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BFCSA
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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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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Adult guardianship
FOS now recognise "mental illness" as a category on their application form. Does this entitle complainants to additional assistance or other concessions during the dispute resolution process? Should being a mental health client entitle complainant borrowers to demand better or more appropriate conduct from Bank staff - either during the dispute negotiation or even as a component of their complaint? Should Banks and other lenders be disciplined by FOS for the impact of their conduct on the health and well being of disabled borrowers? FOS Accessibility Guideline - fos.org.au/public/download.jsp?id=17940 (download) FOS Helpful Links - http://fos.org.au/centric/home_page/resolving_disputes/helpful_links.jsp Mental Illness - search results - http://fos.org.au/centric/home_page/search_results.jsp?orderby=rank&rpp=10&rst=all&str=mental+illness&type=and&xcid=181 It would be very interesting to know whether complainants are ticking the box for Mental Illness and if so how many ie what percentage.  Also what does FOS define as Mental Illness - do complainants require proof from a medical practitioner?      The following ABC Radio Program is...
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:D
"It is not necessary to bury the truth. It is sufficient merely to delay it until nobody cares -- Napoleon Bonaparte" This must have been the motto of the Australian Public "Masters" for years! The unelected have run the country. Look at the results. More bureaucracy and less democracy. That's how they created "stability" - a hung parliament is the perfect justification. And nothing really changes beyond the window dressing. "Great coats on - great coats off"... Their objective? "Maintain the status quo and our positions and pay rises, our power and security ie. basically more of the same while politicians come and go. We run this country - forget that at your peril. Don't call us/treat us like public servants." And they're nasty if you try to threaten them in any way - not really nasty publicly, of course. It's all behind closed doors - that's how political power works....
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  • doyla66
    doyla66 says #
    well said Lisa... where can we find ?? "... a team of highly motivated and committed people with the experience and persistence to
  • doyla66
    doyla66 says #
    Well said, Arree. They usually employ consultants to investigate or create changes. But very little ever changes for any length o
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I've have a copy of a document from Firstmac Limited which suggests there is something strange going on there. Has anyone else had strange offers or experiences with Firstmac? Do you think they might be headed into real trouble with the EDRs or the regulators? Did anyone who wrote to the Firstmac Limited Chairman get a reply regarding their evidence of fraud and the necessity of freezing payments while this was investigated correctly? Did everyone get their package from FOS for the submission of their complaint against Firstmac Limited and/or Tonto Home Loans Pty Ltd? Please share your stories so we can get an idea of whether this is a one off error of judgement by their staff and management - or what... Thanks for your assistance Lisa...
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  • doyla66
    doyla66 says #
    Mmmm copy of a document that's suggests something strange! Yep I have several of those pieces of paper. Put in a complaint to Asi
  • doyla66
    doyla66 says #
    According to a June article by Anthony Klan, "Major mortgage securitiser First Mac - which has issued $9.5bn in Australian mortgag
  • doyla66
    doyla66 says #
    http://mozo.com.au/rate-and-review/FirstMac/home-loan-reviews This isn't recent but it's interesting. http://www.propertyinvestin
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David Collyer was right. Denise's evidence and assertions are based in many years' research. There is no room for speculation in the black and white of her evidence. It's FRAUD. What is more it is intentional, premeditated and well organised systemic fraud. How can the regulators and the politicians deny the facts and keep their credibility? They can't. Further evidence has been revealed since the initial hearing at the Senate Inquiry. It underlines the even greater need for a Royal Commission. The Australian public want the truth. Investors want the truth. Borrowers want the truth. Our international reputation is also under scrutiny. Surely it is part of the job description of any chief regulator or parliamentary representative to supply informed, well-researched answers not off the cuff comments based on assumptions and their own opinion in order to protect their jobs! They are paid handsomely to supervise and ensure the stability our...
