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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 Major Banks in Toxic Lending
BFCSA were the only people to call for a ROYAL COMMISSION into the Banks at the 2014 Senate Inquiry into Corrupted Regulator ASIC.  Victims from four major banks have united under the BFCSA banner. The Royal Commission must be announced by Prime Minister Tony Abbott and soon. Instead, his stupidity has caused the Russians to react with their version of "shirt fronting" - armed Russian warships on our doorstep!  The PM would have been better off 'shirtfronting' THE BANKS and Gail Kelly before she jumps ship! http://www.abc.net.au/worldtoday/content/2014/s4126823.htm ANZ and CBA face more questions over shonky banking practises Pat McGrath reported this story on Wednesday, November 12, 2014 12:10:00 Listen to MP3 of this story ( minutes) | MP3 download   ELEANOR HALL: But first today, two of the country's biggest banks are again in the firing line over their roles in the financial ruin of thousands of Australians. ANZ is making a last minute appearance...
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  • organza
    organza says #
    I agree. Makes you wonder what instructions Abbott has been ordered to follow from that little blue book for nothing done since t
  • stryker
    stryker says #
    I think that the P.M should pull his head out of his A#* and look in his own back yard and find out what these corrupt banks are d
  • organza
    organza says #
    He must have picked up on Alan Jones the other morning who said Vladimir Putin might as well take over running our country for wha
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Australia towards recession   Callam Pickering 23 Jul, 2014 http://www.businessspectator.com.au/article/2014/7/23/australian-news/three-forces-pushing-australia-towards-recession Rampant speculation in the Australian and Chinese property sectors leaves our banking and mining sectors vulnerable to collapse within the next three years. Toxic lending and short-sighted policy have left us poorly placed to handle an economic shock, particularly if it originates in China. These are the startling views featured in a recent book by former strategy consultant, Lindsay David, in Australia: Boom to Bust. I sat down with David to discuss his book and the broader implications of Australia’s rapidly rising indebtedness, and China’s obsession with property investment. According to David, the Australian economy is set up around three central pillars: banking, real estate and mining. During the good times -- and with the support of China -- this set-up has proved conducive to strong economic growth, with Australia experiencing a post-war boom that is unprecedented among developed economies. For...
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I have just been interviewed by George and Paul on 2UE.  They ask if the borrowers are exaggerating incomes..............?  My answer: that is the entire point....people are honest, they trust the banks, if pensioner is asked do you want a $300,000 loan to buy a second home, they will mostly say "oh no dear I cannot afford that, I am on a pension."  People are also aware that you can be jailed for lying to a Bank.  But what if the Banker lies to you? Bankers have created a service calculator - a tool - a weapon and the managers and sellers use the calculator to key in the true income and the calculator will use tax advantages to "do the math" and out pops an exaggerated income "futuristic" figure.  This figure can only be used if the client of the bank is given a financial strategy used as a selling...
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Australians will soon feel the pain suffered by the Greeks.....all because of rogue banking system - out of control in de-reg, meaning NO REGULATION banking sector.  Warning, if you have agreed to a Low Doc Toxic Mortgage, known as Liar Loans in America, this is what to expect.   Banks created the mayhem, with bankers paying themselves big fat bonuses worth millions of dollars in retirement plans (ie SELFIE SUPER), then bankers jump ship and ask the nation to bail out the banks.  Australians are lucky if they lose their homes that they worked hard for 25 years to achieve.  At least they cannot be thrown in jail!  NO Bankers jaiiled of course for providing unaffordable fraudlent loans.    This email address is being protected from spambots. You need JavaScript enabled to view it.   Greece: 'They are stealing everything, even our homes' Saturday, April 26, 2014 By Afrodity Giannakis, Thessaloniki   “I wish I could leave Greece. I can’t go on living here. I...
