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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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Just be aware 36% of Fraudulent Low Doc mortgages are written up by bank broker involved.  ASIC declares open season on dodgy brokers but not on dodgy Lender approvals and acceptance of fraudulent documents.  Let the Cover Up Games Begin! ·         Australian Broker News by | 11 Dec 2013 ASIC has permanently banned two Sydney-based brokers and one former mortgage broker while announcing the conviction of another. Two Sydney-based mortgage brokers have been banned by ASIC after it was found that they had provided false information to credit providers in support of loan applications worth over $3 million. ASIC has also permanently banned  former mortgage broker Daniel Minh Tuan Nguyen from engaging in any credit activities and providing financial services following his criminal conviction for a range of offences, and convicted another, Hee Seng Lee, of providing false information to banks to secure approvals for home loans totalling almost $7.5 million. Wen Yao Hsieh (also known as Leon Hsieh and Adrian Hsieh)...
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  • doyla66
    doyla66 says #
    ASIC Deputy Chairman Peter Kell said, "By falsifying loan applications Hsieh and Shen put consumers at risk. What about ASICs trac
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ASIC could easily clear up the Australian Sub Prime Crisis with a very simple solution.  The Australian Securities and Investment Commission should immediately ban the use of internal service calculators.  Brokers tell us: "without the service calculator we would not know what income figures to place on the Loan Application Form after we obtain the signature." The Loan Service Calculators for Brokers are set at 1.47x (for Net Service Ratio or NSR).  If set lower then the banks can "pump up the volume" as suggested in our emails from banks to brokers.  We now know the NSR is set at 1.3x for risk "assessment" for insurance companies for LMI products.  It is set at 1.1x for Bank assessors.  All three calculators ware identical to look at but gearing is different. All ASIC has to do to save the next intended bank victim from financial ruin is to BAN THE SERVICE CALCULATOR....
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  • doyla66
    doyla66 says #
    There was a very good process prior to this stupid 'Skippy' [sorry Skip - you were a fun program to watch as a child & I did love
  • doyla66
    doyla66 says #
    and ASIC must seriously ensure that Lenders place every home loan borrower who should never have been approved for a loan in the f
  • doyla66
    doyla66 says #
    I agree, Change - and it seems we must keep ASIC, lenders and EDRs on track to ensure they do this.
  • doyla66
    doyla66 says #
    Totally agree, Denise. Simple solution to stopping major part of loan fraud. Incredible that lenders/credit providers are still u
  • doyla66
    doyla66 says #
    Mark Twain knew how 'the calculator' works:-"Get your (clients) facts first, then you (bank$ters) can distort them as you please."
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