GLOBAL SUB-PRIME CRISIS

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BFCSA
MORTGAGE
DISTRESS SOS

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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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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 Scandal
    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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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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The Federal Treasurer would do well to follow our lead and listen to what BFCSA Members are warning about Australia's sub prime mortgage crisis. Mr Hockey, please send an urgent memo to the corporate regulator, Australian Securities and Investment Commission ("ASIC").   ASIC briefs you as Treasurer once per month.  There are no two ways to go here Mr Treasurer.   Only one way presents itself, in law and also as "the bloody right thing to do mate."   ASIC is telling Parliament "there are no systemic problems in the banking sector."   You and I know differently: ASIC is lying to Parliament.   ASIC is pretending all the toxic loans have been hidden from view and therefore they only have 17 complaints.  But there are $57 billion of these wretched loans. Consumers are banding together.   ASIC is trying to say the Brokers are to blame in all cases.....that in itself is an admission we are right, that there are toxic...
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  • doyla66
    doyla66 says #
    Very clearly stated, Denise. Thankyou for that. Imagine the cheers if Joe Hockey stood up in Parliament and gave the Banks and Le
  • doyla66
    doyla66 says #
    This would be history in the making when Joe stands up in Parliament and tells the lenders to freeze every toxic loan pending a Ro
  • doyla66
    doyla66 says #
    Excellent blog Denise, I hope Cameron Clyne and his cronies in the Nab Eastern Branch get a chance to read this article. The Lend
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    What has been going on in USA and elsewhere around the world, has been happening here in Australia FOR YEARS also.. What are all the banksters hiding??.. Thanks to Denise Brailey and BFCSA member blogs and comments we are finding out. Most of us borrowers should never have been approved for millions or perhaps $57 billion in loans in the first place.  It is only clear after the intended FIVE YEAR IMPLOSION MARK (generally the interest only period) that these loans were non affordable from DAY ONE, based on our net income at the time.  It is now clear that the Bank Engineered Strategies used by the bank staff (36%) and their agents (64%) with the use of Line of Credit, credit cards and extra “top ups” thrown at us to help pay the interest (with the bank's money) was HIGH RISK. The bank strategies guaranteed to sink us financially and help the...
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  • doyla66
    doyla66 says #
    Can someone enlighten me how a broker selling a bank product is any different from a new car dealer selling a car manufacturers pr
  • doyla66
    doyla66 says #
    Yes Ed, how did the banks become exempt of their faulty products I wonder?
  • doyla66
    doyla66 says #
    Reading you blog surely brings home all the home truths we have all been subjected to. The Broker involved did not even complete
  • doyla66
    doyla66 says #
    This our story. Except that we have 4 LAF's (which we didn't know existed until BFCSA ) and NONE of them have our signature on th
  • doyla66
    doyla66 says #
    Thankyou Change for that true discription. Very well explained and very helpful for the new members - it will assist them in under
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Where is the Australian Justice System?  ASIC snooze at the Wheel of Fortune.  ASIC snooze and you loose. Wait until the Police find out their parents have been taken for a mortgage ride. Yes indeed there are members of the State Police Forces who have had to seek help from us.   Others have asked what the pitfalls are........Police, Teachers, Nurses have been targeted by Lenders.   Bank of America may face civil charges 2 August 2013 AAP THE SEC is set to lay charges against Bank of America over mortgage-related matters, and against Merrill Lynch over a collateralised debt obligation probe.   The bank said in a regulatory filing on Thursday that the US Department of Justice told the company that it intends to file civil charges related to one or two jumbo-prime securitisations. The Securities and Exchange Commission (SEC) is also considering filing civil charges against Merrill Lynch tied to a collateralised debt obligation investigation....
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  • doyla66
    doyla66 says #
    Look how long it took to bring the Goldman Tourre Paulson case to court in the US! Movies have been made and released, books publ
  • doyla66
    doyla66 says #
    Yes Denise, only yesterday--SEC Wins as Ex-Goldman Executive Tourre Found Liable For Fraud by failing to disclose billionaire John
  • doyla66
    doyla66 says #
    In 2007 email Tourre told his girlfriend at the time that the "whole building is about to collapse anytime now," referring to fina
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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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Some of these Managed Investment Scams would have had what appeared to be the ASIC seal of approval: AFSL or Australian Financial Services Licence.  Some had staff with ASIC approved qualifications as well e.g. RG46. Yes, I've dealt with one of those qualified slick investment salesmen - they were still slick salesmen, nothing changed with the training. Some Financial Planners may have had licences, although the ABC program said they didn't. ASIC tells consumers to look for the AFSL, which implies that these companies are better than the others without the ASIC qualification. All these licences should mean there's an insurance cover or a representative body with insurance for mistakes made by the holders. But are these insurances sufficient to cover the losses? Are they like the FOS situation, limited on payouts? This whole area of financial consumer protection needs a really good going through so in future consumers (and financial...
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An initiative of BFCSA (Inc) - Why not drop by soon?  What is your mortgage distress story? You are very welcome to share your experiences and "let it all out" (and it goes without saying, be civil and calm at the same time).  Actually, writing your own story at Mortgage Distress SOS could be great therapy for you, and at the same time, assist other Aussies who are facing similar challenges.   to check it out Click on this link https://www.facebook.com/MortgageDistressSos...