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War of words over CBA financial advice victims June 17, 2014   Adele Ferguson  SMH ·             Commonwealth Bank and the Australian Securities and Investments Commission are having a war of words in relation to the compensation process offered to victims of the bank's financial planning scandal. While the spat continues, it raises more questions than it answers about the role of ASIC and CBA in dealing with clients who saw their life savings decimated by more than a few bad financial planning apples. A confidential report from the bank to a Senate committee says ASIC was well aware that the bank's compensation process was not ''consistently applied'' to affected customers of advisers where there were concerns about the quality of their advice. It says ASIC was fully informed about changes to its compensation scheme. These changes included not offering all affected victims the same compensation process that it offered...
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http://www.brokernews.com.au/news/breaking-news/breaking-third-arrest-in-100m-home-loan-scandal-188203.aspx   BREAKING: Third arrest in $100m home loan scandal by Calida Smylie | 30 May 2014   Victorian detectives have just arrested a third man in a $100 million home loan fraud scandal which involves six banks. Detectives from the Fraud and Extortion Squad announced this morning that a 43-year-old Rowville man has been taken into custody as part of an ongoing investigation into a $100 million fraud. The man, who has not yet been named, has been interviewed by police and charged with more than 140 fraud related offences. He will appear at the Melbourne Magistrates’ Court shortly. The complex and decade-long scam relates to fraudulent loans secured by an accounting firm and involves five men. Two have been named so far.   The alleged fraud also involved ANZ, Westpac, Bankwest, St George and Bank of Queensland.  CBA is said to have foreclosed on the homes of victims despite...
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  • doyla66
    doyla66 says #
    Just shows the lenders total ruthlessness and disregard for APRA etc Transformation, and their total flouting on any legalities wh
  • doyla66
    doyla66 says #
    CBA is said to have foreclosed on the homes of victims despite the bank being alerted to the alleged scam for more than four years
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MICHAEL and Karen Cook were no longer happy home owners despite a landmark case attacking Australia's version of sub-prime lending. They were living in a tent with their two young daughters out the back of a friend's place in Camden.  The NSW Supreme Court attacked the sub prime lending case.  Yet the court still permitted the lenders to keep their interest, fees and charges.  That would not happen today. Why? The case highlights the 2003 prevalence of FRAUDULENT LENDING PRACTICES.  As stated in Parliament 8 August 2012: "Governments cannot, ought not to profit from a fraud."  Very simple law: neither can Banks and Lenders and all those in the SUB PRIME LENDING business can profit from a fraud. There have been few cases presented to court against the banks, displaying victory for the victims of this insidious crime. WHY?  People do not have the funds to defend their positions and homes, in...
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  • doyla66
    doyla66 says #
    How easy to award Maladministration and Unconscionable Lending to we who have been and are being defrauded by the Banks and Bankst
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    DEATH NO ESCAPE FROM DEATH   Friday March 28 2014 the telegraph.com.au   Exclusive Geoff Chambers       Liquidators hunting the assets of doomed Sydney couple Li Yuan and Gu Najun may pursue a likely six figure compensation sum to be paid out over their deaths on missing Malaysian Flight MH370.  Liquidator Schon Condon told the Daily Telegraph last night that if debts owed to the couple's creditors - including to National Australia Bank, Australian Tax Office and WorkCover - remained outstanding he could pursue compensation money paid to the estate after their deaths on MH370 which went missing on March 8 with 239 people on board.       The compensation payment could be in excess of $200,000 per person if Malaysia Airlines follows a comprensation model adopted by Air France after it took a passenger jet over the Atlantic Ocean in 2009.  A private detective has...
