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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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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://www.brokernews.com.au/news/breaking-news/newsletter-191172.aspx   BREAKING: Bank announces commission incentive       inShare by Adam Smith | 27 Aug 2014   A non-major has announced commission increases for its broker network.Bankwest has announced a new trail commission incentive for deals below 75% LVR. For a three month period, the lender will pay bonus trail while still paying 70bps upfront trail.The initiative sees the bank instituting year one trail of 5bps for loans up to $350,000, 10 bps for loans up to $500,000 and 15 bps for loans up above $500,000.“With rates as low as 4.74% p.a. (comparison rate 5.13% p.a.) for a loan amount over $750,000 and less than 80% LVR on our Complete Home Loan Package, Bankwest is growing its share of lower LVR business. Our Broker partners have been talking to me about the value of Year 1 trail, so I'm delighted we are able use this trial to test their appetite. The trial...
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http://www.fos.org.au/custom/files/docs/fos_banking_finance_bulletin_36.pdf   BULLETIN NO 36 DECEMBER 2002 In this Bulletin: • Agency of brokers – update of approach • EFT disputes and financial hardship • Issues featured in our Bulletins this year 1.Agency of brokers – ABIO Revised Approach Introduction The December 2001 Bulletin (Bulletin 32) set out our approach to the question of when a bank will be liable as principal for misleading and deceptive conduct of a broker who is involved in the marketing, application for or establishment of a loan or other financial service.   We have recently reviewed our approach as a result of the following observations in the cases that have been considered by us: • An increase in the use of brokers by banks for activities which go beyond merely providing information about available products and assisting in the completion of the loan application and extend to activities which would traditionally be the responsibility of...
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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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