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 Loan Crisis
Its seems Federal Treasurer and Finance Minister Cormann were too quick to say NO to Royal Commission into Banking.  The simple answer ought to have been YES.  Now the warranted mistrust and lack of confidence in Banker Elites and their captured mates at the Australian Securities and Investment Commission ("ASIC") and the Australian Prudential Regulatory Authority ("APRA") has rubbed off onto the Government itself....all because of a three letter word: NO! The Treasurer should have known better to defend too quickly, the indefensible conduct of Bankers under the self-regulation regime for privileged Bankers who preyed on the under privileged and put profits before people.  No matter who is to blame, this problem must be exposed and severely dealt with.  We cannot stand by and see $10 million bonuses per person to those who ran amok leaving clients in financial ruin and without homes.  How does that help the economy.  The Bankers...
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http://www.theguardian.com/business/2014/may/30/bnp-paribas-faces-10bn-fine-us-sanctions-investigation Friday 30 May 2014 BNP Paribas faces fine of more than $10bn in US sanctions investigation US justice department pushing France's biggest bank to plead guilty to charges it violated US sanctions against Iran. France's biggest bank, is reported to be facing a fine of more than $10bn (£6bn) to settle allegations that it violated US sanctions against Iran and other countries. The US justice department is pushing the bank to plead guilty to the charges and pay one of the biggest penalties ever imposed on a bank, according to the Wall Street Journal. A deal between the bank and the authorities is still weeks away and the final penalty could yet come in lower than $10bn. The Journal said BNP was seeking to pay less than $8bn, though a person familiar with the bank said its negotiators had not proposed that figure to the justice department.   The US...
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Investor Daily exposes the true statistics re consumer complaints - showing around 32,000 per year trend against BANKS.  We hope the industry stops calling banks the "FSP's."  Banks are Banks and have become PENSION DAY LENDERS.  Our Banking System has become worse than Bikie Networks for Organised Crime.  Organised Lending Crime - rife for past 15 years.  There is a price to pay for this folly of WILLFULL REGULATORY NEGLECT. FOS complaints up in 2014 Wednesday, 14 May 2014 | Staff Reporter       Today's News Former BT boss laments research house influence ASIC fines MIS responsible entity Budget repair levy to impact margin lending Investor demand for ESG increases Ethics vital for asset managers: CFA Institute BoQ pushes for ‘product sales advice’     inShare   The number of complaints received by the Financial Ombudsman Service has increased by nine per cent in the first quarter of 2014. In...
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  • Denise
    Denise says #
    Hi Transformation, I suggest you write to Philip Field and ask him to qualify those reports and stats. Ask for easy access to a c
  • doyla66
    doyla66 says #
    "The ombudsman closed 7,919 disputes in the March quarter. Of those, 54 per cent were resolved by the financial services providers
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Another Reader - from Ali Absolutely spot on Robert. You hit the nail right on. The need to come away from selfishness and greed is a must in order to amend the financial, physical, and mental damage and return to better times. I just hope it won't be too long before some media outlet picks up and leads the way to exposing the truth around this shocking injustice brought upon the innocent and unsuspecting public. We the victims should have our fraudulent loans extinguished right away. We should not have to wait until someone in Government is willing to sort out the mess. This could take years and we just want to get on with our lives. It is so unfair to keep us imprisoned in this way as if we were the guilty ones. Bring on our deserved freedom.... ED:  One wonders why Bankers responsible for the dreaded SERVICE CALCULATOR are not IN...
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  • doyla66
    doyla66 says #
    One does have to be Poirot or Agatha Christie to work out what is going on with an ex-banker at the helm of ASIC and a bank heavy
  • doyla66
    doyla66 says #
    Nab managed to retrieve files and documents from 1972 from their files. Mind you I had seen our original files from our country b
  • doyla66
    doyla66 says #
    Yes of course the files are missing because they have been shredded in order to hide the evidence of fraud committed by the bank o
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Banksters, ASIC and the EDR's are all realising the CITIZENS of this great southern land are (oops) waking up now to the fact the so-called NEW LAWS were simply a nasty smoke screen, developed by ASIC and its Bankster Mates, to bury the PRE 2010 bodies of mortgage victims who are now losing their homes at a rate of knots.  New Zealanders have figured out it was Aussie Banks....what wrong with us?  Are we too timid?  Too quiet? Too passive? OK so we understand:  Its the LITTLE AUSSIE BATTLER vs OUR CROOKED BANKING SECTOR.  The default rate is FUDGED and APRA needs to wake up now!  Defaults are being manipulated by the bankers and refinancing which Commissioner from ASIC told me in Feb 2013 "we have stopped the bankers' refinancing (scam).  Really Wazza?  When did that happen?  I am confused.  You did say Yes Banks are the Engineers.  We agree on...