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TRUST IN THE BANKING SYSTEM has broken down.  Refinancing has stopped.  Loans that implode in 7 years are now (under the NCCP law) imploding in 3 years.  All those who were "stitched" up by banks with Low Docs and Full Doc non affordable loans will then face the sheriff and loss of homes and ASIC know that.   Since deregulation 1986, citizens have lost long term security that should have been there if you worked hard to achieve your own home.  At the bottom of every scam, there has been a corrupted regulatory regime and of course BANKSTERS.  Our Federal Parliament MUST recognize that at the bottom of every scam and property bubble there are the doyens of the banking world........a world of "high" finance and looting.  Yet for the Banksters to continue to steal homes and arrange monstrous financial scams, there has to be a corrupted Securities Commission.   Our...
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  • doyla66
    doyla66 says #
    Today Tonight were going to do a big expose story on the CBA's document tampering, forgery & fraud, but when it came to be aired o
  • doyla66
    doyla66 says #
    Thanks Denise for that article, very informative. I was wondering why every media outlet I contacted were not interested in our st
  • doyla66
    doyla66 says #
    Well organised crime spree in Australia - spread the word, warn everyone, without delay. Great information, thankyou, Denise. The
  • doyla66
    doyla66 says #
    Euthanise A-SIC gaggle-of-security-chiefs' duplicitously romancing bank$ters; gang$sters; sham$ters lest "pitchforks will prevail,
  • doyla66
    doyla66 says #
    You hit the nail on the head Guest, I believe most television stations have a heavy debt with the banks and of course they do a lo
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Citigroup to Pay $968 Million to Fannie Mae on Faulty Loans (BOA paid $11.7 billion) By Hugh Son - Jul 1, 2013  Bloomberg New York Citigroup Inc. (C), the third-largest U.S. bank by assets, agreed to pay Fannie Mae $968 million to settle claims tied to more than a decade’s worth of defective home loans sold to the taxpayer-backed mortgage firm. The agreement includes 3.7 million mortgages originated between 2000 and 2012, the New York-based bank said today in a statement. While the payments were covered by existing reserves, the bank said it will set aside an additional $245 million in the second quarter. Results will be reported on July 15. Citigroup Inc. joins firms including Bank of America Corp. in settling claims that they failed to check details such as borrowers' income when they created home loans. Photographer: Munshi Ahmed/Bloomberg Citigroup joins firms including Bank of America Corp. in settling...
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  • doyla66
    doyla66 says #
    This would've been done world wide. We are going to see our corrupt banks and their corrupt buddies put behind bars where they bel
  • doyla66
    doyla66 says #
    Dirty-Aust-Ban$ters"heads-up", lenders typically promise to provide refunds if such flaws are later found in docs backing mortgage
  • doyla66
    doyla66 says #
    Aha! And do they put that promise in writing? Is it part of a contract with AOFM or ...? Does this mean investors have a faulty g
  • doyla66
    doyla66 says #
    Lisa, every BCFSA member in a position to demonstrate clear LAF discrepancies known, ought to have been known, by their scum bank$
  • doyla66
    doyla66 says #
    I certainly hope our authorities see this and understand the same outcome must happen here in Australia, for the dirty, scamming,
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Australian Major Banks are running 80% of the Mortgage Frauds across the nation.  Bank Engineers do so via the use of a service calculator named SPEEDY and, all loans are approved by SKIPPY THE COMPUTER.  Firstly, the best interest rate is a possible trick.  It could be a "Honeymoon" Rate.  Demand to take the contract home to read before you sign the Loan Application Form ("LAF"). Ask your own lawyer to read and explain the bank's contract to you before you sign the Loan Application.  That will give you some protection.  Never trust the bank's lawyers.....they draw up the contract.  Do not trust these lawyers.  Seek independent legal advice.  Ask whether the document contains the right of the bank to vary the interest rate and is their a cap on rate hikes?  Is the initial rate a Honeymoon Rate? Modify the contract and take back to the Bank and suggest: "I...
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  • doyla66
    doyla66 says #
    Never ever trust a bank. They have proven to be liars and thieves. They have set up thousands of innocent unsuspecting hard workin
  • doyla66
    doyla66 says #
    Everything Denise say is true. IT'S A TRAP RUN! The banks are corrupt, they are thieves with no conscience.
  • doyla66
    doyla66 says #
    There’s no red flag screaming ‘marketeer’ to avoid the new "Storm" thru brokers raking $50,000 'advising' clients to buy property
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LEAVE THE INDUSTRY WHILST YOU STILL CAN:  Banks told Brokers "you are our joint partners."  Brokers and Planners were given an AGENCY ID number and also given PASSWORDS to be able to activate and use the actual Bank in house and secretive SERVICE CALCULATOR.  Brokers/Planners used the "ICW" the income calculator worksheet to have the Bank Computer nicknamed "Speedy" work out the NEW INCOME FIGURE for the clients. Broker/Planners and Bank Managers and Officers (The Bunnies) would innocently go online to Bank Calculator Program and type in TRUE INCOME and Speedy would calculate a futuristic income (example $50,000 income becomes $180,000) and Brokers were asked to then write in their handwriting - the new futuristic income - one size fits all.  The document copy shows the words on the Bank Program screen as "DO NOT SHOW COPIES OF THIS TO BORROWER." Borrowers had no access to Speedy - its not the...
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