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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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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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Bank bashing culture unfair: Lending manager Australian Broker News http://www.brokernews.com.au/news/breaking-news/bank-bashing-culture-unfair-lending-manager-182455.aspx by Amy Rosenfeld | 17 Dec 2013   A bank employee has hit back at the Australian "culture of bank bashing” following accusations ASIC is not doing enough to stamp out fraud in lending institutions.Last week, Australian Brokerreported ASIC has vowed to crack down on fraudulent brokers, and is currently investigating 20 cases of mortgage fraud.Many readers strongly supported the move from ASIC to take down the “rogues” in the industry, but highlighted an apparent disparity between ASIC’s stance regarding fraud in lending institutions compared to fraud in brokerages.The lending manager, who wished to remain anonymous, toldAustralian Broker banks have become an easy target for brokers.“I think Australia has a culture of bank bashing, we’re kind of like a favourite target – it’s politicians and bankers. Brokers have their own culture and will say ‘don’t deal with the bank, deal with us’, but at the end of...
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  • doyla66
    doyla66 says #
    What about borrower bashing? God knows borrowers have had enough of that for years. They've been the scapegoats for all the Bank i
  • doyla66
    doyla66 says #
    Bash away everyone. The Lenders/Banks deserve everything they get. Get into them Brokers, you have all been used up and are now
  • doyla66
    doyla66 says #
    I think all the good brokers woke up to what was going on a long time ago and do not trust ASIC or those evil Banks any more than
  • doyla66
    doyla66 says #
    great to see brokers finally waking up after reading those comments... who would be a broker these days??
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Quite simply they are cheating.  They are targeting older people who own their own home and suggesting in an aggressive media campaign that people will be better off financially if they listen to the Evil Bankers and their agents!!! Australia has only 23 million people and most banks north of the hemispherical divide have never heard of Australia.  So how do they become the most profitable?  Making paper money? Or, perhaps plucking money and figures out of thin air in a wicked attempt to grab people's land titles?  REUTERS are on to this insane situation which we have been warning of for years.  Consumers are at last being listened to.  Their stories are important when one is seeking THE TRUTH about Australian Bankers.   Australian Securities and Investment Commission is there to protect the banks, not the people. Parliament dictated that ASIC is responsible for the Financial Markets, Consumer Confidence and...
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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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For those who may think we do not give Consumers a fair go who actually loved dealing with the Australian Investment and Securities Commission ("ASIC") we have been trawling through the Senate Submissions looking for a "Happy User" of ASIC's consumer complaints experience.  SURELY THERE IS ONE HAPPY CUSTOMER?  We thought we had found one in the COMMENTS section of our useful and very public online FORUM.  But not so lucky......You see the comment was obviously written by an ASIC bod who wanted to have a say in favour of ASIC.   Well the bias is obvious but in fairness again I have decided to BLOG this person's anonymous yet exuberant attempts at give ASIC a ten out of ten.  His/Her name is "Hello."  It quotes two submissions:  # 120 (the other is 196) from the Consumer Credit Legal Service that ASIC pays from time to time to compile reports on...
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  • doyla66
    doyla66 says #
    The longer CAP, ASIC, FOS, COSL, APRA and all the rest lack consumers and true consumer representation the bigger the divide will
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The Australian Securities and Investment Commission ("ASIC")  is under fire in a major way.  The gates are open for everyone to send in a submission and a second one if you so choose.  ASIC had three tasks: the regulation of financial products and service - banks were the engineers , consumer protection a priority and, consumer confidence in the market place - the world of Banking. End users of ASIC's services, for over a decade, have slam dunked ASIC's ability to master the art of consumer protection and consumer confidence.  The submissions show the regulator has failed on all levels.  The bleating of apologist Greg Medcraft as Chairman of this debacle are pointless at this late stage.  He had a chance to get tough and acted as a limp lettuce, pursuing instead, his own career ambitions as head of IOSCO.   His lordship spends his days on junkets around the world doing very little if anything, for consumers in Australia.   IOSCO has not held...
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  • doyla66
    doyla66 says #
    So ASIC would rather see borrowers adrift in the sea of confusion and pain, all on their own and up against it, completely without
  • doyla66
    doyla66 says #
    worth a read ASIC‟s performance We are generally very impressed with ASIC's performance as a regulator of the areas of consumer l
  • doyla66
    doyla66 says #
    No one is too big to jail, Wall Street cop says Although Hollywood has a movie starring Leonardo DiCaprio as the "wolf," the real
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The most telling piece of evidence that our Members are now discovering:  Banks ensured the customer only ever sighted a three page Loan Application Form.   The Brokers we have spoken to admit they were taught by their Business Development Manager's (BDM’s): "the LAF is only three pages and make sure client signs only three pages, then come back to the office, go online to the BANK generated serviceability calculator and type in the base income.  Then the CALCULATOR DOES THE MATH FOR YOU....easy peasy!. Then write the FUTURISTIC INCOME on the wet ink copy of the LAF."  What the BDM's did not realise, they were setting up the Brokers to take the rap and go directly to jail if necessary.  "So if income is say $50K, futuristic income will be $180K.  Do not worry because it’s not against the law according to our favourite lawyers, to use englobo income figures.  ASIC,...
