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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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BFCSA Blog

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 low doc loan fraud
Only 89 cases of white collar crime in Australia?  What about the 18% of fraudulent loan applications penned by bank officers and no brokers involved?  The fraud is occurring after the applications are sent in to the 17 Major Lenders who are the worst offenders.  We have reported over 2000 of these to ASIC. The public are tired of ASIC suggesting it gets "tough." Time is long overdue to investigate Lenders and their asset stripping strategies.  This is why there are over 14 Inquiries to date on Loan app fraud.  ASIC employs over 300 investigators to take action in 89 cases?  Time for a Royal Commission into the entire banking sector if we are really serious about protecting consumers.  These sub prime loans will impact the economy. Bank on it. ASIC flexes muscles against fraud in financial services (its  A SIC JOKE!) Australian Broker News by Julia Corderoy | 02 Feb 2015   The...
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  • Wayne
    Wayne says #
    A Banker Band by ASIC predecessor was employed by ANZ Bank who ran amongst the pigeons without detection for 22 years steeling 6 m
  • Louie2U
    Louie2U says #
    Will A-SIC answer a 'please explain' to the people of Australia - you know those people who pay their taxes into the public purse
  • Wayne
    Wayne says #
    ASIC allowed NAB to check and alter media release into bank's Wealth's Navigator errors. Secret files expose NAB Adele Ferguson ex
  • Wayne
    Wayne says #
    ASIC must know there is thousands of victims, and over years. Popping your head up now making a little ruckus is simply too late.
  • Duped
    Duped says #
    Never heard so much rubbish coming from ASIC. I wonder how many of us (ordinary defrauded borrowers) have ASIC been in contact wit
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The Australian Securities and Investment Commission ("ASIC")  is under fire in a major way.  The gates are open for everyone to send in a submission and a second one if you so choose.  ASIC had three tasks: the regulation of financial products and service - banks were the engineers , consumer protection a priority and, consumer confidence in the market place - the world of Banking. End users of ASIC's services, for over a decade, have slam dunked ASIC's ability to master the art of consumer protection and consumer confidence.  The submissions show the regulator has failed on all levels.  The bleating of apologist Greg Medcraft as Chairman of this debacle are pointless at this late stage.  He had a chance to get tough and acted as a limp lettuce, pursuing instead, his own career ambitions as head of IOSCO.   His lordship spends his days on junkets around the world doing very little if anything, for consumers in Australia.   IOSCO has not held...
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  • doyla66
    doyla66 says #
    So ASIC would rather see borrowers adrift in the sea of confusion and pain, all on their own and up against it, completely without
  • doyla66
    doyla66 says #
    worth a read ASIC‟s performance We are generally very impressed with ASIC's performance as a regulator of the areas of consumer l
  • doyla66
    doyla66 says #
    No one is too big to jail, Wall Street cop says Although Hollywood has a movie starring Leonardo DiCaprio as the "wolf," the real
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http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/News-from-the-regulator-FOS-speech-2-June-2011.pdf/$file/News-from-the-regulator-FOS-speech-2-June-2011.pdf Has the Chairman's determination to talk to Industry - not to pesky Consumers - affected you and the financial security of your own personal family life? Have your say:  Senate Inquiry into Performance of ASIC   send submissions to This email address is being protected from spambots. You need JavaScript enabled to view it. Email us if you have done so "YES SUBM SENT"  This email address is being protected from spambots. You need JavaScript enabled to view it. So did the Chairman shovel all the complaints off to the EDR's, preferring to have lunch with Industry bods?  He admits he is the Gatekeeper but failed to address the issue of bank fraud.  Is that what happened? The Senators would love to hear from you. Were your loans faulty products?  Why do you think that?  Should ASIC have alerted you with the information they were sitting on? ASIC KNEW of Low Doc and Full Doc Loan Fraud in  2003.  Could that knowledge have helped save your family from financial ruin had you known then? Has this catastrophe affected...
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  • doyla66
    doyla66 says #
    ASIC has known about the crack in the system we fell through. Did they do anything about it? You gotta be kidding! ASIC do anythin
  • doyla66
    doyla66 says #
    I have lost my home because of the gatekeepers fraudulent tactics. Yep you got it, same as everyone. ASIC real interested original
  • doyla66
    doyla66 says #
    ASIC's role to actively oversee EDR's and to exercise it's power to intervene, where appropriate, of course does nothing, but cond
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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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I've have a copy of a document from Firstmac Limited which suggests there is something strange going on there. Has anyone else had strange offers or experiences with Firstmac? Do you think they might be headed into real trouble with the EDRs or the regulators? Did anyone who wrote to the Firstmac Limited Chairman get a reply regarding their evidence of fraud and the necessity of freezing payments while this was investigated correctly? Did everyone get their package from FOS for the submission of their complaint against Firstmac Limited and/or Tonto Home Loans Pty Ltd? Please share your stories so we can get an idea of whether this is a one off error of judgement by their staff and management - or what... Thanks for your assistance Lisa...
