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BFCSA
MORTGAGE
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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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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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Subscribe to this list via RSS Blog posts tagged in Banks Blowing Bubbles
The housing bubble and the pin factor DateJune 30, 2014 Read later Crispin Hull View more articles from Crispin Hull     inShare submit to reddit Email article Print   Housing bubble?: Egan and Soos argue that the bubble will boost soon, sudden and large, and point to the historical experiences. Some economists and analysts have been saying for a decade or more that we are going to have a major slump in housing prices, and they have, according to real estate commentators and others, been proved wrong. But maybe the doomsayers have not been “proved wrong”. Rather, the predictions were a bit premature and/or we have already had a bit of a correction in 2008-09 with the global financial crisis, postponing the inevitable bursting of the housing bubble for a while longer. Of course, before a bubble can burst, you must first of all have a bubble. A book just out...
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http://www.afr.com/p/national/melbourne_apartment_glut_stunts_9HX8aIdMeTL8br97RjvBuL  Apartments are selling cheaply around Melbourne’s CBD as more off-the-plan apartments come to market, reducing the sale price on units which are just a few years old. ..........    http://www.smh.com.au/business/property/city-apartment-glut-prompts-warnings-for-sydney-and-melbourne-20140401-35vgq.html   April 1, 2014  Analysts are warning that inner city apartment prices could fall because of supply that is in the pipeline.  Sydney "dwelling" prices (units and houses) are more than 15 per cent higher over the past year to March 31. Melbourne dwelling prices are more than 11 per cent higher over the same period..  Most concern is for inner Melbourne apartments, where the trend vacancy rate in Docklands and Southbank is about 7 per cent. Read more: http://www.smh.com.au/business/property/city-apartment-glut-prompts-warnings-for-sydney-and-melbourne-20140401-35vgq.html#ixzz2z9CsOWY8    ...
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A Royal Commission into the Banking Sector is long over due.  The last one occurred in 1986 and immediately after, the banking and finance market became de-regulated.  If there was a semi regulated uneven playing field prior to 1986, to ensure 1929 never happened again, protections for consumers were intentionally vaporized in 1986.   During the eighties and nineties, ordinary Mums and Dads lost over $2.2 billion dollars.  Notoriously, the Estate Mortgage collapse 1989 rocked Australia as "the big one." Retirees had ploughed masses of dollars into worthless developments, whereby any cream had been milked by promoters.  At the bottom of these dung heaps, bankers, lawyers, accountants, friendly valuers and developers (elite customers of our banking system)  featured in the rape of ordinary citizen's  modest nest-eggs.   Many other investment companies collapsed soon after and the old Corporate Affairs Commission ("CAC") felt the hot air of public wrath breathing down their...
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  • doyla66
    doyla66 says #
    Organza , No need to change the rules FOS just say they will use their discretion (which they don't have ) and with the use of le
  • doyla66
    doyla66 says #
    I feel like I discarded reading a book in 1989 and have only just picked it up again to finish reading it. Bet not much work is d
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Now the tables are turning - AT LAST in favour of Consumer victims of LOW DOC SUB PRIME MORTGAGE LENDING SCANDAL. In 2009, American Judges started to see these Bankster Tricks in the correct light of day and placed them under a very impressive Judicial Spotlight:  "You cannot find the files, the original documentation?  Too bad for you......MORTGAGE EXTINGUISHED.   Slowly, slowly our team BFCSA are breaking down those very same barriers that Banksters have been hiding behind.  Does the Judiciary trust Bankers?  Not really!  There have been many court cases like this since then.  Now for our turn.....and we expect a few Bankers to be jailed over these criminal activities.  We received one today Liabilities $6k per month.  Income $4K - bank approved a number of loans like this.  Big fallout likely.  Lots more to come! Mortgage debt waived after bank can't find   paperwork by Martha C. White  Oct 27th 2009...
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  • doyla66
    doyla66 says #
    2009 - incredible - and Australia is just heading down the same path to electronic applications that caused the sub-prime crisis i
  • doyla66
    doyla66 says #
    we are getting ready for the big fallout denise. I hope the regulators are taking MORE notice of little 'ol BFCSA and the evidenc
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Broker comments from Australian Broker News: Everyone knows that the lenders serviceability calculators are a joke. Get real and service each loan to each individual applicants own circumstances. and this from Broker to RAJ VENGA as CEO of COSL   But Raj, you forget that profit is king, not prudent lending or responsible lending. Now let's sit back and wait for the backlash from lenders and others telling you to butt out. and this: COSL's warning should be heeded as it's the broker in a few years time who will get the first call when rates go back up to the high six percent and borrowers can't pay, and it's the broker who will go through an agonising COSL investigation process to clear their name. From MY Desk:  This email address is being protected from spambots. You need JavaScript enabled to view it. NOTE:  DO NOT WRITE TO RAJ as he will say two thirds of our complaints from borrowers are fraud by our lender...
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  • doyla66
    doyla66 says #
    This sounds a lot like sabre rattling ie. don't push it because brokers and borrowers will get the blame. All the important people
  • doyla66
    doyla66 says #
    it doesn't help when COSL case manager (a Lawyer) writes and confirms this again over the phone that .... "We note that La Trobe
  • doyla66
    doyla66 says #
    Change, COSL should "white label" itself under "Claytons-EDR" serving a Claytons-Code-of-Non-Ethics, practicing FSP mortgage fraud
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