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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 loan fraud
20 September 2012 Page 1 of 11 SENATE ECONOMICS REFERENCES COMMITTEEInquiry into the post-GFC banking sector Questions on Notice taken by ASIC at the public hearing on 8 August 2012 Question 1 (Hansard Ref: p. 55) Senator CAMERON: When you say ASIC will act on issues if they are raised, theevidence we had from the previous witness [Denise Brailey] was thatcorrespondence had gone to ASIC seeking some support on the FirstMac andStreetwise issues and no support was forthcoming. Is that correct? Mr Kell: I am not in a position to comment on individual matters. What I can sayis that ASIC had some complaints brought to it about low doc loans. Theseinstances have almost exclusively, from my understanding, all concerned loansmade prior to the GFC and prior to the introduction of the national consumercredit protection regime in July 2010. In some cases they involve matters where afinance broker has been charged by...
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  • doyla66
    doyla66 says #
    If the bank or broker was part of this false bankurptcy this is jailable offence. Jail those corrupt bankers & brokers.
  • doyla66
    doyla66 says #
    Lying to Parliament is a CRIMINAL OFFENCE. The liars must be prosecuted. Justice must be upheld
  • doyla66
    doyla66 says #
    ASIC just keep on being the "Willbees" who will wait until someone else gets the ball rolling before they issue any statements tha
  • doyla66
    doyla66 says #
    I have had two rejects of action from ASIC over fraud considering the fact of the statement made by the chairman of ASIC: Mr. Gre
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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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Prime Minister Julia Gillard has arrived in New York where she will spend the week lobbying world leaders to win Australia a seat on the United Nations Security Council. In a push that has cost an estimated $40 million over four years, Australia is competing against Finland and Luxembourg for one of two non-permanent positions available on the Security Council. Ms Gillard, who will address the UN General Assembly this week, will mount a final charm offensive, selling Australia as a "creative middle power". She is likely to focus her lobbying on the African nations that account for almost half of the votes needed to win. Officials say Australia has secured a majority of the Asian, Caribbean and Pacific support but has been blocked by Europe which is locked in behind Finland and Luxembourg. "Australia, with its proud track record of work within the United Nations, has put itself forward for...
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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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  29 Jun 2012 - Good reading and video at: http://barnabyisright.com/2011/06/29/rba-says-our-banks-are-stuffed-in-other-words/#comments   Yesterday, RBA Assistant Governor Guy Debelle indulged in some MOPE.   Management Of Perceptions Economics.   Lies, deceit, and propaganda, in other words.   But for those with an ear to hear, and an inclination to check the “authorities’” claims, what he really did – unintentionally – was to give us a heads up.   That our Too Big To Fail banks (TBTF) are going to get bailed out, sooner rather than later.   Go grab a modest quantity of your favourite beverage, and settle in.  You are about to learn – in detail – why we cannot trust a word the banksters say.   Ready?   Now as expected, the mainstream press all lazily parrotted the “everything’s fine, move along, nothing to see here” headline that Mr Debelle wanted. Here’s a good example, from the nations’ “premier” newspaper:...
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  • doyla66
    doyla66 says #
    "why is the Australian taxpayer on the hook to backstop the banks?.." Why not change this scenario around in favour of the tax p
  • doyla66
    doyla66 says #
    Lisa, 'you're a woman after my own heart', but would you be employable to the press? Hmm, let me think......computer says, "no" r
  • doyla66
    doyla66 says #
    A big read Lisa. Keep them coming.
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US LOAN MODIFICATION SCAM ALERT This story, from the US, shows how scammers exploit the unwary - in this case, struggling borrowers who may have "bad loans".  There are other stories on this site - worth reading.  Watch out for variations on these kinds of scams down under as well as the Loan Fraud issue gains momentum.  http://www.loanscamalert.org/   6 THINGS YOU SHOULD KNOW Scams aren't always easy to spot – but it helps if you know the warning signs to look for. Here are six red flags to indicate that you may be dealing with a loan modification scammer: 1 A company/person asks for a fee in advance to work with your lender to modify, refinance or reinstate your mortgage. They may pocket your money and do little or nothing to help you save your home from foreclosure. 2 A company/person guarantees they can stop a foreclosure or get your loan...
