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MORTGAGE
DISTRESS SOS

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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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In 2009 I spoke with FOS again and they told me they were starting to use Maladministration in Lending to deal with issues I had raised.  We told Members to state “Maladministration in Lending on all complaints where the loan was unaffordable from day one, in line with S 25.1 of the Bankers Code.”  This was pre the new NCCP  laws......why?  We had the old laws to protect consumers from predatory lending and bad lending practices such as forgery and fraud on Loan Application Forms, and Unconcionable Conduct 2001 and Maladministration in lending, and asset lending etc....................................plenty of LAWS for ASIC to play with and for FOS to use: an arsenal of weaponry against the banks and their dodgy lending products. Banks had breached the Code at all levels of approval of loans.  Most of these loans ought to have been rejected...............................hence the complaints.  Most 30 year loans would by necessity  of structure implode within 3-5 years.  But these products made...
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  • doyla66
    doyla66 says #
    Yes Duped. They doubtless want everybody with an existing mortgage to re-finance so they can recyle the loan when implosion date
  • doyla66
    doyla66 says #
    As per the banksters guide into how to rip the borrower off organza. I'm sure that the banks want you to get refinanced because in
  • doyla66
    doyla66 says #
    What FOS told you Never Give Up is exactly what my bank manager told me when I went in to tell him I was intending to sell (before
  • doyla66
    doyla66 says #
    So if that's the case why are FOS pushing me to sell and take the bank 'offer' and haven't bothered asking me if I can afford a lo
  • doyla66
    doyla66 says #
    Time to start calling ASIC the good ship Titanic I think this is just the tip of the iceberg. Wonder what other rules they are no
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Wonder if this happened?  Or is it still on the table?  26th November 2013.  Wish BFCSA could charge those fees to Bankers for cleaning up their mess.........Why didn't FOS suggest to Parliament that the ridiculously low compensation claim of $280,000 should be lifted to match the loans to pensioners of $4 million?  Unlimited Compensation to match their lending practices?  Start writing to the Senators.....banking is out of control!!  FOS to double its membership fees The Financial Ombudsman Service (FOS) is proposing to more than double its maximum membership fee to fund improvement of its services.  In its Fee Review Consultation Paper, FOS proposed to increase the maximum membership fee from $11,000 to $25,000.  “When the fee model was introduced in 2010, this was done so without detailed information on the numbers and outcomes of disputes under the new terms of reference,” said chief ombudsman Shane Tregillis.   “The proposed changes to...
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  • doyla66
    doyla66 says #
    Sure are coming over as thick and fast - thick as thieves if not thick in the head from taking the kind of risks they are now taki
  • doyla66
    doyla66 says #
    Yes Organza. It make you want to throw up when you read articles like these. The ads for the banks are coming thick and fast over
  • doyla66
    doyla66 says #
    Have just been catching up on reading the weekend newspapers to find an article in the SMH Businessday by Clancy Yates stating the
  • doyla66
    doyla66 says #
    It is do as you are told and keep your mouth closed among the Fosser/Tossers. Job security is a thing of the past now and I'm sur
  • doyla66
    doyla66 says #
    It's unfair to have several different case managers, it's unfair that we are even if this position. But to throw us from person to
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Jenny Mack CEO of Choice thinks FOS is a good system for consumers.  We deal with the end users of the services on a daily basis.  The long suffering victims of bank generated RESIDENTIAL MORTGAGE FRAUD.  We are not criticising Jenny Mack for her lack of knowledge in this area, as CHOICE mainly deal with manufactured products and not financial services.  BFCSA are at the coal face of dud financial products and services investigations.   Choice do an excellent job but are restrained from "road-testing" financial products.   How do you road test a mortgage and wait 3 years into a 30 year loan for the inevitable IMPLOSION of product?    Jenny Mack needs to be careful not to comment on things she is unfamiliar with other than ridiculous and untrustworthy ASIC briefs.  I say this as I noted "Andy's comments" in today's comment section.    Also comments by Linda Sterling-Levis, at...
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  • doyla66
    doyla66 says #
    I can remember reading a FOS company complaint blacklist. One of the companies I complained about was top of the list. It was publ
  • doyla66
    doyla66 says #
    Yes Lisa; right now FOS hierarchy silence (great) case-manager since alerted to FOS linked ING-forged-doc on ING letterhead-- FOS
  • doyla66
    doyla66 says #
    My personal experience with FOS only serves to cement the inconsistencies and incapabilities of the FOS trained staff.
  • doyla66
    doyla66 says #
    If Jenny Mack is restrained from road testing financial products then who is doing the road testing? Answer: We are! We, the Aus
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