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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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Subscribe to this list via RSS Blog posts tagged in incentives for predatory lending
Things are not looking good for the government. Australia is getting further into debt. They have caught the debt disease too. Debt is not the solution - debt is the problem. When are they going to eat humble pie? Rather than become further indebted to foreign interests, would it not be better .... To ask the Australian Banks for their $55 billion bailout back? To ask the IMF for the $7 billion Aussie donation to the European banks? To look at the money Australian and overseas banks are syphoning out of all Australians? To seriously look at how the Australian banks are rorting the taxation system? To attend to the serious level of inefficiency and waste in all the regulators, especially ASIC? .... just for starters! Decisive action is needed yesterday. White collar and banking crime is costing Australians everywhere. Softly, softly with financial criminals has not worked and will only...
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  • doyla66
    doyla66 says #
    "How bad does it have to get before our government will attend to business in a real and decisive manner?" Well written Lisa. i ag
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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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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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The other day, as a matter of my own interest, I began to list incentives for Predatory Lending that are built into the Securitisation process.  I finished it today, then decided to post it for anyone interested.   I've made little change to my notes, so hope it makes sense.  If anyone knows any other incentives, let's add them to the list.

 We know that the banks wanted more securitisation profits. To achieve that they wanted more loans secured with mortgages.   This lead to the 'Originate to Distribute' model.   Enter Lo Doc and No Doc loans. 

Incentives 

The banks preferred to securitise at risk loans secured by mortgages, so created incentives for brokers to promote Lo Doc loans over traditional loans by making the Lo Doc loans more profitable for brokers. The original mortgagee was NOT at risk if there was a failure to pay so didn't care how risky the...
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  • doyla66
    doyla66 says #
    Thanks for your fantastic information. Can you advise on how we, the people, can check out our mortgages and how they have been se
  • doyla66
    doyla66 says #
    Thanks for your fantastic information. Can you advise on how we, the people, can check out our mortgages and how they have been se
  • doyla66
    doyla66 says #
    Thanks for your fantastic information. Can you advise on how we, the people, can check out our mortgages and how they have been se
  • doyla66
    doyla66 says #
    Thanks for your fantastic information. Can you advise on how we, the people, can check out our mortgages and how they have been se
  • doyla66
    doyla66 says #
    Thanks for your fantastic information. Can you advise on how we, the people, can check out our mortgages and how they have been se
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