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BFCSA
MORTGAGE
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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 Low Docs Lack Trust
WARNING TO ALL MORTGAGORS:  Check your files for FRAUD by LENDERS.  Diabolically, our Australian securities and Investment Commission ("ASIC") and APRA Quite simple Credit providers’ documentation show the lenders engaged in predatory lending to boost sales. According to ASIC the laws permit the borrowers to be deceived and mislead at every turn.  How insane is that by a regulatory6 agency of Government.  ASIC KNEW for over a decade:   Borrowers were not told of the service calculator Borrowers are not told of the manipulations of income.  Borrowers are not advised of risks relating to asset lending, Borrowers are only told of glorified strategies that could not fail.  Borrowers are not entitled to receive copies of the LAF at point of signing Borrowers are not given copies of attachments yet are asked to sign to say they have read and fully understood the Loan Application…..when clearly they are prohibited from sighting the...
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ASIC have systematically and maliciously placed Consumers in harm's way for the past 14 years!  The allegations and submissions show, this was more than negligence.  We need all ASIC Chairmen to be questioned on why they systemically ignored consumer interests, on whose best interests were they acting upon.  Their bank accounts need to be tendered as evidence............................. By ignoring the cries for help from Consumers, the obvious evidence of fraud,  ASIC will condemn thousands of Australians to LOSE THEIR HOMES, whether full docs or low docs.  ASIC has nowhere to run and nowhere to hide.  Every MP in the country needs to get a  grip on this phenomenon. BFCSA Members will take time over Christmas to reflect as a group on how we can change the status quo of the regulatory and regular rejection of consumer complaints against BANKS & ALL LENDERS.  Every Loan has been tampered with, after it was...
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  • doyla66
    doyla66 says #
    All of these departments spend millions of dollars and countless hours investigating outlaw motorcycle gangs while they allow WHIT
  • doyla66
    doyla66 says #
    We've asked both brokers politely to hand over the wet ink copies. One, a former finance broker, said "it's a long time ago" and
  • doyla66
    doyla66 says #
    yes, broker has destroyed ALL our files... and we saw stacks of folders just relating to us on his desk at the time. He says he w
  • doyla66
    doyla66 says #
    Yes this is hard to believe I know but according to well versed sources our dirty Banksters have cut a deal with political dim wit
  • doyla66
    doyla66 says #
    Missing, Lost. "After extensive searching we could not locate the hard copy or electronic file" Nab quote. 3 weeks of extensivel
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After dealing with FOS and ASIC I am beginning to understand how a gang rape victim feels. Neither wants to see anything.....and protect the banks You agreed to a meeting with the banksters You must have encouraged them in some way You have done this before - borrow money You shared personal information with them because they asked for it You must have misunderstood their signals They misunderstood your signals You are old enough to know what this means - never been defrauded before so not experienced. "No" doesn't really mean "no" You might have been interested so we pursued you anyway You didn't report it till now (What do you mean you were too embarrassed at the time?) Don't worry about the banks, we are going to look into your past - we are investigating the borrowers Banks are not silly - they don't admit anything - so we cannot investigate them You have...
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  • doyla66
    doyla66 says #
    Well said, Ed. We're victims of crime and misconduct: not just fraud but also abuse, as we're revealing uncomfortable truths about
  • doyla66
    doyla66 says #
    Yes Ed you are right with all your points heard many of these myself. My favourite was Nab cannot locate the original rejected lo
  • doyla66
    doyla66 says #
    That's exactly what it feels like. We the innocent have to prove our innocence. We didn't put all this bull#hit on the laf's, the
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27 May 2013  Article by Chloe Wallace of   DibbsBarker  Note from BFCSA:  All Lenders with Low Docs using identical model: $150 billion of TOXIC LOANS - same as Schmidt.   APRA, Treasury, RBA, ABA, AOFM, ACCC and ASIC bleats "no systemic issues!"  Corruption at Work Focus: Violet Home Loans Pty Ltd v Schmidt & Anor [2013] VSCA 56 Services: Financial Services, Disputes & Litigation Industry Focus: Financial Services In Violet Home Loans Pty Ltd v Schmidt & Anor,1 the Victorian Court of Appeal found that where a mortgage introducer has provided fraudulent details on a loan application, a mortgage originator may be guilty of unconscionable conduct where it was aware of irregularities in a loan application but made no effort to investigate them. Facts In 2004 Manfred Schmidt, a pensioner, obtained a line of credit facility for $190,000 from Perpetual Trustees Australia Limited (Perpetual), and provided a mortgage over his home as security for the facility....
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  • doyla66
    doyla66 says #
    Banks should not have approved my loans because unbeknownst to me at the time i was already in debt. But apparently projected equi
  • doyla66
    doyla66 says #
    Our loan also should never have been approved. Our monthly repayments were $7,000 - who can afford this on an income of $23,000.
  • doyla66
    doyla66 says #
    Couldn't agree more Lisa,our loan should never have been approved either,the blind freddies that took our case to court were only
  • doyla66
    doyla66 says #
    As I can now finally understand... we all need to FIGHT TO BE HEARD ON OUR MAIN ISSUE.. which is... OUR LOANS SHOULD NEVER HAVE BE
  • doyla66
    doyla66 says #
    I agree, Change. Before BFCSA I challenged the Bank as to why the loan was approved. Once I learned about the LAF I had a better i
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Dear Members I have never been a very political person until the dreaded low doc, no doc, full doc scam. I was a trusting person until we found out about  lenders and their broker agents and the LAF game.  After pleading with the pollies and regulators for the last six years I find it hard to believe anything out of Canberra. Most of us are products of our generation and we tend to pick and stick to a political party the same as we choose our lifelong football team BUT, the times are a changing. Both sides of politics have now been reduced to a game of "she said, he said."  Question Time has become a circus.   What ever facts or figures are produced by one side are straight away disputed by the other, its got to the stage where people just don't know what to believe and what to dismiss. This morning...
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  • doyla66
    doyla66 says #
    In the interests of balance I thought this article on Bob Katter worth including. It contains some thought provoking insights on
  • doyla66
    doyla66 says #
    I guess one of our jobs is to call them on their misleading statements and game playing. There are many, many Australians who feel
  • doyla66
    doyla66 says #
    To follow on from Neil's comment above, it seems that as well as not knowing what they are doing and treating it all as a game, th
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