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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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Subscribe to this list via RSS Blog posts tagged in broker fraud
omment is free 'In corrupt systems, decent people have two options: conform or be crushed' According to Vince Cable, the emergence of a new breed of 'decent' bankers will guard against further financial outrages. But until we recognise that the system itself is flawed, banks will go on turning ordinary workers into shameless shysters and get-rich-quick merchants Share150   Email Fintan O'Toole The Observer, Saturday 30 June 2012 21.00 BST Jump to comments (85) Allied Irish Bank, where whistle-blowers were either dismissed or marginalised. Photograph: Peter Morrison/AP Spivs! Wideboys! Riverboat gamblers! Snakeoil salesmen! Calling the shysters by their proper names is satisfying – and it may be the only satisfaction the public will get. But it is also, oddly enough, rather naive. For it assumes that better, more decent people wouldn't end up manipulating interest rates or mis-selling financial products. All the evidence from the many scandals of recent years is that...
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20 September 2012 Page 1 of 11 SENATE ECONOMICS REFERENCES COMMITTEEInquiry into the post-GFC banking sector Questions on Notice taken by ASIC at the public hearing on 8 August 2012 Question 1 (Hansard Ref: p. 55) Senator CAMERON: When you say ASIC will act on issues if they are raised, theevidence we had from the previous witness [Denise Brailey] was thatcorrespondence had gone to ASIC seeking some support on the FirstMac andStreetwise issues and no support was forthcoming. Is that correct? Mr Kell: I am not in a position to comment on individual matters. What I can sayis that ASIC had some complaints brought to it about low doc loans. Theseinstances have almost exclusively, from my understanding, all concerned loansmade prior to the GFC and prior to the introduction of the national consumercredit protection regime in July 2010. In some cases they involve matters where afinance broker has been charged by...
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  • doyla66
    doyla66 says #
    If the bank or broker was part of this false bankurptcy this is jailable offence. Jail those corrupt bankers & brokers.
  • doyla66
    doyla66 says #
    Lying to Parliament is a CRIMINAL OFFENCE. The liars must be prosecuted. Justice must be upheld
  • doyla66
    doyla66 says #
    ASIC just keep on being the "Willbees" who will wait until someone else gets the ball rolling before they issue any statements tha
  • doyla66
    doyla66 says #
    I have had two rejects of action from ASIC over fraud considering the fact of the statement made by the chairman of ASIC: Mr. Gre
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http://www.brokernews.com.au/article/asic-ban-for-prominent-broker-144456.aspxPlease read the comments from other brokers and the man in question, below the article.Sign up to Broker News - http://www.brokernews.com.au/newsletter/...
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Source: http://smh.domain.com.au/real-estate-news/mortgage-adviser-put-our-home-at-risk-say-couple-20121013-27jnc.html It was supposed to be their nest egg, a half share in an investment unit in a Bondi block they were buying into with several others. But a series of blunders by their mortgage broker has saddled Helen Sturgess and Allan Giddy with two extra loans they didn't want and cannot seem to get out of.After fighting for more than a year to correct the error, they face the possibility of losing not only their share of the unit but also their own apartment, at a time Ms Sturgess is receiving treatment for cancer.The trouble started after the pair bought the older-style block of four apartments in Warners Avenue with two other couples last year. Each party paid for their own apartment, while the remaining one was bought equally between Ms Sturgess and Mr Giddy, and another couple.Both couples used the same Mortgage Choice broker to arrange loans. But...
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  • doyla66
    doyla66 says #
    Mortgage Choice stuff up or deliberate effort to get the loans on the books? Mortgage Choice should have the license suspended if
  • doyla66
    doyla66 says #
    Mr Naylor hasn't woken up yet I think he answers to "Jeff" these days!
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  BROKER CONFIRMS BANKS ENCOURAGED FRAUD!    (Aug. 2012) Peter Wood confirms :   I was a broker for a very large non bank lender and I am willing to be a witness at any enquiry to confirm that low doc and no doc loan applications  WERE TAMPERED WITH BY LENDERS  and back office staff so loans met servicing and purpose requirement set by credit.   The sales area of our business would make statements like "just get the loan on the books." This included selling no doc loans to pensioners.     ANOTHER BROKER CONFIRMED:   I can promise you that the Banks ARE ALL INVOLVED in corrupt loans.       My own aggregator taught me how to lodge a dodgy loan using falsified income statements. A senior broker who has also earned millions for himself was openly known to get anyone any size loan for a price.  ...
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  • doyla66
    doyla66 says #
    Just look at how many lives are being affected by this unscrupulous behaviour,honest, hard working citizens,brokers,home owners,sm
  • doyla66
    doyla66 says #
    Good post, Wayne. That is THE TRUTH. That makes sense. THANKYOU to the brokers who had the decency to say so. It's sad when peop
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