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.
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.
Comment: An enlightening read ...
Thu, 06/21/2007 - 21:36 — Arthur Cristian
The Banks and John Howard By Dr Evan Jones Sydney University Political Economics
[Caution: this is a very long post. The post is rated M for mature audiences only.]
In the early 1980s, John Howard was Federal Treasurer under the Fraser Coalition Government. Howard had initiated the Campbell Inquiry into the financial sector and its 1981 Report recommended comprehensive deregulation of the sector.
The ‘experts’ thought and talked abstractly about the merits of ‘competition’ but remained blissfully indifferent to the meaning of competition on the ground. Facing a loss of market share to various newcomers, the trading banks set about transforming their cultures.
Banking culture was passé; marketing and speculative mindsets were the new cultures de jour. Dealers earned inordinate salaries and bonuses. Lending manager’s earnings and status was tied to business done. Delegated Lending Authority limits (constraints on...
Do most Australians assume that if you're over 18 you can drive a car and operate a credit card with safety?
Neither are true as we've witnessed over and over again.
Is the lack of proactive regulatory oversight due to a clear conflict of interest for the Australian Government?
This information (below) comes from a US site for a Credit Card Merchant Service. The site contains a lot of good information on international trends in credit card usage and the regulatory initiatives that are being trialled for the domestic economic management in a global marketplace.
It looks likely that Credit Card bonds will be issued at an increasing rate. My concerns are that this will:
Increase consumer access to relatively unregulated credit at a high rate of interest
Increase consumer exposure to serious debt related problems
Increase the pressure on consumers to participate in imprudent credit card usage through advertising...
I was reading this article (link below at end) & was particularly concerned/apalled at one paragraph:
"Variant says the Reserve Bank will come to the rescue of the big four Australian banks in a crisis because they are too important to fail."
Is this why our banks treat us plebs (aka 'customers') with so much disdain & utter arrogance? The same attitude they displayed/presented/portrayed to the recent Senate Inquiry & those preceding inquiries? They believe they are too big too fail therefore they are above ALL laws in this unlucky country of ours?
The next paragraph is quoting an Australian Analyst's perspective. I think she is caught up in the banks' hype & has not got a good grip on what is occurring in her own backyard so to speak.
Then in her final paragraph this statement is made: "She noted that Australian banks were extremely profitable and now far less...
http://www.mortgagesettlements.com.au/downloads/Mortgage%20Fraud%20Article.pdf
With lax lending compliances and checking systems, such as exist with No Doc and Lo Doc loans, there maybe borrowers who were taught to take advantage of the opportunity to tell the Bank exaggerated detail, or so it seems.
This opportunity was created by the banks themselves, by offering a product that didn't involve the prudent checks and balances that any reasonable person would expect from a Bank or Lender in Australia.
Then there are the borrowers in our situation: we told the truth and even offered our documentation for checking, only to discover later that our honestly declared financial facts had been changed by bank staff or brokers.
Without Lo Doc and No Doc loans it would be well nigh impossible to create a fraud loan... unless I've missed something?
Strict enforcement of all codes, regs and Laws should eliminate 99% of loan fraud.
Banning of Lo Doc and...