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  • doyla66
    doyla66 says #
    It's a dreadful situation for their relatives. Made even worse when you consider that their debt to the Bank was probably securiti
  • doyla66
    doyla66 says #
    Unfortunately this is the way of the world. 2 people have died as a result of a catastrophic incident and no doubt their families
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1.  The Bank copy of the LAFs which were missing and never sent to Storm or the customers remained hidden despite a Senate Inquiry 2.   Banks Officers known as Business Development Managers BDM's frequented Storm offices - to teach Brokers how to use the CBA Service Calculator 3.  The Faxed copy of LAF from Bank (those who have secured their copy) differs from the originals. 4.  Only Brokers who kept their originals and ignored bank warnings to "shred the wet-ink LAF" have proof.  Proof the Broker was not the culprit 5.  Brokers are saying they were under instructions from Banks that ALL LAFs faxed to bank must have SERVICE CALCULATOR page and ICW (worksheet) attached to the LAF.   6.  Bank customers were told to sign  "we have read and understood everything" yet Banks only asked for three pages to be presented to all clients, knowing all other pages had to be then collated...
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  • doyla66
    doyla66 says #
    The more this unravels the more obvious it is that Operation Keep Lips Zipped has been on in earnest trying to cover A### and all
  • doyla66
    doyla66 says #
    There are plenty of questions to be asked isn't there. Why have regulators failed to take action, the reason is they are too close
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You Can Bank on Another Crisis Written on 25 September 2013 by Vern Gowdie  MONEY MORNING The GFC brought into stark contrast just how vital the banking system is to the functioning of an economy. At the height of the GFC banks did not trust each other. And people did not trust the banks. Banks viewed each other with suspicion. Letters of credit were no longer accepted on face value. The shipping industry, which relies heavily on letters of credit, ground to a standstill. Customers lined up outside banks (some with suitcases) to withdraw their savings. Such was the demand for cash, the Reserve Bank of Australia came close to running out of physical notes. Modern commerce is a function of faith. When faith in the financial system is lost, chaos follows.  Banks are the Heart of the Financial System Money pumps in and money pumps out. The flow of money through the system is as vital to economic health...
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The public have deep sympathy for bush fire victims losing their home.  The public also arrive with buckets and mops to help strangers that are victims of floods.  Australia is a land that does suffer tremendously devastating weather curve balls and disasters at times. Another one for the salvation Army to pick up.  Victims says: "So I'm moving too .... no home, no $155K refund ......to who knows where now???  Another financially ruined, middle aged person who will soon be homeless.... How does that help our economy?? Yet when one loses one's home (as an older person) from a Bank driven Service Calculator Fraud on a deliberate TOXIC Mortgage, two porters at ASIC crack their knuckles.  Why is that?   Well failure for the public to understand this phenomenon of widespread bank looting of homes is all of the reasons Australians will be much worse off during the next 50 years. This...
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  • doyla66
    doyla66 says #
    That's dreadful. Ripped off by the lender then ripped off by the Australian injustice system. Perhaps the only way to deal with t
  • doyla66
    doyla66 says #
    Appalling how these banks string you along just to claim the maximum amount from borrowers who started off trusting these parasite
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Australia desperately needs a Royal Commission into Banking.  Our researchers have been busy!  Since July 2013 FOS have been treating Bank Complainants differently - yes we have noticed by the "take it or leave it DETERMINATION" and no right of reply!!!!  They also hired a Bank Expert seconded by Major Bank - so that the bank can view all your financial details!  Ughhhh.    Determinations by Ombudsman starting to seem like a cover up "YES we found Maladministration in Lending and offer $5,000 resolution and discount on current mortgage."   What happened to the 75% decision the customer's way?  (see below) Reduction of 75% of mortgage as  a fair assessment.  In Colin Neave's time as Ombudsman, he thought 25% was fair for Maladministration in Lending by Banks..  I warned FOS of this in 2007 (as ABOS) and again in 2009. So all those Determinations recommended by Bank Expert and Mates since...
