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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Subscribe to this list via RSS Blog posts tagged in Sub Prime Lending Australia
http://www.crikey.com.au/2014/08/01/the-next-subprime-mortgage-crisis-in-the-making/ The next subprime mortgage crisis in the making Paddy Manning|Aug 01, 2014   We’re not as immune from the mortgage lending laws that triggered the Global Financial Crisis as we might think!  It is a bit of myth that Australia dodged the global financial crisis because we had tougher lending standards than the United States, where ticking-bomb subprime mortgages were packaged up into toxic derivatives like collateralised debt obligations, slapped up with dodgy AAA credit ratings and on-sold to financial institutions investors all over the world...............   Swept under the carpet in Australia during the GFC was the prevalence of loan application fraud, a form of predatory lending that consumer advocate Denise Brailey has been campaigning to expose for years.  The transfer of responsibility for consumer credit laws was transferred to the Commonwealth under the National Credit Act 2010, with the Australian Securities and Investments Commission taking over regulatory responsibilty....
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Sub Prime crisis on the way.  What a farce this sub prime lending fiasco has become and look deeply at the ramifications after banks failed to mind the consequences of bad lending practices, criminal activity and the like, and placed PROFITS BEFORE PEOPLE.   $42 million for Cameron Clyne?  It seems we reward our bankers and throw consumers of mortgages on to the bankers' mortgage bonfire!  We have been warning the industry and its lazy regulators for over a decade.  Now Banks are begging for mercy????  Mercy Me!  This email address is being protected from spambots. You need JavaScript enabled to view it.      http://www.theaustralian.com.au/business/financial-services/bank-chiefs-in-lastditch-plea-to-david-murray-on-tougher-rules/story-fn91wd6x-1227033753739   Bank chiefs in last-ditch plea to David Murray on tougher rules by:RICHARD GLUYAS From:The Australian August 23, 2014 THE four major bank chief executives have each made an 11th-hour appeal to members of the Murray financial system inquiry ahead of Tuesday’s closing date for final submissions, as concerns mount that the sector could be forced to hold even higher ­levels of bank capital due to the ­inquiry’s emphasis on resilience.   The closed-door meetings with...
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  • setup
    setup says #
    Show them no mercy, force them to lose their AA ratings. Cause them to experience high levels of hardships so they can maybe start
  • Aries
    Aries says #
    They are criminals and should be investigated. They don't deserve the AA credit rating. The word is reaching a wide range of the c
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http://www.afr.com/p/business/property/landlords_hit_by_glut_of_apartments_TyeuZS5jx2nrxr0Yo1MxaI Landlords hit by glut of apartments PUBLISHED: 10 hours 39 MINUTES AGO | UPDATE: 0 hour 5 MINUTES AGO Michael Bleby Falling rental yields point to price pressure Robert Harley | Rental boom days are over Jason Plevras paid $600,000 for a two-bedroom apartment in Melbourne’s Southbank last May. The off-plan unit was one of 237 in the 15-storey Sunday Apartments on ­Coventry Street that went on the market around the same time.  The real estate agent assured him he would have no trouble finding a tenant, Plevras says. “I remember when I was signing the contract to buy, I made clear that I was worried we won’t be able to rent it,” the 33 year old says.  “They said ‘renting will never be a problem. You’ll always have tenants’.” He waited three months before ­advertising the unit. His starting price was $600 a week, but that went down to...
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  • kddeed
    kddeed says #
    We were sucked in with all their crap with our investment property in Qld. Great area, great rents, the promise of increased prope
  • NABbed Nanna
    NABbed Nanna says #
    I absolutely feel sorry for these investors, but this has been coming for a long time and was eminently predictable in the long te
  • Aries
    Aries says #
    This is disastrous for property investors, no doubt most of them were lied to about how property and rents always go up. Careful c
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http://www.skynews.com.au/business/business/property/2014/05/20/iceland-households-get-debt-leg-up.html   Iceland households get debt leg-up Published: 5:03 am, Tuesday, 20 May 2014   Iceland says it's successfully launched a debt cancellation project for mortgage holders which should benefit around half of the country's households.The amount cancelled from each debt could be as much as 26,000 euros ($A39,000).On Sunday, the island nation's tax authorities inaugurated the site 'leidretting.is', where Icelanders can file their application.   In the first two hours, 5000 people registered on the site, according to a technical manager cited by Icelandic daily Frettabladid.The Icelandic parliament passed a bill on Friday allowing borrowers to request a debt cancellation, entirely financed by the state.....  - See more at: http://www.skynews.com.au/business/business/property/2014/05/20/iceland-households-get-debt-leg-up.html#sthash.CDVX0dcN.dpuf   http://guardianlv.com/2013/12/icelanders-overthrow-government-and-rewrite-constitution-after-banking-fraud-no-word-from-us-media/   Icelanders Overthrow Government and Rewrite Constitution After Banking Fraud-No Word From US Media Added by Rebecca Savastio on December 2, 2013. Can you imagine participating in a protest outside the White House and forcing the entire U.S. government...