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http://www.bfcsa.com.au/index.php/entry/sophisticated-nonsense-from-broker-industry-asic-s-latest-trick What a bunch of prize idiots ASIC are! - and their desperado lobby mates are sneaky and nasty to boot.  The NCCP protects all, not just the consumers. It's because the financial sector has exploited the consumers to the max and been caught red handed that the industry sees the NCCP as protecting consumers while all the dirty laundry is still being collected and attended to, one grotty piece at a time. This is another Bransgroves - blatant self interest for the "poor" accused perpetrators of large scale crime, fraud and sundry legal scams. I'll hold Greg while you hit him for me too, Denise.  Well there's no risk of my situation ever being termed "sophisticated" at any stage of the game - unless they've put the Loan Service Calculator over every source of income to try to turn me into a baby Packer! Just because people have acquired (e.g....
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  This is an interesting historical article on perceptions about Australian RMBS. It certainly pays to be informed about risk in the marketplace.   by Hardeep Dhillon     In terms of collateral, the Australian residential mortgage-backed securities market has performed better than its peers for several years, thanks mainly to its blemishless default history. After a post-crisis slump, a revival of domestic issuance is under way; but it could take much longer for cross-border transactions to follow.   The peak came in February 2007 with the A$7 billion ($5.5 billion at time of issue) multi-currency transaction by Commonwealth Bank of Australia, via its Medallion programme. As well as being the largest RMBS by an Aussie borrower, the deal set a new pricing benchmark, with the most senior US dollar-denominated notes offering a pick-up of just 4 basis points over Libor. Around that time, spreads on deals from the three other banks...
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  • doyla66
    doyla66 says #
    This bank has publicly issued over $9.5 billion of RMBS since 2003. Through our RMBS program we currently manage the collections
  • doyla66
    doyla66 says #
    "Australian Banks have full recourse to the borrowers" yep they sure do,they can take our houses,this is unconscionable,and they h
  • doyla66
    doyla66 says #
    I'm looking forward to seeing the list. There is no excuse for politicians who might think they can avoid the issue. There are c
  • Denise
    Denise says #
    Brilliant find LISA Yes we are all receiving an amazing education over all these banking products and skull-duggery. We are also
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Securitisation - Australian Residential Mortgage Backed Securities
  This looks like the sales spiel for exporting our financial services overseas.  Page 8 ... "Strong Rule of Law"... In short the borrower bears the full responsibility for keeping the whole thing afloat.  It all sounds rosy - we know it's not.  Our ratings status has been downgraded based on the "housing bubble" information, dropping values, rising LVRs, possible reclassification ...  There is considerable information on the AOFM site about the doings between the government and the RMBS investment.  http://www.aofm.gov.au/content/rmbs.asp   I've been looking everywhere for a list of investors or countries who have in effect loaned Australian lenders money on this basis. Can't find it ... What happens when the "investor" in the Australian RMBSs decides to get out of the deal?  What security or guarantees does the Australian government have, and by default each one of us?  What security do we as home owners/borrowers have?  Most of us...
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  • doyla66
    doyla66 says #
    Minimum: banks must do LAF veracity checks on defaulting home-loans = ascertain true LAF facts from borrower!!!
  • doyla66
    doyla66 says #
    I was watching a video with Governor Jesse Ventura quizzing bank top dogs about their distorted values and lack of accountability.
  • Denise
    Denise says #
    What of the funds came indirectly from Superannuation DIY funding - via bank investment products????? More lovely fees. It also me
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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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I have been listening to BankWest's executives squirm and lie.   The senate hearing allocated 90 mins for them, I think the longest of all the presenters! Their catch cry is: "There's always two sides to every story".  There second favourite is continue the blame the GFC, which was created by the banks in the first place, and "We always work hard with our clients when they get into difficulty", and the killer, "It is not in our best interests to let the loans go to receivership".  What a LOAD OF RUBBISH!   It is very very well documented, and in fact presenter,  Mr Guy Goldrick’s outlined in his introduction this morning (submission 56) exactly how the banks get paid 3-4 times when a client defaults:   1) Claw back (writing off the loan), 2) Tax losses related to the claw backs, 3) Suing the client, and 4) Selling off the assets....
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  • doyla66
    doyla66 says #
    They work hard with their clients to get rid of them so they can extinguish the debt. I experienced that first hand & it was no jo
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