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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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To all mortgage brokers, BDMs and loan approval officers! 
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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 Dumb ASIC
Dear Peter, You know me very well.  You also know ASIC did not ask for the LAF.  Ask Greg Kirk.  I was asked by Robert Allen to bring in THE EMAILS which I drove 400kms round trip to deliver to ASIC Perth.  When I arrived there I was asked "where are the LAFs?" My answer: "You asked for the Bank emails, not the LAFs.  In any case ASIC has over 100 LAFs from those who wrote to ASIC completely detailed formal complaint letters in July last year.  You have been sitting on those documents since July.  You and ASIC are lying to Parliament, lying to Media and lying to Consumers, but what has changed since 2003?  You told Parliament and said again this evening on the ABC NEWS: "there are no systemic issues."  Rubbish. The reason ASIC wanted the infamous "EMAILS" from Bank BDM's to Brokers, was because they wanted to show the...
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  • doyla66
    doyla66 says #
    Denise, you have more patience than most. I personally could throttle some of these people you have had to deal with lately, but m
  • doyla66
    doyla66 says #
    Even if ASIC were willing to take our complaints seriously enough to review their decisions, letters and come up with a better dea
  • doyla66
    doyla66 says #
    How frustrating it must be for Denise talking to idiots and liars. If I was her i'd be pulling my hair out and screaming day and n
  • doyla66
    doyla66 says #
    Denise why wast your breath on such a looser.
  • doyla66
    doyla66 says #
    Love the graphic Gotta wonder tho' - is that the new uniform for ASIC?
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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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I've just browsed through documentation from the LMI.  No sign of the additional LAF documents or LSC. The original LMI was with GE. Now it's with a different company. Surely when it changed companies something should have been sent to me as the borrower? How about "Terms and Conditions", contract documents, etc?  Would this tendency of credit providers like banks to change insurers and not let me know what the changes to the conditions etc are come under Insurance Act? Insurance Ombudsman? I checked my loan documents and I can see where the LMI premium was paid on the loan statements. I have yet to find out what the time limit on claiming for hardship - plenty of equity left in security property.  COSL mentioned that as well. As well we seemed to be paying a higher interest rate than the standard rate for that lending product.   Mortgage Insurance Proposal...
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  • doyla66
    doyla66 says #
    Dear All, I am preparing a submission to the FSO to reclaim LMI as I repaid a mortgage after 2 years. The CBA says they won't pay
  • doyla66
    doyla66 says #
    Quite likely, Andy. My gut feeling is yes. Reassurance - like another back door bank bailout. Banks want it from everywhere! Poor
  • doyla66
    doyla66 says #
    or BFCSA so we can start to clean up the havoc caused by their excess!!!
  • doyla66
    doyla66 says #
    US(2012)Genworth caught illegally funnelling $billions(re-issuance)back to originator/banks(@ hyper-rates) effective "kick-back";
  • doyla66
    doyla66 says #
    Interesting .... http://www.macrobusiness.com.au/2012/09/is-kohler-right-about-hiking-rates-to-protect-the-dollar/ "... nurse the
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This is simply brilliant! - a "creative" solution to bank angst - in particular, NAB angst. Bankslayer has done it again :)   This is my how to for creative visualization - I imagine the building is the headquarters of the National Australia Bank being demolished after they've gone bankrupt. How did the nab go bankrupt? Well, after months of campaigning politicians finally did the right thing and there was a Royal Commission into Bank Malpractice. Following even more months of evidence including that of victims of the bank such as Ozzie Inak and Rosie Cornell as well as numerous expert witnesses the nab was stripped of it's license to trade as a bank. Unable to be a fully functioning bank their shareholders abandoned them.  After considerable whingeing the nab was declared bankrupt. See how easy creative visualization is? Help me out - if you're an Aussie demand your Federal MP...
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  • doyla66
    doyla66 says #
    I think I must be more callous than you. I imagine all I have been associated with throughout this dispicable loan being homeless
  • doyla66
    doyla66 says #
    just testing - trying to learn how to blog Editor: hey u made it! Congrats Robyn
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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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Posted by on in BANKSTERS
Denise says we need the services of a hand writing expert......most LAFs in her experience and a recent survey have revealed three people's hand-writing on the documents:  the Broker and two others.  She has the proof that one of these is the credit assessor.....identified via the notes. Lenders don't bother checking loan application income or in fact any detail other than a  credit check Surely lenders can tell from the Loan Application Form who committed the Fraud? Message to Bankers: check the hand writing and compare with that of your staff...but of course you know that as higher up Managers taught you...."you can even resurrect credit impaired and rejected loans....make the deal fit by maximising loan amounts borrowed."    ...
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  • doyla66
    doyla66 says #
    Interesting thanks for sharing a good find.
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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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From MORTGAGE MIX - Thankyou to Tim Neary for this good article on the Royal Commission and Lo Doc Sub Prime Debate.    17 Aug 2012 Macrobusiness published an interesting article recently suggesting Australia’s claim to having a conservative (and safe) banking sector have ‘taken a bath’ recently, as evidence emerges of our own low doc driven sub-prime lending scandal.A video link from the article suggests in the run up to the GFC, Australian banks and other home-grown lenders abused the system of low doc loans; designed for small businesses but sold “by the thousands” to pensioners, single mums and people on welfare.It might sound shocking, but opinion on the subject is firmly divided.In response to the subprime scandal reference one reader left this pointed comment: “Sub-prime???? Pffffffft you guys are so 2007…”One of the industry’s leading low doc aficionados, Pepper’s Mario Rehayem, is also thumbing his nose at the notion. He has been ever...
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  • doyla66
    doyla66 says #
    Re; las laf: "claw back" provisions? some form of undertaking the loan book is purportedly "clean"??? Back room deals going on her
  • doyla66
    doyla66 says #
    EXACTLY Last-Laf "Loans prior to 2008 that were often 'fixed' by brokers and other agents, through the commission of forgery on th
  • doyla66
    doyla66 says #
    Regarding the book, 'Inside Job', Matt Damon made it into an excellent documentary as well, if people are interested. Some of the
  • doyla66
    doyla66 says #
    It's interesting to hear that Pepper's chap has thumbed his nose at the problem in consideration of the fact that his company purc
  • Denise
    Denise says #
    The "Inside Job" was a book which had a great impact on my in 1993 re white collar crime and the Savings and Loans Scandal in Amer
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Credit bureau Veda says New Zealanders showing renewed confidence in borrowing for both homes and businesses Posted in Business August 16, 2012 - 11:15am, Gareth Vaughan   Credit bureau Veda says mortgage enquiries rose 44% in July emphasising renewed confidence in borrowing for both homes and businesses. Veda said for the first time in five years its bureau statistics showed a rise in commercial enquiries, which is "enormously positive" for the economy. "Businesses owners require a level of confidence in future growth to borrow funds to invest in their operations and expand," Veda’s managing director John Roberts said. “Business has hung in through a slow economic recovery. An increase in enquiries is a welcome sign of emerging stimulation in the commercial sector.” Roberts' comments are similar to those from ASB CEO Barbara Chapman. After the bank released its annual results Chapman told interest.co.nz  ASB had grown business lending by 6% in the year to June 30,...
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  • doyla66
    doyla66 says #
    It sure will, Denise. I've been trying to get the message out to everyone I can: get all your documents when you apply for a refin
  • Denise
    Denise says #
    Confidence will head south when they start asking for their LOAN APPLICATION FORMS. Same Model used by Aussie linked banks in New
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