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  • doyla66
    doyla66 says #
    Yes, Kiwis are always ahead of the Aussies... and I am not even a Kiwi. This is all so very frustrating.. the Regulators know all
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FBI: Elk Grove Woman Sentenced to Prison for $5.5 Million Mortgage Fraud Scheme POSTED BY ALEX FERRERAS ON AUGUST 16, 2013 IN SCAMS   (Source: FBI) – Hoda Samuel, 62, of Elk Grove, California, was sentenced today to 10 years in prison for a mortgage fraud scheme that caused more than $5.5 million in losses, U.S. Attorney Benjamin B. Wagner announced. “Taking fraudsters out of the residential real estate industry and sending them to prison has been one of this office’s top priorities,” U.S. Attorney Wagner said. “Today’s sentence is another success in our fight against the mortgage fraud schemes perpetrated by Hoda Samuel and her co-defendants that wreaked havoc in this region.” “Greed-based crimes such as these can undermine the stability of our financial institutions and the economy, resulting in devastating consequences for homeowners, businesses, and communities in which the properties are located,” said Special Agent in Charge Monica M. Miller of the Sacramento Division of...
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  • doyla66
    doyla66 says #
    Bloody hell Samules and my despicable broker are looking in the mirror!
  • doyla66
    doyla66 says #
    "Greed-based crimes such as these can undermine the stability of our financial institutions." Pardon me for my ignorance,but how d
  • doyla66
    doyla66 says #
    Neat sordid scheme. But they will now pay the price. What about all the innocent home purchasers are they to be compensated.?? S
  • doyla66
    doyla66 says #
    This sounds more like a spruiker broker type scam. Interesting that they set it up so when the lender phoned to verify ... someon
  • doyla66
    doyla66 says #
    Good for NOTHING ASIC shirks its obligations -v- FBI, "who continues to be committed to identifying & investigating mortgage fraud
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WHERE ARE THE TRUE INDEPENDENT FIGURES RE LOW DOCS?  Are you telling BFCSA that there is no independent AUDIT?  That we are trusting the Banks to be honest?  Are you kidding me?  Let's not wait until it all comes crashing down USA fashion.  We are asking serious questions here?  Where is the Treasurer?  Where is the Prime Minister?  Who is minding the shop? The "Force" has received hundreds of complaints re service calculator fraud run by Major Banks and total of 30 non bank lenders.  Maybe the Australian Federal Police need a lesson in priorities.  Ignoring this problem will only serve to damage the economy as senior economists have warned re sub-prime lending practices.   Alarmingly, the figures from the RBA suggest only 10% of loans from a pool of $1.28 TRILLiON Mortgages are Low Docs - what rubbish.   Reserve Bank Australia ("RBA") get their unaudited figures from the Australian...
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  • doyla66
    doyla66 says #
    Good one Jean the only response I have seen with a pollie referring on to Attorney General. Hopefully it doesn't get the ordinary
  • doyla66
    doyla66 says #
    Thanks Duped. My son has been busy with all this and he doesn't give up lightly. Ross will get back to him or my son will follow i
  • doyla66
    doyla66 says #
    That's great, Jean. I got no reply from my latest letter to PM. Another letter going to MP this weekend. Attorney General ... l
  • doyla66
    doyla66 says #
    From: [email protected] To: Subject: RE: Banking maladministration/fraud and the necessity for a Royal Commission Date: Sun
  • doyla66
    doyla66 says #
    AFP are only interested in easy visible tasks. I've written three times and got rubbish replies. If we commit Fraud they jump but
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We need to topple these bankers before they steal all assets/homes they can lay their hands on.  The Banks have pricked the Bubble and refinancing has stopped, which means TOP UPS have to be hidden for a short while.   The new NCCP laws do have the UNJUST CONTRACTS provisions that NSW had for over 30 years.  If you were from NSW you were protected from Banks for 30 years.  ASIC forgot to tell the public that fact!!!  How many bankers did the Corporate Fluffy Duck Cop prosecute?  Zero!   Government is blamed for allowing Brokers who are untrained and unlicensed to give financial advice, untrained to use bank strategies  provided with devious bank stationery and bank Manager teachers to ascertain whether your loan is affordable....something Brokers are not permitted or qualified in law to do so.  Yet Government permits the charade to continue and why the overly expensive broker model...