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  • doyla66
    doyla66 says #
    Thankyou Carol, Andy and Peter. Our parliament is handicapped by the past and by their party political histories. Those days are
  • doyla66
    doyla66 says #
    What an Increditable post Lisa, every one of our weak and gutless politicians,heads of APRA, ASIC,COSL, FOS and Federal Police sho
  • doyla66
    doyla66 says #
    Watch this Space: Vote[1]LisaMartin Vote[1]DeniseBrailey - perhaps sit opposing sides "broom the middle"(save the worthy/repentant
  • doyla66
    doyla66 says #
    Politicians and bank executives take note: KNOWING & FAILING TO ACT IS A FAR GREATER CRIME. If you work in a bank and can provide
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From: FOS Circular Autumn 2012: http://www.fos.org.au/centric/the_circular_9_home/lenders_mortgage_insurance.jsp Lender's Mortgage Insurance Our Terms of Reference and LMI policy claims Previous communication about LMI policy claims Terms of settlement FOS receives a number of disputes in which the applicant is in financial difficulty, the sale of a property securing their loan from the financial services provider (FSP) does not repay the loan in full and an unsecured shortfall debt remains. If there is a lender’s mortgage insurance (LMI) policy in place, the FSP may have made, or may intend to make, a claim on the policy after settlement of the sale of the security property. This article outlines FOS’s view on an FSP’s obligations in dealing with a customer in financial difficulty when the FSP has made a lender’s mortgage insurance claim or may potentially do so after the sale of the customer’s property.   Our Terms of Reference and LMI policy claims Under...
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Essential Banking Law and Practice Elisabeth Wentworth,* Special Counsel to the Ombudsman Banking and Financial Services Ombudsman Ltd www.fos.org.au/public/download.jsp?id=2793 Pages 1-2 Those legal principles are drawn from a range of sources, including common law, the Law Merchant, equity and statute.   In addition, for banks that subscribe to it, the Code of Banking Practice is a legally enforceable set of principles and rules incorporated into the contract between the bank and its retail customers.  Relevant legislation includes: • Banking Act 1959 (Cth)• Reserve Bank Act 1959 (Cth)• Australian Prudential Regulation Authority Act 1998 (Cth)• Australian Securities and Investments Commission Act 2001 (Cth), which contains in Division 2 the unconscionable conduct and consumer protection provisions in relation to financial services providers that are no longer in the Trade Practices Act • Corporations Act 2001 (Cth), in particular Pt 7• Privacy Act 1988 (Cth), in particular the credit information provisions in Part IIIA• Consumer Credit...
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  • doyla66
    doyla66 says #
    Why does this not come as a shock. This is a joke of all jokes and it is on us all , government included. Legislations that are no
  • Denise
    Denise says #
    Why not start with the 25 Members of the Australian Bankers Association.......who all signed up for the Code. Why not read reg 25
  • doyla66
    doyla66 says #
    The enforcers? ... Australian Consumer Protection Authority ! Proactive enforcement of Laws & Regs. Govt and regulators inefficie
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Posted by on in Bankers A Law Unto Themselves
Often when you tell people your story and plight with the banks or to the media- they comment - but you signed the papers. My next question to them is - so you think it is okay that fraud has been committed and that the Banks are profiting from it? Are you saying that the banks are above the law and should not be accountable to the rules set by the law of this country.  No matter which way you look at it - a crime has been commited and it needs to be investigated. Isn't that why we have laws for?  Crime is crime. No sugar coating of it or exceptions. When put that way to most people - they understand better and agree - if fraud has been committed - it needs to be investigated. So if you speak to the media - make sure you ask that question. Remain focused...
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  • doyla66
    doyla66 says #
    I am interested!
  • doyla66
    doyla66 says #
    Based on what I've read about the other political options this is probably a good time to kick off a new party. Who is the brillia
  • Denise
    Denise says #
    Hands up those who wish to be part of new party? We have a brilliant leader, an exciting name. I cannot be leader as it would de
  • doyla66
    doyla66 says #
    http://www.bfcsa.com.au/index.php/entry/bfcsa-demands-to-federal-government
  • doyla66
    doyla66 says #
    We should call for a Suspension of Normal Business in the House, and possibly a joint sitting to attend to the crime and corruptio
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"A Royal Commission into the Australian Banking Sector is our democratic right. To deny us that right is truly unAustralian."   There are many strong arguments in favour of holding a Royal Commission into Banking with wide terms of reference.  One of the side effect of the Royal Commission is its capacity to bring the issues into every Australian home through the main stream media. This in turn will generate far greater awareness of the serious anomalies and inherent risks within the Australian Financial Sector. It may also answer the questions for so many Australians whose lives have been smashed by the deregulated "free market" Australian Financial Sector, directly and indirectly, including the big ones: Why weren't we told? How could this be allowed to happen in Australia? Consumer protection isn't for just for the elderly - it benefits all Australians. We've been badly misled by those entrusted to protect us,...
