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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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http://dealbook.nytimes.com/2014/08/21/bank-of-america-reaches-16-65-billion-mortgage-settlement/?_php=true&_type=blogs&_r=0 Bank of America’s $16 Billion Mortgage Settlement Less Painful Than It Looks By PETER EAVIS and MICHAEL CORKERY August 21, 2014 Time to Jail these Bankers   The Justice Department said on Thursday that it had so far recovered nearly $37 billion from big banks for their role in selling shoddy mortgages before the financial crisis.  Such a large number — intended to deter misdeeds in the future — suggests that Wall Street is being made to pay for its role in stoking the subprime debacle. Yet the financial pain inflicted by the settlements may not be as great in the end.  Take the latest, and largest, mortgage settlement. Bank of America has agreed to a $16.65 billion deal with federal and state authorities. The actual financial burden for Bank of America, however, may not exceed $12 billion — certainly a large amount, but one significantly less than the number...
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  • setup
    setup says #
    Those who were made homeless by illegal foreclosure....what do they get?? I haven't read or heard anything yet about prosecuting t
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I have just been interviewed by George and Paul on 2UE.  They ask if the borrowers are exaggerating incomes..............?  My answer: that is the entire point....people are honest, they trust the banks, if pensioner is asked do you want a $300,000 loan to buy a second home, they will mostly say "oh no dear I cannot afford that, I am on a pension."  People are also aware that you can be jailed for lying to a Bank.  But what if the Banker lies to you? Bankers have created a service calculator - a tool - a weapon and the managers and sellers use the calculator to key in the true income and the calculator will use tax advantages to "do the math" and out pops an exaggerated income "futuristic" figure.  This figure can only be used if the client of the bank is given a financial strategy used as a selling...
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http://www.standard.co.uk/news/london/london-bank-executive-who-moved-to-us-shot-his-wife-dead-before-killing-himself-9596515.html Thursday 17 July 2014   JP Morgan bank executive from London shot his wife dead before killing himself in the US   A bank executive from London shot his wife dead before turning the gun on himself.  Julian Knott, 45, an executive director for J P Morgan, shot 47-year-old Alita repeatedly, police said................. The father-of-three was found dead alongside her in their home in Jefferson Township, New Jersey, on Sunday. He had worked in the City for almost 20 years before moving to the US in December 2012.  Mr Knott joined J P Morgan as a network services manager in 2001. He moved to New Jersey when he was promoted to be executive director of the global network operations centre.....................In a statement, police said: “Preliminary investigation has revealed that the two adults died as a result of gunshot wounds and the incident has been determined to be a murder/suicide. Julian...
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 The Banks were spruiking business in all directions with ZERO REGARD FOR RISK.  Time for Banks to stop putting profit before people. http://www.fkfc.com.au/anzs-mortgage-introducer-program/ ANZ’s Mortgage Introducer Program December 2012 Forest Killarney Football Club (FKFC) has entered into an association with ANZ to allow us to start introducing potential customers to Australia’s most awarded home lender*. Mortgage Introducer Program is a way ANZ reward businesses or community organisations for referring customers. As an ANZ Mortgage Introducer, Whats in it for Forest Killarney Football Club? FKFC can earn an upfront commission for every customer we refer who takes out a new ANZ Loan. FKFC could earn additional fundraising income by introducing potential customers to ANZ’s home loans*. ANZ offers an up front commission for successful customer referrals. Which means FKFC could benefit from additional revenue streams to supplement funding for club activities and programs. How it works Referring a customer to ANZ is...
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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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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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Dear members One of the advantages of being medically retired is we have time to spare, it wasn't planned that way but life doesn't run according to plans.We envisaged in retirement to do the grey nomad thing and travel around Australia by towing a van, we were financially secure and owned everything. Our plans would revolve around my health but we knew if any thing happened while travelling that I would be looked after being covered by DVA. We only invested because a work colleague who was getting spotter fee's unbeknown to us, steered a broker our way, he played the old you can't help your kids physically but financially you have equity locked up in your home not working for you, and like the rest of you the rest is history we had fallen for the spiel. The internet has opened up a whole new world of information to us,...
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  • doyla66
    doyla66 says #
    Took me 3 years to figure that out and then I went back to work in finance for a short until the 1987 crash after which I fled the
  • doyla66
    doyla66 says #
    Organza, you didn't fail, they were just to thick and stubborn to learn new ways because they think they already know everything.