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    Low documentation or "low-doc" loans require less documented evidence of income, assets, and liabilities than a traditional loan product. Borrowers are still required to apply in writing and sign a loan agreement, but will not be required to produce pay-slips, tax returns, or any other form of proof of income. Lenders MUST verify affordability, despite consumer protection provisions such as: s27.1 of the Bankers Code, Lenders continue to approve SUB PRIME LOANS.   In the interests of Consumer Protection, we have listed THE DANGERS inherent in LOW DOC MORTGAGE LOANS Because low-doc loans do not require income verification, these loans are an attractive financing option for borrowers who are self-employed, independently contracted, or work as investors. Yet most people in Australia who have signed up for these loans are pensioners, low income families who are neither self-employed, nor are they investors. The loans are set for 30 years, yet...
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  • doyla66
    doyla66 says #
    I can't imagine why anyone who has dealt with the Credit Department of a Bank and then been through a FOS case would EVER want to
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7 things you should know about low doc loans Posted on May 7, 2013 by Andrew Cowan in Cashflow   Low doc home loans have taken the whole world by surprise lately for the ease with which they can be availed by anyone in need. Due to the reduced amount of documentation work required in accessing them such loans have become extremely popular with borrowers. Something that could be termed as a revolutionary innovation in the financial market, Low doc loans have assisted numerous people world over in changing the course of their life in a positive sense. Considered to be loans that could change the future of a business, low doc loans have surely helped thousands of people around the world in realizing their dreams. These loans are not only hassle free in nature, but could be availed at levelheaded rates as compared to other financial products in the loan market at least under the present circumstances....
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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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Here we go with new submissions to do ready for January and not one consumer driven member or those who have even met a consumer victim!  It’s the BANKS R US BRIGADE.  MURRAY’S MARAUDERS.   Bring on the Royal Commission into Banking........ Forget this attempt at a whitewash.   I wonder if any of these people have met or spoken to an aggrieved consumer?   They will see BANK INTERNAL FRAUD but what will they really do?   Bankers inquiring into Banks.   ASIC admit SELF REGULATION means NO-ONE is LOOKING at Banks day to day activities and the manufacture of intentionally deceptive products.   ASIC "assume" Banks are looking at their own INTERNAL FRAUDS that all admit exists.  Its called a Cover-Up.   BFCSA has long called for a powerful banking ROYAL COMMISSION and instead we end up with a Mates Inquiry being hi-jacked by the Bankers.    Australia DownUnder?...
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  • doyla66
    doyla66 says #
    I think Mr. Hockey has been enticed by the devil himself for he sure has not heeded warnings from we who foolishly were all so ver
  • doyla66
    doyla66 says #
    Wow, this is horrible..I am not a political person, not a financial analyst nor work in the corporate world ..am just a plain labo
  • doyla66
    doyla66 says #
    Sorry Lisa but i disagree with respect as i believe that Joe Hockey knows exactly what's going on as he is an ex banker (correct m
  • doyla66
    doyla66 says #
    Joe only has a limited understanding of the Loan Fraud EDR situation. After all he's briefed by the airheads at ASIC, who have nex
  • doyla66
    doyla66 says #
    Mr Hockey, your choice of committee members evidently shows your true colours and so far you have not displayed any respect or con
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Members who have scrolled through our library are seeing the truth for themselves of how Bankers manufactured faulty mortgage products to gain maximum profits using FRAUD as a means to a greedy end.  Members are expressing horror at what has been uncovered, yet ASIC were given 200 of these emails in hard copy form (I have the 2000 originals), and failed to expose the crime.  Members can see what ASIC corruptly refuses to see or cannot see through sheer stupidity.  Brokers did not set up this gigantic sub-prime scam...................Banks did.   The emails BFCSA has uncovered were mostly sent to the entire Broker Channel.  That means that every Broker received copies.  Unfortunately, many brokers did not reach the giddy heights of the big hitter commissioned high flyers.  Far from a profitable career, brokers lasted many months, worked very long hours and did not earn a great deal of money.  These hard...
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  • doyla66
    doyla66 says #
    Brokers conned, Bank staff conned, Borrowers conned, Spruikers and Promoters conned, ASIC conned, the Public conned... even the Au
  • doyla66
    doyla66 says #
    Old and dotty I may be, but everything you have written is absolutely correct Denise. I know I keep bashing the Nab but with good
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ASIC IS HAVING A GO AT LAST:  Its has rapped Credit Union Australia over the knuckles re misleading ads.  Did ASIC even think to remedy this conduct by telling the borrowers who have been shafted that they can now extinguish the mortgages if they wish to?  I doubt it.  Wait for all the other tricks in these contracts.   So Lenders will continue to mislead consumers as its a very very lucrative market in the Low Doc Toxic Loans Industry.  Our members KNOW the Major Banks have all been using misleading material to rope customers into borrowing money they cannot afford and using "honeymoon" clauses which are hidden from view.   Consumers are not told to "take the blank contract home with you and get an independent lawyer to look for the "honeymoon trick" clause." As Peter Kell says: "he has been monitoring this "trend" for years.  We know Pete..........................................there is a...
