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.
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.
For years Gadens have had the lion's share of the action in the Australian Mortgage Fraud.
It is a matter of public record that they have defended the perpetrators of Fraud, orchestrated the bullying and repeated efforts to intimidate blameless and innocent home owners and witnesses to the Court hearings all in the name of "Justice" - and been allowed to get away with it by some of the "bank blinded" Australian judiciary!
If you'd like a few samples of Gadens' handiwork on behalf of NAB, Bank West, Ing and others use the BFCSA blog search engine or see austlii.edu.au
Gadens aren't the only lawyers willing to do this type of work.
After all this BANK SCAM has been going on for years under the watchful eye of both major Australian Political Parties.
All borrowers and BFCSA members should check their documentation and report in with a list of all legal...
By MortgageMix August 22, 2012
The RBA might have lowered the cash rate to just 3.5% earlier this year, but it has done little to alleviate concerns for homeowners that job loss or rising living costs will cause them to lose their homes.
A survey about Australian homeowners' greatest fear has found more than 25% are worried about becoming unemployed, and another 18% listed rising livings costs as their top reason to worry.
Mortgage broker network 1300HomeLoan said the results revealed the responsible nature of Australian borrowers.
This is also reflected in our very low default rates on loans, it said.
MD John Kolenda suggested that anyone who thinks borrowers are rushing in to take advantage of easy credit is mistaken. "Australian borrowers are very prudent and cautious about taking on debt they can't repay," he added. "These results show that homebuyers are very preoccupied with their ability to make...
This is an interesting historical article on perceptions about Australian RMBS. It certainly pays to be informed about risk in the marketplace.
by Hardeep Dhillon
In terms of collateral, the Australian residential mortgage-backed securities market has performed better than its peers for several years, thanks mainly to its blemishless default history. After a post-crisis slump, a revival of domestic issuance is under way; but it could take much longer for cross-border transactions to follow.
The peak came in February 2007 with the A$7 billion ($5.5 billion at time of issue) multi-currency transaction by Commonwealth Bank of Australia, via its Medallion programme. As well as being the largest RMBS by an Aussie borrower, the deal set a new pricing benchmark, with the most senior US dollar-denominated notes offering a pick-up of just 4 basis points over Libor. Around that time, spreads on deals from the three other banks...
This looks like the sales spiel for exporting our financial services overseas.
Page 8 ... "Strong Rule of Law"...
In short the borrower bears the full responsibility for keeping the whole thing afloat.
It all sounds rosy - we know it's not.
Our ratings status has been downgraded based on the "housing bubble" information, dropping values, rising LVRs, possible reclassification ...
There is considerable information on the AOFM site about the doings between the government and the RMBS investment.
http://www.aofm.gov.au/content/rmbs.asp
I've been looking everywhere for a list of investors or countries who have in effect loaned Australian lenders money on this basis. Can't find it ...
What happens when the "investor" in the Australian RMBSs decides to get out of the deal?
What security or guarantees does the Australian government have, and by default each one of us?
What security do we as home owners/borrowers have?
Most of us...
http://www.mortgagesettlements.com.au/downloads/Mortgage%20Fraud%20Article.pdf
With lax lending compliances and checking systems, such as exist with No Doc and Lo Doc loans, there maybe borrowers who were taught to take advantage of the opportunity to tell the Bank exaggerated detail, or so it seems.
This opportunity was created by the banks themselves, by offering a product that didn't involve the prudent checks and balances that any reasonable person would expect from a Bank or Lender in Australia.
Then there are the borrowers in our situation: we told the truth and even offered our documentation for checking, only to discover later that our honestly declared financial facts had been changed by bank staff or brokers.
Without Lo Doc and No Doc loans it would be well nigh impossible to create a fraud loan... unless I've missed something?
Strict enforcement of all codes, regs and Laws should eliminate 99% of loan fraud.
Banning of Lo Doc and...