GLOBAL SUB-PRIME CRISIS

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BFCSA
MORTGAGE
DISTRESS SOS

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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Bank of America has agrees to a record $18 Billion deal to settle claims it sold risky mortgage securities as safe investments ahead of the 2008 financial crisis. The bank said it would pay out US$9.65 billion (A$10.37 million) in cash and provide US$7 billion (A$7.5 billion) in relief to consumers affected by losses tied to those securities. The settlement, with the US Department of Justice, the Securities and Exchange Commission, and other authorities including individual states, resolves a number of civil investigations against the bank and subsidiaries Countrywide Financial and Merrill Lynch, which it took over during the crisis. But it does not resolve potential criminal cases, especially involving Countrywide, once the country's largest home-loan issuer, and Countrywide officials. "We believe this settlement, which resolves significant remaining mortgage-related exposures, is in the best interests of our shareholders, and allows us to continue to focus on the future," the bank's chief...
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  • brett@sctelco.net.au
    Here it comes, the Banks have got away with this for too long already but now the tide is turning and there is a light beginning t
  • setup
    setup says #
    Their Political leaders would have put the pressure on and i guess it's a start in the right direction but it doesn't state clearl
  • Duped
    Duped says #
    We here in Australia know that banks used fraud against ordinary people borrowers which is one of the reasons they make these obsc
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Low-doc loans make up one third of ASIC submissions to Senate AUSTRALIAN BROKER NEWS by | 20 Jan 2014 The final submissions to the Senate committee’s review on ASIC’s performance are in, and low doc and no-doc loans are a hot topic.At last count, more than a third of the 400+ submissions received related to low-doc and no-doc loans.The latest submission, by Rocco Cassaniti, hits out at ASIC for failing to act after he alleges incomes were “grossly inflated” in their low-doc loan application in order to secure funding. “Simply these matters are shrouded in legal protection for banks, hurting the livelihood of the unsuspecting citizen in the process,” wrote Cassaniti.“With so much evidence against bank inappropriateness, why do we have an organisation who does not protect the consumer?”A further common theme amongst the submissions was the collapse of Trio/Astarra, which was mentioned in 20 submissions. The failure of Storm Financial received 11...
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  • doyla66
    doyla66 says #
    Ho Hum! Are our banks into this evil insurance rort along with their big bad US cousins? Read a few very interesting articles to
  • doyla66
    doyla66 says #
    I have always thought that Brokers whether insurance, mortgage, financial were a created industry and totally unnecessary. All th
  • doyla66
    doyla66 says #
    As usual Neil your points are well worth a read. I just noticed your first blog regarding the Broker blaming the customer for infl
  • doyla66
    doyla66 says #
    Well done Denise, I've just viewed some of your comments in The Australian Broker news where you have tried to enlighten them on h
  • doyla66
    doyla66 says #
    ASIC as it now stands is a joke and a hurdle to foreign investment in Australia. For years overseas's investment have complained t
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Website:  www.ettamogah.com/ Phone:  (08) 9635 1777     About Ettamogah Pub Cunderdin WA:    Situated in the heart of the Wheatbelt region of Western Australia, Cunderdin is a small country town 156km east of Perth. This venue has quickly become a tourist must-see, and visitors cannot help but notice the large Ettamogah theme hotel and pub when driving through the town. Steeped in history, Cunderdin, like many small towns in the area, developed as a stop off town during the gold rush in the WA Goldfields. The Pub that exposed the Banks' Crime of the Century................ ...
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  • doyla66
    doyla66 says #
    How do the Banks explain their approval of a loan without the LAF? What did they use for our details? Common FOS, get a grip. Sta
  • doyla66
    doyla66 says #
    It's not the banks fault they didn't check anything to make sure everything on the LAF was true. They didn't have to according to
  • doyla66
    doyla66 says #
    What a read!!!!!! These listed events are what percentage of reality........let's call it 1% as that is a nice round number trotte
  • doyla66
    doyla66 says #
    Suffice to say, reading some of the emails from Banks to brokers etc. It can been seen CLEARLY there was extremely loose lending p
  • doyla66
    doyla66 says #
    I believe they are trying to make it so hard that we will give up and go away. Will Denise at the helm we have the support and the
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