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BFCSA
MORTGAGE
DISTRESS SOS

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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BFCSA Blog

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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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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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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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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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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Australian Banks boast the World's biggest profits from 22 million people.  Newsflash: you cannot profit from a fraud!  Yet it appears to be the case down-under in the land of the long lunches and long weekends. The Senate has acknowledged that the regulatory oversight of banks and finance is so appalling and so corrupted,  as to having the Senate hold their own Inquiry into the Australian Securities and Investment Commission.  Consumer complaints by the thousands, have been utterly ignored over a shameful 14 year history of ASIC "protecting a fraudulent bankster driven market" at the expense of ordinary Mums and Dads.  My own letters relating to consumer protection issues, or lack of, were responded to in the most shameful way, by successive Chairmen, commencing in 1998. Banks are blowing massive Bubbles in the property sector and in late 90's, set up the Broker Channel to cop the blame.  The "fudged income...
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  • doyla66
    doyla66 says #
    Medcalf and his team should have their homes and any other assets they hold conficated and sold as they are the proceeds of crime!
  • doyla66
    doyla66 says #
    Claims can be closed and homes can be lost while the Senators are busy organising the inquiry into the operation of Asic. So it's
  • doyla66
    doyla66 says #
    Due to what we have just read FOS must cease to close cases immediately. NO MORE PEOPLE TO LOSE THEIR HOMES BECAUSE OF THE CORRUP
  • doyla66
    doyla66 says #
    ASIC knew and intended to crucify all chances of financial recovery for all mortgages borrowers? To save the corrupt banksters? La
  • doyla66
    doyla66 says #
    Apparently ASIC chair Medcraft needs 'empirical' data, so let him test drive a porsche with faulty-brakes on the Great Ocean Road,
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LEAVE THE INDUSTRY WHILST YOU STILL CAN:  Banks told Brokers "you are our joint partners."  Brokers and Planners were given an AGENCY ID number and also given PASSWORDS to be able to activate and use the actual Bank in house and secretive SERVICE CALCULATOR.  Brokers/Planners used the "ICW" the income calculator worksheet to have the Bank Computer nicknamed "Speedy" work out the NEW INCOME FIGURE for the clients. Broker/Planners and Bank Managers and Officers (The Bunnies) would innocently go online to Bank Calculator Program and type in TRUE INCOME and Speedy would calculate a futuristic income (example $50,000 income becomes $180,000) and Brokers were asked to then write in their handwriting - the new futuristic income - one size fits all.  The document copy shows the words on the Bank Program screen as "DO NOT SHOW COPIES OF THIS TO BORROWER." Borrowers had no access to Speedy - its not the...
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