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  • doyla66
    doyla66 says #
    Yes this is a big, big scandal. If Denise knows what is going on and we all know the same now. then there is no way that ASIC, FOS
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Well Whoooppeeee Doooo  ASIC nails a Broker but fails to ping the LENDERS.......................WHAT ABOUT THE LENDER PETE????? BREAKING: Melbourne broker hit with five-year ban Breaking News: ASIC "getting tuff" by Adam Smith | 07 Nov 2013   ASIC has issued a five-year ban to a Melbourne broker and cancelled the licence of his business. The regulator has announced it has handed a five-year ban to Tony Quach following an investigation. ASIC alleged Quach, through his company TQ Smartchoice Pty Ltd, submitted six home loan applications to two lenders that contained false or misleading information. ASIC said Quach had obtained information and documents from a source other than the home loan applicants, and had failed to verify the information with the applicants. "ASIC takes allegations of loan fraud very seriously. We will continue to remove from the industry those involved in misleading loan applications." ASIC Deputy Chairman Peter Kell said. The watchdog also cancelled the...
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  • doyla66
    doyla66 says #
    All this hoopla over 6 loans and two lenders by one broker!? How many work hours did that piece of magic take, ASIC? ie. what did
  • doyla66
    doyla66 says #
    Enough of the BS that is coming out of ASIC's Propaganda Machine, the plain reality is that ASIC and the Australian Federal Police
  • doyla66
    doyla66 says #
    What rot Peter Kell, taking fraud seriously ? Are you joking ? You have not lifted a finger to help thousands of consumers bitten
  • doyla66
    doyla66 says #
    Well Whoopdee Doo. If this is not a set up I will eat my hat. How very convenient that ASIC are looking tough nailing the Broker
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Every case of FRAUD BY LENDERS must be investigated.  The Australian Securities and Investment Commission ("ASIC") cannot be permitted to just pick and choose and then not investigate any LENDERS. That in its self is a crime.  ASIC has acted like its own brand of mafiosi.   FRAUD BY BANK MANAGERS RUNNING AT 36% of all loans surveyed by BFCSA.  There has to be an immediate response by The Australian Federal Government as to why FRAUD in lending is systemic and why they tolerate ASIC's systemic untruths. If we commit fraud on a document we the people,  would be tried in criminal court and sent to jail.  If the Banks/Lenders commit a $57 Billion FRAUD, two bank porters crack their knuckles whilst ASIC pay a visit for a free lunch!!!!  Australia needs to prepare for more revelations about our own simple brand of SUB PRIME CRISIS - playing NOW at a BANK...
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  • doyla66
    doyla66 says #
    Why was SENRAC, Bank of Queensland and Macquarie not CRIMINALLY charged like the brokers of recent for similiar allegations, (excl
  • doyla66
    doyla66 says #
    Don't be surprised if it works the other way as well - favours for ASIC by Bankster mates. Banksters don't want the tame regulato
  • doyla66
    doyla66 says #
    ASIC know what is going on. This is massive and of monstrous proportions. ASIC do not want their incompetencies shown for what it
  • doyla66
    doyla66 says #
    ASIC is spending more time finding excuses to protect their Bankster mates than they are protecting the people who pay their taxes
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IF Bankers are prepared to rob people of 30 years of hard work and saving in the name of their own greed, then 20 years jail should be a minimum.  7 years jail for receiving $50 - $100 million bonus packets as payment for engineering FAULTY TOXIC MORTGAGE PRODUCTS is a paltry sentence.  That means a three year sentence in real term. IF you want to stamp out GLOBAL BANK FRAUD you need a strong deterrent and a strong commitment from Governments to implement harsh sentencing immediately AND RETROSPECTIVE.  This issue will not melt into the worn out fabric of life!  Now read on as to what UK are doing about their wayward banksters - we hope.  Remember laws are only as strong as the use of them.  Laws rotting on shelves are useless and a Banksters delight.  The victims of these TOXIC MORTGAGE crimes need to unite globally and rise up above these people who...
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  • doyla66
    doyla66 says #
    Strip them of everything they own as they have done to others. Put them out on the street - jail is too good for them.
  • doyla66
    doyla66 says #
    The banksters mansions and assets should be confiscated as they should be classified as the proceeds of crime.
  • doyla66
    doyla66 says #
    Maximum of 7 years, they have to be kidding!!! What about all the suicides and broken homes they caused because of their greed an
  • doyla66
    doyla66 says #
    I do hope it means those retarded culpable bank$ters are denied 'special leave' to enjoy Wimbledon's strawberries and cream?
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Yes this is a Global Crisis of monumental proportions.   During the past 20 years, Bankers have been busy uniting globally in a raw grab for assets from the most vulnerable, hard working  people in the community.   Australia, New Zealand, Greece, Spain, Iceland, UK, Ireland, Sth Africa and the US and so many other nations have all been told the same sub prime lies, whilst banks engineered millions of TOXIC Mortgage Loans and then moved in to take the spoils of the greatest looting spree the world has ever seen.  Not one regulator in any country, appeared on the horizon, to defend consumers of disgraceful bad banking behaviour!  Bankers then turn around, blamed the customers for trusting their banks, and then demanded taxpayers bail out the banks!   What is going on?     Time for all bank victims to tread the same path and become a Global Movement: to...
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  • doyla66
    doyla66 says #
    So good to hear from our Irish friends. They are doing a wonderful and feisty job over there. Just like the US, Australia and now
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