mine! A real mind bend. Please tell the Senate about it. You're not alon
  • doyla66
    doyla66 says #
    COSL, a suppository of wisdom: (1) My initial Pioneer(Trustee) 'hardship' case began 2011 @FOS & closed thru INGDIRECT (parent f
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Dear members As of this morning Tony Abbot has accepted an invitation to debate with Kevin Rudd, he wants the first debate to be held at the Canberra Press Club and the next two as open public forums. As David Speers will be the adjudicator and Foxtel will be broadcasting nationally I've taken the opportunity to check out the Sky news website. On the site are a lot of little sub sections but one caught my eye and so I clicked, this section is called "your say" so I thought why not. They ask for your name, email address and town or city location but then you get a small space to put your comment in, if you prefer you can ring 1300 32 88 80 to make a comment. I requested for David Speers to ask both leaders why they both won't address the problems of the thousands of Australians...
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  • doyla66
    doyla66 says #
    We have submitted 'Our Say'. Please everyone it only takes a few minutes take this opportunity give yourself a chance to be heard.
  • doyla66
    doyla66 says #
    Yep mine is in also. Keep them rolling in peeps
  • doyla66
    doyla66 says #
    I have submitted my queries as well. "Why won't both leaders acknowledge the fraudulent banking practices. You are telling Austral
  • doyla66
    doyla66 says #
    I have just sent my question in as well regarding asking the hard question of both leaders of how they will tackle the bank crime
  • doyla66
    doyla66 says #
    I have just submitted my question..hope it gets asked. So come on everyone google sky news point curser to contact, another bar op
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    Supporting evidence at the end of this link http://www.spankyourbank.com.au/commonwealth-bank-of-australia-top-twenty-shareholders HSBC is the number one shareholder in all the big four banks. Who are HSBC?? https://en.wikipedia.org/wiki/HSBC  https://en.wikipedia.org/wiki/The_Hongkong_and_Shanghai_Banking_Corporation HSBC Custody Nominees (Australia) Limited is listed as the number one shareholder for all of the Big Four Banks. It is a wholly owned subsidiary of HSBC Holdings Plc - You Know... HSBCBANK - Yes, that's right... HSBC Bank owns more than 10% of all of the big Four.   http://www.spankyourbank.com.au/hsbc-custody-nominees-australia-limited   2012 HSBC CUSTODY NOMINEES (Aust) LTD shareholding in COMMONWEALTH BANK grossed about AU$736,000,000.00 from dividends. It is clearly a supply/demand issue. AUSTRALIA is rich, survived the GFC, pouring resources into China, money filters back through the Aussie banks to London to prop up ailing banks in other parts of the world.   The "Big Four Banks" are just fronts to send the money out of the country.   MORTGAGE holders are inconvenient...
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  • doyla66
    doyla66 says #
    I can see what you mean, Mort. They appear to have sucked China into the global money chain. China being China they did it bigger
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Australian Major Banks are running 80% of the Mortgage Frauds across the nation.  Bank Engineers do so via the use of a service calculator named SPEEDY and, all loans are approved by SKIPPY THE COMPUTER.  Firstly, the best interest rate is a possible trick.  It could be a "Honeymoon" Rate.  Demand to take the contract home to read before you sign the Loan Application Form ("LAF"). Ask your own lawyer to read and explain the bank's contract to you before you sign the Loan Application.  That will give you some protection.  Never trust the bank's lawyers.....they draw up the contract.  Do not trust these lawyers.  Seek independent legal advice.  Ask whether the document contains the right of the bank to vary the interest rate and is their a cap on rate hikes?  Is the initial rate a Honeymoon Rate? Modify the contract and take back to the Bank and suggest: "I...
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  • doyla66
    doyla66 says #
    Never ever trust a bank. They have proven to be liars and thieves. They have set up thousands of innocent unsuspecting hard workin
  • doyla66
    doyla66 says #
    Everything Denise say is true. IT'S A TRAP RUN! The banks are corrupt, they are thieves with no conscience.
  • doyla66
    doyla66 says #
    There’s no red flag screaming ‘marketeer’ to avoid the new "Storm" thru brokers raking $50,000 'advising' clients to buy property
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How to effect a giant cover-up?  Very simple.  Send all consumer complainants a letter telling them to go to financial counsellors, who will then send the victims back to the banks for hardship lessons.  When that runs out of steam we set up the External Dispute Resolution Services ("EDR"), run from the same gene pool that loath pesky consumers.  Licence the EDR's such as FOS "Financial Ombudsman" and COSL "Credit Ombudsman" and then they can bear the blame for failure.  ASIC then instructs the EDR's to treat every complaint of fraud as if its "a dispute." ASIC:  "Yes its Fraud by brokers but what do you want us to do?  Go and find a lawyer and talk to the EDR's" Consumers who go to COSL are told: "Oh this is FRAUD" we cannot help you.  Go to the Police. State Police say: "this is definitely FRAUD BY BANKS - go to...
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  • doyla66
    doyla66 says #
    Yep - very familiar with that merry go round described by Denise. It is deliberately designed to be that way & you only discover A
  • doyla66
    doyla66 says #
    Where should consumers go with Fraud cases? We've done the rounds, written to the Prime Minister, Senators, Ministers, our local m
  • doyla66
    doyla66 says #
    Bank$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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If you happen to be a Bankster, and you invent a monstrous fraud, then flag it to all your competitors so it becomes the "norm" and the scam just happens to be a GOLD MINE in Big Fat Bonuses for all concerned: aggregators, planners, broker, lawyers and LIQS......then what happens when the fraud becomes volcanic lava flowing out onto the streets?  Ooops!  The plebs have awoken and started to smell the fumes from the over-heated LOW DOC market. NOW WE HAVE THE CORRECTED LAFS CAPER......................CBA STYLE! One of our members asked THE COMMONWEALTH BANK for her LAF and sent it in to a less than helpful FOS.  The income had been fudged upwards by over $100,000....you all know this as "the usual model."   The document was definitely altered after she signed and without her knowledge or consent.   Then a year later, because the LAF was a typed up electronic 7...
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  • doyla66
    doyla66 says #
    Has there ever been 2 royal commissions running at the same time in Australia previously? If not, then we have an idea as to why a
  • doyla66
    doyla66 says #
    Finally after 3 years of requesting our LAF's from the Nab it came to light that the Broker never completed any. Proven fact now.
  • doyla66
    doyla66 says #
    Our once trusted leaders are not so trusted anymore. Aussies are waking up to Regulator's laid back don't care and very corrupt at
  • doyla66
    doyla66 says #
    Priceless! "Trusted Banks" - ROFLMAO!!! Either APRA are very stupid or they would have no figures whatsoever and nothing to do -
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