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  • doyla66
    doyla66 says #
    FOS and the Banks bedmates? If they like each other so much, why not make them gaol(jail)-mates so they can enjoy each others' c
  • doyla66
    doyla66 says #
    The head honcho at FOS should be sacked on the spot and his job (and salary of course) given to Denise and immediately, for she is
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Sadly, I can only agree.  What a mess and now we lose jobs and sell off the family farm whilst Bankers count the loot in Tax Havens.........ASICkers will be shipped offshore to $3 million contract jobs with other regs for three year stints - tax free of course!  I have watched 14 benefit to date and I keep a LIST of names.  I don't forget the way you managed to garner a 10 star luxury retirement, stepping over the bodies of those who came to each one of you for assistance.    From a Reader - Organza................. This article I am afraid to say has literally knocked the socks off me knowing ASIC have now dared to stoop so very low to further flaunt good people.   Take your choice re the real interpretation of words for to me if not absolute proof that they at the helm of the sinking ship...
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  • doyla66
    doyla66 says #
    And dont forget we now only have 5 days past the due date on any bill before we get such phone calls and black marks on credit rat
  • doyla66
    doyla66 says #
    The rot has set in. The housing bubble is going to burst and not to far in the distance. All the middle classes had better take n
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 Citizens Electoral Council leader Craig Isherwood today called on the Abbott government to finally hold the banks accountable for their financial crimes, before it goes off on its crusade against union corruption.  Isherwood said, “In 2009 I called for an Australian Pecora Commission, modelled on the U.S. investigation of Wall Street led fearlessly by Ferdinand Pecora from 1932-34, which exposed the financial crimes that led to the Great Depression, and the corrupt dealings between the Wall Street banks and American politicians that enabled the banks to get away with their crimes.  “So far, outside of some Senate inquiries there has been no serious investigation of financial crimes in Australia. Yet after a few high-profile examples of union corruption, people in the Abbott government are pushing for a Royal Commission into the unions.  “I say investigate both,” he said, “but unless the government goes after the banks with the same zeal it...
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  • Denise
    Denise says #
    Financial wizards and witches reside at the heart of the Banking Sector, Prime Minister. These sub human people, who engineer sub
  • doyla66
    doyla66 says #
    General Cosgrove, the Governor General in waiting. Yes we could write to him although an acknowledgement of our letter to Ms Quent
  • doyla66
    doyla66 says #
    I think we need letters to General Cosgrove. As Governor General he would have to call the Royal Commission.
  • doyla66
    doyla66 says #
    If the Abbott Government continues to turn a deaf ear to Isherwood and if, following the findings of the Senate Inquiry, they stil
  • doyla66
    doyla66 says #
    Our governments seem to have a knack at making a big song and dance about dealing with corruption - until it comes to the banks an
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RICKO - Posted on Friday, January 24, 2014 Don't doubt yourselves fellow BFCSA Members you know the truth, I know the truth, Denise Brailey discovered the REAL TRUTH and our Government not just the present one but the one before that and the one even before that knew the REAL TRUTH. The problem being is as organza stated this news is leaching out to the rest of the world now even making a Shanghai newspaper and it wont be too long before the whispers become a shout and our Government is going to great lengths to make it look like they are in control of the situation. Nothing could be further from the truth.  Our Government is even going to the effort of setting up what to all intent and purpose looks like, on the outside, an investigation into our Banking and Finance Industry. Not at all. In fact it is...
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  • doyla66
    doyla66 says #
    Humpty Dumpty sat on a wall................
  • doyla66
    doyla66 says #
    Hi Change it was Westpac that duded us, sorry to confuse you but I am answering for Ricko as its not accepting his email to blog f
  • doyla66
    doyla66 says #
    Riko, interesting comment. I was wondering which bank duped you?
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Low-doc loans make up one third of ASIC submissions to Senate AUSTRALIAN BROKER NEWS by | 20 Jan 2014 The final submissions to the Senate committee’s review on ASIC’s performance are in, and low doc and no-doc loans are a hot topic.At last count, more than a third of the 400+ submissions received related to low-doc and no-doc loans.The latest submission, by Rocco Cassaniti, hits out at ASIC for failing to act after he alleges incomes were “grossly inflated” in their low-doc loan application in order to secure funding. “Simply these matters are shrouded in legal protection for banks, hurting the livelihood of the unsuspecting citizen in the process,” wrote Cassaniti.“With so much evidence against bank inappropriateness, why do we have an organisation who does not protect the consumer?”A further common theme amongst the submissions was the collapse of Trio/Astarra, which was mentioned in 20 submissions. The failure of Storm Financial received 11...
