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BFCSA
MORTGAGE
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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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I had been trying to find a copy of the Uniform Consumer Credit Code (UCCC) which was the Credit Code (Legislation) in effect before the current National Consumer Credit Protection Act (2009) (NCCP) I couldn't find it anywhere on comlaw or AUSTLii under repealed Commonwealth Legislation and was starting to think 'This legislation is an enigma!'. FYI - Any 'loans' / credit applied for before April 2010 was under the UCCC. Upon Denise's suggestion (thank you for that) I contacted the Consumer Credit Legal Service (CCLWA) and was advised by CCLWA that the UCCC federal legislation was based up on the Queensland Consumer Credit Code - Appendix to the Consumer Credit (Queensland) Act 1994 - now repealed. No wonder I couldn't find it!! The UCCC is the legislation under which the states and territories previously regulated consumer credit. From 1 July 2010, the UCCC was replaced by the National Credit Code...
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  • Denise
    Denise says #
    Very well researched Portabello. We have some powerful minds in our group. Thank you and will compare in earnest [email protected]
  • doyla66
    doyla66 says #
    May I strongly urge any of you that have loans taken out prior to 2009, to download a copy of the UCCC and related comparison tabl
  • doyla66
    doyla66 says #
    Thanks Portabello this is so useful.
  • doyla66
    doyla66 says #
    Relevant NCCP(sec77)mirrors former UCCC(Qld)1994 sec.70(2)(l)--whether at the time the contract, mortgage or guarantee was entered
  • doyla66
    doyla66 says #
    Thank you heaps for posting those links.
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ASIC DETERRENCE AND ITS APPROACH TO SECURITIES LITIGATION Justin Brereton, Barrister CONTENTSINTRODUCTION .............................................................................................................. 2 PART 1 – BEFORE THE CASE BEGINS......................................................................... 3 INVESTIGATION PROCESS AND ASIC’S LITIGATION OBJECTIVES ............... 3 Notices to produce books ............................................................................................ 3 Compulsory Examinations .......................................................................................... 9 The types of search warrant available to ASIC ........................................................ 13 COMPETING CONSIDERATIONS WHEN COMMENCING LITIGATION .......... 16 The commencement of proceedings and the use of compulsory powers .................. 17 PART 2 – ONCE THE CASE HAS STARTED .............................................................. 20 ASIC’S APPROACH TO LITIGATION GENERALLY ............................................ 20 The obligation to act as a model litigant ................................................................... 20 CONSIDERATIONS RELEVANT TO SPECIFIC JURISDICTIONS ....................... 22 Civil, criminal and civil penalty proceedings – when jurisdictions collide .............. 23 Civil proceedings ...................................................................................................... 28 Administrative Hearings ........................................................................................... 30 ASIC AS ADVOCATE FOR THE INVESTOR .......................................................... 34 ASIC’S GROWING SPHERE OF INFLUENCE ........................................................ 35       INTRODUCTIONJustin Brereton, Victorian Bar 1. This paper accompanies a presentation given by...
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By Leith van Onselen The Reserve Bank of Australia (RBA) has just released the private sector credit aggregates, which registered a small increase in total credit growth in the month of July, but the third lowest monthly housing credit growth in the series’ 35-year history and the lowest quarterly and annual mortgage growth ever recorded: Read on ...http://www.macrobusiness.com.au/2012/08/housing-credit-growth-weak-in-july/...
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By Philip Soos  Tuesday, 21 August 2012 The level of sub-prime mortgages in Australia may be far in advance of what was previously assumed and provided for by banks. The story was broken on the ABC, and covered elsewhere. The revelations centred around two personalities: Kate Thompson and Denise Brailey. Kate Thompson was a licensed mortgage broker at Mortgage Miracles in Western Australia. A highly regarded and award-winning broker, Thompson disbursed a veritable torrent of credit from bank and non-banking lenders to clients wanting funds to buy property, making around $5 million a year from upfront and trailing commissions. She is now facing fraud charges for what amounts to predatory lending: providing credit to people with little to no expectation they will be able to repay the entirety of the loan. This fraud was achieved by fudging the income and assets of clients, making them appear much wealthier on paper than was...
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  I suggest everyone take a look at the new NAB promotion for Honesty. Their home page takes you via a link to their latest credit card marketing strategy. Further down the page you can read the results of a survey : What makes Australians honest? I'd love to hear what other BFCSA members think of this. Is the NAB capitalising on the move toward ethics in business after Denise Brailey put them all on notice about telling the truth at the Senate Inquiry last week? Or is this just a co-incidence? After all we heard that Australians are losing their taste for credit. It certainly pays to be an enlightened consumer when considering buying into the credit market for any reason. Can you spot the tricks and traps in credit advertising yet? Enjoy!    ...
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  • doyla66
    doyla66 says #
    I hope people are passing on their insight into the lies in advertising used by banks. Even my smart friends can be so easily suc
  • Denise
    Denise says #
    It will be refreshing for NAB to start promoting honesty. However, I would like to see them advertise: "Good news and in line w
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The Senate Inquiry, last week, was told that Australian is losing its taste for credit. The demand for home loans is probably dropping as well. Borrowers are paying off their home loans more quickly. So where are the lenders going to find more clients willing to sign up for credit to keep their bottom line? And are the lenders getting the message yet: more Australians are a wake up to credit rorts these days and are shopping around for better - and straighter - deals. It was too much to expect that all dodgy deals and credit tactics would stop last week when the banks got a collective attack of conscience over their lending "mistakes"! It's still going on ... in other credit markets ... This story is not about a Lo Doc Home Loan. It's about a vehicle leasing agreement with similar problems. Steve, the maintenance guy, went to replace...
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  • doyla66
    doyla66 says #
    I was talking with my 20yr old son about this. There has been a proliferation in the media (radio/tv/net) about tradies vehicles f
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