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  • doyla66
    doyla66 says #
    Yes, infestation of "Mainstream" banking Full-Doc products must be a game changer & raise the necessary eyebrows , if not, the cur
  • Denise
    Denise says #
    Thanks for your kind thoughts Hugh. I met with Geoff in Canberra and also other members and they support our efforts and our peti
  • doyla66
    doyla66 says #
    Hi Denise & BFCSA Members, Why not join forces with Unhappy Banking, link together to call for the Royal Commission? More Support
  • doyla66
    doyla66 says #
    Good idea Hugh. UNHAPPY BANKING also has good evidence about the BANKS FRAUDULENT activities.
  • doyla66
    doyla66 says #
    Hi Denise & BFCSA Members, Why not join forces with Unhappy Banking, link together to call for the Royal Commission? More Support
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Financial Ombudsman Service Circularlssue 5 - March 2011   When investigating a dispute about a low doc loan, we consider the following matters: * Did the client fully understand the process, so that it can be said that a conscious decision has been made? * Have clear questions been asked of the client in assessing the relevant and available information? * Have the monthly repayments been accurately calculated and disclosed at the time of application? * Was legal or financial advice recommended and/or required? * Did the FSP engage in good industry practice by exercising the care and skill of a diligent and prudent lender in: a) selecting and applying credit assessment methods; and *b) forming an opinion about the client's ability to repay? Was there lnformatlon in the appllcatlon which should have led a reasonable and prudent lender to make further inquirles, but the FSP chose not to? "...
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  • doyla66
    doyla66 says #
    Oh dear! Good luck with that, JJ! I had a related situation: line of credit, private lender, second mortgage over two properties
  • doyla66
    doyla66 says #
    Actually, I too noticed the reticence expressed by lawyers about taking on another even when they know the difference between righ
  • doyla66
    doyla66 says #
    Basically over two loans (that still exist today) One is a residential loan and the other a business loan. The land is secured aga
  • doyla66
    doyla66 says #
    One property I have in question has an interesting twist - bank valuation was only $880k of house and land and the loans that I wa
  • doyla66
    doyla66 says #
    Impressive LVR, JJ - how did they work that one out?
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Posted by on in Reserve Bank of Australia
I sent in a complaint to FOS about an issue that is unique to our situation, but which I believe was borne out of the Predatory Lending practices of the bank. FOS' response is that they 'cannot consider' our dispute.  However, the uniqueness of our situation shows that their response was really pretty much a cut and paste job.  I have had to write back and ask that they give my complaint due consideration, without presumption. FOS made at least nine presumptions in their response.  It appears to me that they aren't even reading our complaints but just sending back fob off answers.  To tell the truth, I don't expect they will give any more regard to this letter as they did my original complaint.  But I live in hope :). Dear (FOS), In all due respect, it is clear to me that you did not read and understand my complaint.  ...
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  • doyla66
    doyla66 says #
    Hi JJ. YES - I am taking it to the media. I have already been in touch with some media, mainly Stephen Long of ABC 7.30 Report and
  • doyla66
    doyla66 says #
    My bank manager quite often boasted how he was taken to FOS a few times - but always won. He acted like he was invincible!! He eve
  • doyla66
    doyla66 says #
    Wayne - are you taking this to the media. The public at large needs to know of this. That is disguisting. I hope you did not agree
  • doyla66
    doyla66 says #
    COMMONWEALTH BANK of AUSTRALIA. I have re-named it the CORRUPTWEALTH BANK.
  • doyla66
    doyla66 says #
    THANKS FOR YOUR POST SUSAN. Hopefully the "minders" reading our bfcsa blogs will pass this on to the powers that be. WE ALL HAVE
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 Help please!!! FOS it appears is planning to close our case. Re: complaint of falsified docs, unconscionable behaviour, attempted repossession and no LAFS. It is a commercial loan but we were made to be guarantees.  A deadline has been given to answer questions on our losses however the lender seems to be excused for not answering our questions in validation and falsifying contracts. The lender also ignored the evidence that they wrote the debt off, as we have evidence of them requesting the insurer for payment of the debt. They also would be claiming this in Tax.   It took FOS 6 months to come back with a letter that provided no answers to our questions or validation. The only response from the lender was to say that they will make no further submissions. FOS says that’s fine as the lender answered FOS questions. We don’t even know what those questions were...