  • doyla66
    doyla66 says #
    Yes Neil and therein lies the real problem. The trouble with Politicians is these days (aside from Senators) they are all career
  • doyla66
    doyla66 says #
    Organza, last week Gerry Harvey was on the Richo show on Sky, he stated to Peter Reith and Richo that politicians have no idea wha
  • doyla66
    doyla66 says #
    Couldn't agree more with you Neil, I only hope Mr Abbott reads the blogs on this site because if he did he would have no alternati
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CBA to change lending policy from November 25 Tuesday, 19 November 2013   Property Observer     From November 25, the Commonwealth Bank of Australia will change aspects of its lending policy. The new policies outline that rental income from a residential property used for servicing cannot exceed 8% of the owners estimated value or contract of sale amount.  This means the CBA will only accept a maximum gross rental yield of 8% for servicing.  Additionally, a new rental income referral rule will apply for applications in categories 3, 4, and 5, where the rental income is more than 50% of the total income used or servicing. CBA spokesperson Steve Batten told Property Observer, “The rationale behind this change is that high rental yields in some areas of the country, particularly in mining towns, are not sustainable. While this only will impact a very small number of customers, we would like...
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  • doyla66
    doyla66 says #
    If JPM and Jamie Dimon have been hit hard by the US Govt over investor fraud, I wonder if JPM as a major Australian Bank sharehold
  • doyla66
    doyla66 says #
    Do not believe a word of CBA's propaganda. You can bet your bottom dollar that CBA will have something sneaky up their sleeve. CB
  • doyla66
    doyla66 says #
    I think they mean new loans. Are the Loan Service Calculators still set to silly estimates of asset growth? Denise is onto it - CB
  • doyla66
    doyla66 says #
    While this only will impact a small number of customers.... Who are they specifically??.. New or existing ones?? If existing on
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Our Members are continually asking this legitimate question.  We know the Low Doc product was predicated on fraud and forgery.  We have the collective evidence.  We know 36% of member loans were arranged by bank managers and no brokers involved.  We know that 18% of total loans surveyed are TOXIC FULL DOCS by Bank Managers.  We know that masses of defaulting loans have been "topped up" in order to hide the bodies.  We know the Major banks are now saying the original documents have gone "walkabout."  We know the banks cannot PROFIT FROM A FRAUD but clearly that is what they have been doing.  How do we have only 23 million people and our banks boast most profitable in the world?  Where are the experts???? So who is confident over bank shares placed on the edge of a sub prime precipice? One of our members explains: "What happens to all the...
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  • doyla66
    doyla66 says #
    Have you read the submissions that are already up? I just heard from a member who phoned the Senate. Apparently there are many mo
  • doyla66
    doyla66 says #
    Denise, Very prophetic ; check the below from cnbc A unit of British bank HSBC was hit on Thursday with a record $2.46 billion f
  • doyla66
    doyla66 says #
    Does A-Sic Greg Medcarft practice what he preaches? Non! Greggie says "if in doubt, disclose". Well, letz see? As head of SocGen's
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I have lost count of the number of 80+ year old pensioners, who owned their own homes three years ago, yet were talked into $400,000 loans for "six months with try it and see" and, now they face life on the streets.  Only 64% of these loans were arranged by Brokers.  The rest were arranged by bank managers - directly with the banks - no brokers involved.   18% of toxic loans are FULL DOCS....PRIME LOANS  Parliament needs to be encouraged to TAKE A BIG LOOK at these dirty lending practices. This blatant criminal activities are abhorrent in motive and breath-taking in size of creative engineering of faulty mortgage products.  Banks created a $100 Billion market especially designed to target ARIPs (asset ricvh and income poor). Bring on the Royal Commission into the Banks before any more loans are written!  This email address is being protected from spambots. You need JavaScript enabled to view it. We have a monstrous sub prime problem in Australia.  All...
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  • Denise
    Denise says #
    Yes indeed Lisa....anything to get out of doing a modicum of work. This is the first Inquiry every called for by the Senators int
  • doyla66
    doyla66 says #
    How did ASIC gain the "right" to decriminalise fraud? or was that another one of their tactics for avoiding real work and just a t
  • Denise
    Denise says #
    Why did ASIC circa 1998, immediately decide to DECRIMINALISE fraud? Why did ASIC deem criminal activity to be acceptable and targ
  • Denise
    Denise says #
    ASIC ignored all those whose first language is other than Australian. Older persons was clearly written in emails from banks to b
  • doyla66
    doyla66 says #
    How dare they take advantage of the elderly in such a disgusting manner to make themselves rich! How dare they take advantage to s
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