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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://www.crikey.com.au/2014/08/01/the-next-subprime-mortgage-crisis-in-the-making/ The next subprime mortgage crisis in the making Paddy Manning|Aug 01, 2014   We’re not as immune from the mortgage lending laws that triggered the Global Financial Crisis as we might think!  It is a bit of myth that Australia dodged the global financial crisis because we had tougher lending standards than the United States, where ticking-bomb subprime mortgages were packaged up into toxic derivatives like collateralised debt obligations, slapped up with dodgy AAA credit ratings and on-sold to financial institutions investors all over the world...............   Swept under the carpet in Australia during the GFC was the prevalence of loan application fraud, a form of predatory lending that consumer advocate Denise Brailey has been campaigning to expose for years.  The transfer of responsibility for consumer credit laws was transferred to the Commonwealth under the National Credit Act 2010, with the Australian Securities and Investments Commission taking over regulatory responsibilty....
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http://workers.labor.net.au/features/200610/a_interview_paul.html October 2006 Interview Cowboys and Indians Interview with Peter Lewis Finance Sector Union national secretary Paul Schroder is standing between the big banks and a bucket of money. This issue has attracted public attention recently because some of the banks and finance companies have started their campaigns of sacking Australian workers and sending financial data offshore.   Examples include 485 workers under threat at Westpac's Concord Centre, 76 workers at Kogarah and in Adelaide from St George/Bank SA and 140 workers in credit cards at the National Australia Bank. This is just the beginning if the banks don't change the course or the Federal Government continues to do nothing. Who is pushing the offshoring of back room facilities - the banks or the offshore suppliers?   A bit of both. The banks don't need to do this they are highly profitable and are the most efficient banks in the world. However, the...
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    Low documentation or "low-doc" loans require less documented evidence of income, assets, and liabilities than a traditional loan product. Borrowers are still required to apply in writing and sign a loan agreement, but will not be required to produce pay-slips, tax returns, or any other form of proof of income. Lenders MUST verify affordability, despite consumer protection provisions such as: s27.1 of the Bankers Code, Lenders continue to approve SUB PRIME LOANS.   In the interests of Consumer Protection, we have listed THE DANGERS inherent in LOW DOC MORTGAGE LOANS Because low-doc loans do not require income verification, these loans are an attractive financing option for borrowers who are self-employed, independently contracted, or work as investors. Yet most people in Australia who have signed up for these loans are pensioners, low income families who are neither self-employed, nor are they investors. The loans are set for 30 years, yet...
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  • doyla66
    doyla66 says #
    I can't imagine why anyone who has dealt with the Credit Department of a Bank and then been through a FOS case would EVER want to
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