GLOBAL SUB-PRIME CRISIS

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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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http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100027691/chinas-terrifying-debt-ratios-poised-to-breeze-past-us-levels/   China’s terrifying debt ratios poised to breeze past US levels Last updated: July 22nd, 2014 By Ambrose Evans-PritchardEconomics The China-US sorpasso is looming. I do not mean the much-exaggerated moment when China’s GDP will overtake America's GDP – which may not happen in the lifetime of anybody reading this blog post – as China slows to more pedestrian growth rates (an objective of premier Li Keqiang.) The sorpasso may instead be the ominous moment when China’s debt ratios overtake the arch-debtor itself.  I had presumed that this inflection point was still a very long way off, but a new report from Stephen Green at Standard Chartered argues that China’s aggregate debt level has reached 251 per cent of GDP, as of June  This is up 20 percentage points of GDP since late 2013. The total is much higher than normal estimates, though it tallies with what I have heard...
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  • PreySOS
    PreySOS says #
    I am also a victim of this toxic lending fraud. Much worse my bank lender ANZ was very skillful to not only aim at my existing equ
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 Housing bubble forming in London, warns Ernst and Young 3 February 2014                   http://www.bbc.co.uk/news/business-26006214 The London housing market is exhibiting "bubble-like" conditions, economic forecaster Ernst and Young has warned.  It says the average price in the capital is expected to reach around £600,000 by 2018, 3.3 times the price in the north-east of England.   Asset-price bubbles occur after swift price rises set values at unsustainable levels, which then collapse.  Meanwhile, the independent think tank Civitas says curbs should be placed on overseas buyers of London property. Civitas says these are needed to rein in "rampant" house price inflation.  Recent official figures from the Office for National Statistics showed average property prices rising strongly across the country. Continue reading the main story Prices were 5.4% higher across the UK in November, compared with a year earlier, but were increasing by more than twice that...
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  • doyla66
    doyla66 says #
    Do I detect a few white lies in this article or did they just omit to include a few home truths re a few convenient loopholes? Gu
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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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We copied this from COSL Case History File on PREDATORY LENDING.  The case highlights why asking for a mortgage from a NON BANK LENDER is deadly high risk territory........................ This is the problem with COSL:  Facts of the case The complainants responded to an advertisement by the financial services provider, a broker, who professed to specialise in bad credit loans. They were looking to refinance their existing home loan and borrow a little extra to convert their garage into another bedroom. Their existing loan was in arrears and they were about to lose their home. The complainants were both unemployed and on Centrelink payments, with four children and another on the way. The Broker was aware of this.   Nonetheless, the Broker arranged two new loans for them one for $110,000 at 8.95% (plus 3% on default) and the other for $72,317 at 23.60%. The loan was repayable in twelve months...
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  • doyla66
    doyla66 says #
    Lender not a member of COSL or FOS? Wonder if they had a credit provision licence? Or an AFSL? It should be commonsense - if bor
  • doyla66
    doyla66 says #
    Consumers are seen as white shark bait-- and where is the lender, conveniently unseen, never properly pursued as usual......
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Australian Manufacturers know that if they manufacture faulty products, laws are in place to ensure Manufacturers must make good and repair or replace the faulty item.  Consumers must be protected from faulty goods and services. Manufacturers know they cannot "pass-off" something as trustworthy brand name knowing links in the chain are severed.  Manufacturers also know they cannot hand out "false and misleading" literature to entice unwary customers into purchasing faulty goods.  Nor can they engage in "misleading and deceptive" conduct.  Time to write to the Australian Competition and Consumer Commission ("ACCC"). Australian Banks have been manufacturing a financial product (Low Docs, No Docs and Full Docs) that Bankers knew for 15 years, was not only fraudulent but contravened all of the ACCC's list of criminal behaviour.   Our federal Governments have turned a systemic "blind eye" to sub prime mortgages for almost two decades.     How does the probability fo over 100,000 - 200,000 families losing their homes and living...
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  • doyla66
    doyla66 says #
    I'm trying to get to the templates to send them out again, but my user name and number don't work. My email says invalid, I've jus
  • doyla66
    doyla66 says #
    Just imagine the head of Holden cars being given a huge media worthy bonuses for selling faulty cars - then waiting for people to
  • doyla66
    doyla66 says #
    "B Ennett Ian - Denise, you have written a very good analogy of the Low Doc lending practices. This is very similar to my thinking
  • Denise
    Denise says #
    Australian Government needs to instruct the Australian Federal Police to start demanding documents from the Major Banks, and assis
  • doyla66
    doyla66 says #
    AFP's mandate must investigate ING's "direct" role in producing on ING letterhead a document to close FOS "hardship file". I hold
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