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  • doyla66
    doyla66 says #
    Ho Hum! Are our banks into this evil insurance rort along with their big bad US cousins? Read a few very interesting articles to
  • doyla66
    doyla66 says #
    I have always thought that Brokers whether insurance, mortgage, financial were a created industry and totally unnecessary. All th
  • doyla66
    doyla66 says #
    As usual Neil your points are well worth a read. I just noticed your first blog regarding the Broker blaming the customer for infl
  • doyla66
    doyla66 says #
    Well done Denise, I've just viewed some of your comments in The Australian Broker news where you have tried to enlighten them on h
  • doyla66
    doyla66 says #
    ASIC as it now stands is a joke and a hurdle to foreign investment in Australia. For years overseas's investment have complained t
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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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Dear members Both political leaders have given their prospective Xmas speeches and rightfully so have heaped praises on the unsung heroes and heroines of this great country, everyone from the police, doctors and nurses, military and all the volunteer workers and countless others who don't get the recognition they deserve. Both parties have made reference to the less fortunate in our society and I agree whole heartedly but what about the less fortunate who have been put in that position through no fault of their own. I'm talking about all the victims of the banksters and their unquenchable thirst for all our assets, these parasites and their lecherous lawyers have sunk to the lowest depths in order to make their profit margins bigger. To use stealth and cunning to lure victims into these falsified contracts is the height of audacity. What or who gave the banksters the green light to pursue flogging these...
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Imagine if a large number of people all decided to rob a bank today (please IMAGINE and do not do this) and the Government decided to create NEW LAWS to suggest that this illegal act was no longer illegal and you are now all free to do this again and again? WELL THAT is exactly what our Government has done for the Banks at the expense and trauma of its own people.  The Australian Government knew for close on two decades that people were being deliberately and maliciously targeted by Ganksters acting as Banksters.......with the clear intention (according to evidence BFCSA has amassed) of stealing homes from low income families and pensioners and charging high end fees for the privilege. The Government decided on 1 July 2010 to do something extraordinary.  We had several laws in various states and also the ASIC Act, to protect consumers from KNOWN predatory banking and bad...
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  • doyla66
    doyla66 says #
    Have been jousting with a bank for some time now by exchange of letters. There are questions the bank has been asked to answer re
  • doyla66
    doyla66 says #
    Woke up this morning......... decided I will write another one either way.......and file this 2nd one away for Jan when all the me
  • doyla66
    doyla66 says #
    I wrote a submission today. Can I do another tomorrow? There is so much more I want to say. I want to tell my whole story. After
  • doyla66
    doyla66 says #
    Banking Code of Conduct are meaningless words that no banksters listen too and alot of lenders aren't even party to, so its all B/
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Members and Readers have been asking us about successes.  BFCSA Has done more for victims of Low Doc and Full Doc victims than any other organisation and we are not supported by Government.  Quiet simply we have never applied for funds.  Yes Mr Terry, we may have time to produce some statistics depending upon our people responding to surveys. 36% of TOXIC LOANS were written up by Bank Managers/Officers and NO BROKER involved....yet all are toxic loans.  18% of all loans are FULL DOCS. Many of the complainants are still with FOS as their staff are on overload and cases are now taking up to 18 months to process and conclude.  ASIC do nothing about consumer complaints.  COSL charge their own Lender members $5000 per investigation and throw all victims out into the street by closing files.  ASIC needs to ban COSL from handling consumer complaints.  In our experience Members say...
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  • doyla66
    doyla66 says #
    Must say that BFCSA has done a great work.Keep it up and continue your great service.
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