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  • doyla66
    doyla66 says #
    Thanks Denise, I too was not aware of Paul Clithero being in bed with these low lifes. I was under the impression he was helping w
  • doyla66
    doyla66 says #
    Ohhhhhhhh so Paul Clithero is not the nice helpful person i naively thought he was. Thanks Denise for revealing his true image. I
  • doyla66
    doyla66 says #
    You are dead right Lisa that's exactly what my broker did, but I was unaware at the time.
  • doyla66
    doyla66 says #
    You are completely correct Denise, Brokers cannot approve a loan and cannot provide funding, the engineers behind the Brokers are
  • doyla66
    doyla66 says #
    I was wondering why instead of having LAF with one figure for the loan, it was split on two forms. Now I Know ,this was done witho
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Keith Walton must love his job.  His bank is ripping off ordinary Mums and Dads - disabled pensioners - and then hounding them into the grave for any debt left over.  No Justice for those whom ASIC has ignored.  I have seen some of Keith's handiwork and its not a pretty sight. Where is THE FAIR GO we have been promised?  Why not send me your story and we will BLOG it for the world to see what is going on in Australia right now. From a Member: In May we were forced to sell our home of 15yrs or be evicted....we found a buyer who lived near us & bought it for an investment property & we are still able to continue living here & renting for as long as we want....for months while the bank was taking us to court to evict us, we lived in fear, with nowhere...
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  • doyla66
    doyla66 says #
    I am so sorry for the pain this bank has put you both through Disability Pensioners. It was so upsetting to hear what this bank ha
  • doyla66
    doyla66 says #
    Don't forget to go to the top of this page - click Media Info, then Video's..
  • doyla66
    doyla66 says #
    NAB are disgusting, Nanna. I hope the politicians responsible for allowing this to happen cringe with shame when they read or hear
  • doyla66
    doyla66 says #
    Thanks Denise for that info. Hi Sean, I watched and listened to you Last August read out your transcript to the Senators at the Se
  • doyla66
    doyla66 says #
    Yes, thank you Hifumi Rob my husbands health is of great concern. Here's another Nab corker. Whilst my husband was in hospital
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Mort, You are all the right track in regards to the Broker/Banker Relationship.  Members and guests always bear in mind that Brokers are a created industry which really should not be necessary. If Banks/financial institutions were more efficient there would be no need for this industry. As such Brokers income is derived from on selling and very handsomely in most cases.  While this industry helps keep employment figures on track it is at the expense of the Aussie mums and dads and families. With this in mind it seems to indicate that without the Brokers, loan/money would be available at a reduced interest rate for customers directly from the bank/lender.   Remember Brokers do not have  the ability to approve or make a decision of the money/loan approval. Brokers cannot provide the money for a loan, credit card etc.  Brokers are under the instructions of a Financial Institution and cannot act...
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  • doyla66
    doyla66 says #
    Good read Andy and thanks. FOS know alright they just bury their heads in the sand the same as ASIC. There will be a break throu
  • doyla66
    doyla66 says #
    NABedNanna,NAB="organised-crime-gang" raping&pillaging while "RBA governor Glenn Stevens says Aust remains a "lucky country" becau
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ASIC could easily clear up the Australian Sub Prime Crisis with a very simple solution.  The Australian Securities and Investment Commission should immediately ban the use of internal service calculators.  Brokers tell us: "without the service calculator we would not know what income figures to place on the Loan Application Form after we obtain the signature." The Loan Service Calculators for Brokers are set at 1.47x (for Net Service Ratio or NSR).  If set lower then the banks can "pump up the volume" as suggested in our emails from banks to brokers.  We now know the NSR is set at 1.3x for risk "assessment" for insurance companies for LMI products.  It is set at 1.1x for Bank assessors.  All three calculators ware identical to look at but gearing is different. All ASIC has to do to save the next intended bank victim from financial ruin is to BAN THE SERVICE CALCULATOR....
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  • doyla66
    doyla66 says #
    There was a very good process prior to this stupid 'Skippy' [sorry Skip - you were a fun program to watch as a child & I did love
  • doyla66
    doyla66 says #
    and ASIC must seriously ensure that Lenders place every home loan borrower who should never have been approved for a loan in the f
  • doyla66
    doyla66 says #
    I agree, Change - and it seems we must keep ASIC, lenders and EDRs on track to ensure they do this.
  • doyla66
    doyla66 says #
    Totally agree, Denise. Simple solution to stopping major part of loan fraud. Incredible that lenders/credit providers are still u
  • doyla66
    doyla66 says #
    Mark Twain knew how 'the calculator' works:-"Get your (clients) facts first, then you (bank$ters) can distort them as you please."
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