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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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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 improper lending
With Credit Card Losses at Record-Lows, Issuers Are Raking It In
Do most Australians assume that if you're over 18 you can drive a car and operate a credit card with safety? Neither are true as we've witnessed over and over again. Is the lack of proactive regulatory oversight due to a clear conflict of interest for the Australian Government?   This information (below) comes from a US site for a Credit Card Merchant Service. The site contains a lot of good information on international trends in credit card usage and the regulatory initiatives that are being trialled for the domestic economic management in a global marketplace.  It looks likely that Credit Card bonds will be issued at an increasing rate. My concerns are that this will: Increase consumer access to relatively unregulated credit at a high rate of interest Increase consumer exposure to serious debt related problems Increase the pressure on consumers to participate in imprudent credit card usage through advertising...
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  • doyla66
    doyla66 says #
    Re: Debit Card(Bank of Melb') - years ago it apparently also had a credit facility of $50.00 (go figure) & an unathorized transact
  • doyla66
    doyla66 says #
    Thanks Geoff - your awesome!!
  • doyla66
    doyla66 says #
    Wow! Thanks JJ and Geoff. Timely advice for me too! I'll probably need more information to make this work and be confident enough
  • doyla66
    doyla66 says #
    Your blog is relevant, I felt, to that just posted by Denise to which I replied. Under "Privity of Contract," as many may know, a
  • doyla66
    doyla66 says #
    Hi Geoff - what you have said is of interest to me greatly. My friend had an ANZ credit card and fell on hardtimes (death of partn
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http://www.mortgagesettlements.com.au/downloads/Mortgage%20Fraud%20Article.pdf With lax lending compliances and checking systems, such as exist with No Doc and Lo Doc loans, there maybe borrowers who were taught to take advantage of the opportunity to tell the Bank exaggerated detail, or so it seems.  This opportunity was created by the banks themselves, by offering a product that didn't involve the prudent checks and balances that any reasonable person would expect from a Bank or Lender in Australia.  Then there are the borrowers in our situation: we told the truth and even offered our documentation for checking, only to discover later that our honestly declared financial facts had been changed by bank staff or brokers. Without Lo Doc and No Doc loans it would be well nigh impossible to create a fraud loan... unless I've missed something?  Strict enforcement of all codes, regs and Laws should eliminate 99% of loan fraud. Banning of Lo Doc and...
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  • doyla66
    doyla66 says #
    It’s good that there are such institutions which help to identify and prevent fraud. We live in times when lots of people become v
  • doyla66
    doyla66 says #
    I'm gonna hate those fraud loan providers forever, they make me their victim a while ago when I was applying for a loan online. I
  • doyla66
    doyla66 says #
    and the longer they drag it out the more money they have to pay out....so to all concerned - ASIC, FOS, ALL GOVERNMENTS - stop pre
  • doyla66
    doyla66 says #
    MrASIC"Wake UP">Fiduciary Duty(care)=banks knowingly not placing consumer'in harms way'-Stop taking sleeping pills.SURELY!!!
  • Denise
    Denise says #
    The big issue: Banks are not permitted to profit from a fraud and will have to forgive (and pay back) all interest, fees and charg
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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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NATIONALS senator John Williams has called for a royal commission into the banking sector following evidence of widespread improper lending practices during the last property boom and subsequent regulatory inaction. Senator Williams, appearing yesterday before a Senate committee into banking, attacked the corporate regulator as "gun-shy" amid claims that thousands of vulnerable people were stung by so-called low-doc loans before the global financial crisis."If only 10 per cent of what comes in to my office is true . . . we have a problem and we should have a royal commission," Senator Williams told the inquiry.His comments followed claims by Denise Brailey, of the Banking and Finance Consumer Support Association, that abuse of low-documentation loans was widespread during the the property boom and regulators had done very little to hold those responsible to account. Ms Brailey said her organisation had uncovered documentary evidence that many mortgage brokers or others in the...
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  • doyla66
    doyla66 says #
    Would they have to include the Royal Commission in the next budget or the one after? Is it something that is voted on in the Sena
  • doyla66
    doyla66 says #
    Fantstic!!!!! To the other Senators PLEASE listern to our pleas and support a Royal Commission
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