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The Australian Securities and Investment Commission ("ASIC") has been on such overload THEY ARE EXHAUSTED!   Today ASIC boasted:  "Since 2009, ASIC has prosecuted 29 insider trading matters."   Does this suggest we bow down and hail them all as Bogan Heroes? That’s around 7 prosecutions per year:  The tragic 330 ASIC investigators must be utterly exhausted.  Now if you are not reeling from Michael West's comments/article re Toxic Low Doc Lending and ASIC response for 14 years: "do not cry to us....go and get a lawyer....and we know you cannot afford one but the banks have $2,000 per hour lawyers like Gadens and Kemp Strang......try spluttering over this gem:- Lovely lady on a disability pension wanted to do a few renovations on a home she had owned for some years.  Nice Broker came around and suggested she borrow $80k plus $60k to "afford to service the loan...."  Brokers uses Westpac's own SERVICE CALCULATOR to enable...
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  • Louie2U
    Louie2U says #
    Exhausted on 7 per year? Maybe, it's because they spend their time writing up brochures or 'how to guides' rather than doing real
  • doyla66
    doyla66 says #
    Yes, our ASIC letter informed us we should go to FOS or get a lawyer. Interesting that Gadens fees are $2000 per hour. I guess T
  • doyla66
    doyla66 says #
    My ASIC flick-off says "go to COSL" re FOS not reporting(rule13.1) to ASIC, INGBank's serious-misconduct @FOS hardship Dispute..go
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I have lost count of the number of 80+ year old pensioners, who owned their own homes three years ago, yet were talked into $400,000 loans for "six months with try it and see" and, now they face life on the streets.  Only 64% of these loans were arranged by Brokers.  The rest were arranged by bank managers - directly with the banks - no brokers involved.   18% of toxic loans are FULL DOCS....PRIME LOANS  Parliament needs to be encouraged to TAKE A BIG LOOK at these dirty lending practices. This blatant criminal activities are abhorrent in motive and breath-taking in size of creative engineering of faulty mortgage products.  Banks created a $100 Billion market especially designed to target ARIPs (asset ricvh and income poor). Bring on the Royal Commission into the Banks before any more loans are written!  This email address is being protected from spambots. You need JavaScript enabled to view it. We have a monstrous sub prime problem in Australia.  All...
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  • Denise
    Denise says #
    Yes indeed Lisa....anything to get out of doing a modicum of work. This is the first Inquiry every called for by the Senators int
  • doyla66
    doyla66 says #
    How did ASIC gain the "right" to decriminalise fraud? or was that another one of their tactics for avoiding real work and just a t
  • Denise
    Denise says #
    Why did ASIC circa 1998, immediately decide to DECRIMINALISE fraud? Why did ASIC deem criminal activity to be acceptable and targ
  • Denise
    Denise says #
    ASIC ignored all those whose first language is other than Australian. Older persons was clearly written in emails from banks to b
  • doyla66
    doyla66 says #
    How dare they take advantage of the elderly in such a disgusting manner to make themselves rich! How dare they take advantage to s
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ASIC is suggesting yes there were sub prime loans prior to 1 July 2010.  In fact our regulatory gurus advised Government in 2007, "Houston..... we have a bit of a problem here with Full Docs and Low Docs."   Parliament responded with a raft of changes to laws and gazetted the new NCCP laws in 1 July 2009. BUT for the hapless borrowers in circa July 2009 to June 2010.....ASIC decided to give the Banks a little moratorium on prosecuting Banksters and permitted the Low Doc Scam to continue until 1 July 2010. ASIC has not a clue how to deal with consumer protection.  It only knows how to protect rackets run by Banks, including the four majors.  ASIC told the banks: "we will give you a bit of a holiday to continue to write loans, but just try and clean up the dodgy paperwork during the coming 1`2 months, or...
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  • doyla66
    doyla66 says #
    A borrower was offered a mortgage contract in 2012, in effect a refinance for the same amount. The borrower lacked the income to m
  • Denise
    Denise says #
    Hi Geoff, I wish to speak with you about this. Please contact me. I note that someone else from that email also has a similar i
  • doyla66
    doyla66 says #
    Ummm but mine was before the moratorium [2006] so what does the 'Willbees' of ASIC do? As usual they ignore the problem - - put i
  • doyla66
    doyla66 says #
    My ANZ Loan is from September, 2010. More lies from ASIC. They had be send them everything I had from ANZ, including the Skippy Fo
  • doyla66
    doyla66 says #
    Geoff, BFCSA-members' collective banging of hard heads shall dismantle any "Wall of Denial/Cover-ups" by A~SIC watch puppy, which
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