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Tagged in: Banking fraud; FOS FOS
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  • doyla66
    doyla66 says #
    Thought about abit of publicity about it?
  • doyla66
    doyla66 says #
    This on FOS website under Cases - Maladministration in Granting Loan - Can you ask for a new Case manager? Mr G was a self employ
  • doyla66
    doyla66 says #
    Thanks arree will check it out. ox
  • doyla66
    doyla66 says #
    Thanks arree will check it out. ox
  • doyla66
    doyla66 says #
    Good to know!
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Posted by on in Reserve Bank of Australia
From FOS's letter in previous post and in addition to the post's comments:  'Reply to FOS' FOS says: "I strongly suggest you make whatever payment you can while we are considering your dispute.  This will help protect your financial psosition because unless you make payments, interest & charges will continue to accrue & your debts will increase.'" BFCSA Members: Be aware, that once you have lodged a FORMAL COMPLAINT to FOS, your bank MUST stop all action against you.   Go to the ACCC & ASIC Debt Collection Guidelines for Creditors   MEMBERS, CHECK IT AND EDUCATE YOURSELVES Refer to: Part 2 Section 2 [a],[b]&[c] Part 2 Section 4 [d] Part 2 Section 6 [e] Part 2 Section 7 [a]&[b] Part 2 Section 9 [e] Part 2 Section 10 [a],[b],[e], [g]&[h] Part 2 Section 16 [a]&[b] Part 2 Section 18 [a],[b],[c]&[g] Part 3 Outlines the provisions in the ASIC Act Section 12DA(1) and...
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  • doyla66
    doyla66 says #
    Very useful info to propagate STM.
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Posted by on in Corrupt Regulators
  'Farm debt mediation' is a structured negotiation process in which the mediator, as a neutral and independent person, assists the farmer and the creditor in attempting to reach agreement on the present arrangements and future conduct of financial relations between them. Mediation is a simple, voluntary and confidential process that is quick, accessible and affordable.   The object of mediation under the Farm Debt Mediation Act 1994 is to provide for the efficient and equitable resolution of farm debt disputes. Mediation is required before a creditor can take possession of property or other enforcement action under a farm mortgage. It is recommended that farmers employ a professional adviser.  The adviser can be your local Rural Financial Counsellor, your Solicitor, your Accountant or some other appropriately qualified person.  The role of the parties' adviser in mediation will be to fully prepare their clients for and then to assist and advise, rather than...
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Firstly, let me introduce myself. My name is Lindie Mehan & my submission to this inquiry was published at # 69. It may only be a light-weight 4 pages long however, there is a 6 year (almost 7) history behind that backing up my submission. That timeframe has seen me visit some very deep dark places & now there is only ice cold anger at the processes I have been subjected to - very un-Australian processes from quite a few different directions.   Today I watched the Senate Inquiry via live streaming on my computer. Denise Brailey has her finger on the pulse which is far more than the other entities presented had. She disclosed how the banks & ASIC would try to blame the brokers well ahead of this inquiry. Please check her blogs on the website: www.bfcsa.com.au/index.php/easyblog Denise has been spelling out quite clearly what is not working, what is fraudulent, what is...
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  • doyla66
    doyla66 says #
    Hey Lindie Your courage in speaking out has inspired me to thank Senators Bushby, Eggleton, Cameron & Williams for their intereste
  • doyla66
    doyla66 says #
    Lindie, I was going to say "Chin up", however you don't need to be told that. You are one gutsy Lady who has been let down by all
  • doyla66
    doyla66 says #
    Hi Lindie. I'm sorry for what you have experienced. I thought you might find this article interesting. http://pickeringpost.com/ar
  • doyla66
    doyla66 says #
    I've been following that & watching it develop. I have Google Alerts set up so anything published anywhere about SLAG or Bankwest,
  • doyla66
    doyla66 says #
    Thank you Lindie for writing. Our journey is only just beginning. We wish for the day when thousands upon thousands of our fellow
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