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  • doyla66
    doyla66 says #
    Mmmm copy of a document that's suggests something strange! Yep I have several of those pieces of paper. Put in a complaint to Asi
  • doyla66
    doyla66 says #
    According to a June article by Anthony Klan, "Major mortgage securitiser First Mac - which has issued $9.5bn in Australian mortgag
  • doyla66
    doyla66 says #
    http://mozo.com.au/rate-and-review/FirstMac/home-loan-reviews This isn't recent but it's interesting. http://www.propertyinvestin
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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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Gold Coast Bulletin. 22/9/2012. New York. Victims of Bernie Madoff's massive PONZI scam will soon receive $2.39 BILLION DOLLARS to help them cover their losses.  Cheques ranging up to $507 million have been mailed to 1230 former customers of Bernard L. Madoff Investment Securities. The payout, the second of its kind, tripling the amount recovered, brings the total to $3.49 BILLION DOLLARS. Madoff is serving a 150 year jail sentence at a North Carolina JAIL.  He ripped people off for nearly $63 BILLION DOLLARS from clients over decades, paying out fake "profits" to some investors by plundering the new cash from others, before the fraud collapsed in 2008.   AUSTRALIAN BANK EXECUTIVES SHOULD BE NEXT IN LINE.  ...
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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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  http://www.macrobusiness.com.au/2012/08/q2-rmbs-arrears-mixed/ Posted by Houses and Holes in Banks on August 31, 2012 | 3 comments -  "Where does this sit with Denise Braileys work, and 100000 people affected by dodgy low doc loan practises? Are banks hiding defaults?"  EDITOR:   Yes they certainly are and a point I raised in transcript.......APRA reacted next day and asked banks for updates!!!  More lies!  Government needs urgent AUDIT into FULL DOCS, LO DOCS AND NO DOCS......     From Moodys:   Sydney, August 31, 2012 — The prime 30-plus arrears rate remained steady in the second quarter at 1.66% in June, and unchanged from March. In addition, the rate has not moved much from the same period last year when it was at 1.67%. While the overall index is at 1.66%, considerable variation exists within the market. Historically, major bank deals have performed better than those of non-major bank ADIs (i.e. other ADIs), which have, in turn, outperformed non-ADIs....
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  • doyla66
    doyla66 says #
    I can see the heads of all the regulators being moved on - the sooner the better! They presided over the cover up. Australians don
  • Denise
    Denise says #
    Like everything else in this sordid tale of bankster pillaging, the figures have been hidden or skewed. I mentioned in Parliament
  • doyla66
    doyla66 says #
    Is there any way of getting stats on the homes repossessed, sold under duress, sold out of fear of default and banks etc? ie. the
  • doyla66
    doyla66 says #
    of course its much worse than they reveal but dont forget to take into consideration all the homes they have already repossessed a
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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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It's good to see Australian Broker Online tackling the big concern sending shivers through the entire Industry. Thankyou to their writers, editor and the brokers for providing valuable feedback and information about what was going on from their perspective. Here are the links to the articles and comments related to the BFCSA allegations of Lo Doc Loan Fraud.   Poll: Did banks encourage fraud during boom times? A WA broker – herself facing fraud charges – has accused the nation’s lenders of being complicit, by encouraging brokers to commit fraud to get low-doc loans approved during credit boom times. Australian Broker is asking our readers to cast their vote. Did you see evidence of banks encouraging fraud? Yes or no? Have your say here! http://www.brokernews.com.au/article/poll-did-banks-encourage-fraud-during-boom-times-142522.aspx   TV: 'Overkill' evident in bank low-doc backdown Brokers have labeled bank reticence to write low-docs as an example of a knee-jerk reaction in an exclusive...
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  • doyla66
    doyla66 says #
    I emailed the editor of Broker news last night with a summary of our story..
  • doyla66
    doyla66 says #
    Thanks for giving me the lead for this post, Arree. I wonder what Broker News would think now. I would also like Phil Naylor to
  • doyla66
    doyla66 says #
    Or more like Gladstone the dog ...
  • doyla66
    doyla66 says #
    It follows logically that every Lo Doc and No Doc loan in the world is potentially affected the same way. It also follows, logica
  • doyla66
    doyla66 says #
    Absolutely! The banks have blood all over their hands! They know what they do and they don't care. They set it up so that the br
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Posted by on in Fraudulent Loan Apps
Banks Cheated on Home Loans, Enquiry Told Herald Sun 4.41pm Wed 8th August AUSTRALIAN banks have been accused of giving home loans to people who can't afford them, and doctoring the paperwork so the loans looked OK. A consumer advocate has told a Senate inquiry into the banking sector this has serious implications for the federal government, which has invested billions of dollars in residential mortgage-backed securities (RMBS), which are repackaged home loans. Banking and Finance Consumer Support Association president Denise Brailey said that in the past six weeks she had seen low-document or no-document loan applications from 400 people, and each one had been tampered with after being signed. "Not one of them is a clean document," Mrs Brailey told the inquiry in Canberra on Wednesday. In some cases, the loan application documentation showed someone on $40,000 a year was earning closer to $180,000. She claimed this had occurred under...
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  • doyla66
    doyla66 says #
    Keep the pressure on, write to your local Memebr demanding a Royal Commission into Banking
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