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BFCSA
MORTGAGE
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What BFCSA Does...

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 Corrupt ASIC
The only reason ASIC can claim it clawed back $23 million is due to lobbyists like myself and others.  I spoke to Greg Tanzer, Darren McShane (dDir of Enfocrement and Errol Hoopman (ASIC Barrister) about Westpoint 15 July 2001 in Commissioner Tanzer's  Brisbane Offices.  I flew to see him on my meager budget.  ASIC has a BIG budget of $400 million plus a year and the Treasurer generously threw another $100 million at the ASIC PROBLEM end of last year.  Splashes of extra Mega Cash has not improved ASIC's performance.  They should try my budget.   BFCSA has achieved what a $1 billion regulatory system could not achieve.  All on song: AOFM, ASIC, APRA, RBA and Federal Treasury told porky pies to Parliament: "We see no systemic issues in banking."  Five wise monkeys...see our cartoon corner. We will set up an ASIC METER so you the public can vote IF you...
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  • doyla66
    doyla66 says #
    Just because others couldn't see the problems with ASIC and the other regulators and the pattern of lending, the six links in the
  • doyla66
    doyla66 says #
    Well spelled out Lisa: the word "gossip" appears to be one of spin-doc's favourit of 34~flavours to obfuscate revelations George
  • doyla66
    doyla66 says #
    Another powerful post from Denise. She sure has a library of information exposing the crimes and shameful low performance of Austr
  • doyla66
    doyla66 says #
    Cover ups, corruption, lies Lies upon lies upon lies...I remember writing to them and told to go to FOS..a bugger of letter. Now F
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The Low Doc Loan scam is set to escalate.  Australian Securities and Investment Commission ("ASIC") could have stopped this Tsunami of financial misery,dead in its tracks in 2003.  ASIC knew the model and the role of the banks in approving such dastardly loans.  These mortgages were designed by clever Bank Engineers to present as 30 years loans, but geared to self implode in less than seven years.  The Banksters involved were simply after BIG business and were prepared to sacrifice ethics, honesty and compassion for the sake of their own fat retirement obsessions.    These Bankers were/are criminals, engaging in criminal work in splendid fashion and protected by the regulators as "Too Big To Fail."    The moral compass had been thrown out of the top floor window in the late nineties.   All ASIC had to do was ensure that every page of the Loan Application Form was signed and...
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  • doyla66
    doyla66 says #
    ASICs overseers have not been strong enough. 2003. This is totally unacceptable. What we need in Australia is mandatory regulatio
  • doyla66
    doyla66 says #
    Why is the banking code of conduct like an old boys club? The authorities ( not ASIC) should lay down the rules and make it compul
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Australian consumers of mortgages, whether FULL DOC or LOW DOC are far better off without any regulator at all, than trust ASIC.    Reliance on ASIC caused consumers to believe there was regulatory industry oversight, enforcement of law, corporate policing.  When the full extent of this scandal is revealed, it will rock the nation and cause thought-provoking economists to gasp.  Had ASIC placed a massive sign on each of the buildings as a serious warning to consumers, no-one would have even thought to TRUST A BANKER.  ASIC is breaching a very old REGULATION called: PASSING OFF.  ASIC is passing itself off as a consumer protector when it clearly is protecting its Bank Buddies.  Slight case of "Malfeasance in public office." In the interest of Consumer Protection the sign ought to read:   "ASIC PROTECT BANKS......NOT CONSUMERS.....please be warned." In order for ASIC to continue its historical DO NOTHING POLICY, now in...
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  • doyla66
    doyla66 says #
    Thankyou, Denise, for spelling it out so clearly. You are absolutely right about the situation. My journey into the regulatory wi
  • doyla66
    doyla66 says #
    When we first got on the no doc, low doc, full doc merry go round in 2007 we bombarded Canberra with letters and phone calls plead
  • doyla66
    doyla66 says #
    "An anonymous source said ASIC's internal complaint system was useless and the human resources team unsupportive, and that time wa
  • doyla66
    doyla66 says #
    I do hope the SMH story has some teeth seeing there is a FEDERAL election soon, so the next few months will be very important to h
  • doyla66
    doyla66 says #
    What chance does the Australian borrower stand with this type of fraudulent behaviour from supposedly trustworthy organisations...
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The Australian Federal Government must approve a Royal Commission into the Banking And Finance Sector What we already know and have the proof of:--  The issue is a giant fraud involving between  $57 Billion and $100 Billion. A devious business plan was devised and executed by the Banks 36 lenders including the Majors in the mid nineties here in Australia.       Set patterns emerged and we have emails between the lenders staff and brokers which we have decided to load onto the LINKS in "Breaking News" at the top of the Home Page.  See above. ยท         The victims are left with impossible lifetime of debt and they have painstakingly listed the discrepancies/fraud on their Loan Applications.  These were fudged figures devised by a service calculator and not by the Broker/Planners.  BFCSA will reveal more details next week. O     BLOGS on this site from JJ are relating to American laws....
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