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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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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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Posted by on in Consumer Protection Disaster
Essential consumer warnings about borrowing from Australian lenders. Protect your rights, your home and your peace of mind. http://www.bfcsa.com.au/index.php/resources/need-a-loan (Check tab: Resources: Need a Loan?)...
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Posted by on in BANKSTERS
By MortgageMix August 22, 2012 The RBA might have lowered the cash rate to just 3.5% earlier this year, but it has done little to alleviate concerns for homeowners that job loss or rising living costs will cause them to lose their homes. A survey about Australian homeowners' greatest fear has found more than 25% are worried about becoming unemployed, and another 18% listed rising livings costs as their top reason to worry.   Mortgage broker network 1300HomeLoan said the results revealed the responsible nature of Australian borrowers. This is also reflected in our very low default rates on loans, it said. MD John Kolenda suggested that anyone who thinks borrowers are rushing in to take advantage of easy credit is mistaken. "Australian borrowers are very prudent and cautious about taking on debt they can't repay," he added. "These results show that homebuyers are very preoccupied with their ability to make...
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This information comes from the nMB Intell magazine. http://www.nmb.com.au/nmb/intell/aug12.html It seems that someone in the lending industry has been playing with words, like "financial counselling".  When the going gets tough, the industry gets creative? We're not immune from users of misleading statements, especially where there's a dollar to be made.  The highlights are my own.    The House of Representatives on Tuesday 26 June 2012 passed the Consumer Credit and Consumer Protection Legislation Amendment (Enhancements) Bill. The majority of the provisions are expected to commence in March 2013. Changes will affect all credit providers, however key provisions have been introduced for Small/Medium Account Credit Contracts (SACC & MACC), lenders.The bill is yet to be passed by the Senate, however it is anticipated this will occur during the Spring Parliamentary sitting (Aug- Sept 12). Changes affecting lenders: Changes to hardship provisions will make it easier for borrowers to make application. The changes will see the...
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  • doyla66
    doyla66 says #
    "It seems that someone in the lending industry has been playing with words, like "financial counselling". When the going gets toug
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10/5/2012 - Australian Broker Online The MFAA has called on the government to ditch some of the disclosure documentation required by the NCCP. In a submission to Treasury on the proposed NCCP amendments, the organisation has asked the government to dump the credit quote, credit guide and credit proposal required from brokers, and instead combine the forms into one finance broking contract. The plethora of documents currently required has caused inconvenience for both brokers and borrowers, the MFAA claimed. “Each of these documents is required at a different stage in the transaction. The need to do these things at different times is a significant additional cost to brokers, and inconvenience and confusion to broker and customer alike,” the organisation said. The MFAA called the requirement for the three separate documents an “unexpected and avoidable” cost to brokers. It claimed that the disclosure required by the NCCP could easily be satisfied by...
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Tagged in: brokers Lenders MFAA nccp
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  • doyla66
    doyla66 says #
    Well, let's see. Didn't the mortgage broker industry in Australia only come about when the banks embraced deregulation? Prior to t
  • doyla66
    doyla66 says #
    So true and so well put! They're used to bitching and getting their own way. Now according to the Banks and MFAA it's all the borr
  • doyla66
    doyla66 says #
    I'm taking my time to digest this post from Lisa. By the way, it's 12.57 here in Melbourne...where is your energy coming from Lisa
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Media Release: 24 August 2012How many Low Doc Loans are unethical?Attempts to deflect a Royal Commission into Australia's mortgage finance sector by the Mortgage and Finance Association of Australia are mistaken, hollow and shrill, the Australian Democrats said today.MFAA CEO Phil Naylor rejected the Royal Commission call and claims there is very limited evidence of fraudulent dealings by brokers in a 17 August statement that only came to light yesterday. ED:  Yes Naylor would say that...but he has yet to call me.....but like the banks who did not ring the borrowers to ask income details because they deliberately did not want to know yet continued to deny evidence!"I don't know whether to be appalled or bemused by Mr Naylor's caricature of my remarks," Democrats Housing spokesperson David Collyer said today. "He has me saying all sorts of things.""The evidence put before the Senate inquiry by Denise Brailey of the Banking and Finance Consumers...
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  • doyla66
    doyla66 says #
    One thing is for sure, Great Loans vary from Great Lenders. Anyway, thank you for sharing such a GREAT information here. Been find
  • doyla66
    doyla66 says #
    APRA invited to test BFCSA(inc)member assertions ASAP(ie:immediately) as precursor to ROYAL COMMISSION!!!
  • doyla66
    doyla66 says #
    I agree, David Collyer is very clear about his position on this. He really gets the total picture, the politics of truth and so ra
  • doyla66
    doyla66 says #
    A great piece of work Lisa. I think it's time to draft an email to Mr Collyer & thank him for his supportive stance.
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