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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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  by Barry Ritholtz, Columnist, Washington Post Published: February 26, 2012 After many months of wrangling, a foreclosure settlement has been reached between 49 state attorneys general and a consortium of banks.  It is an epic failure of law and a triumph for bank attorneys. It will accomplish little of value, as I’ll explain. First, let’s recall what the “robosigning” foreclosure scandal was all about. Foreclosure is an extremely serious issue in American jurisprudence. As a nation of laws with strong respect for property rights, we have always treated this process appropriately. After all, having a sheriff forcibly evict a family that typically made a down payment, moved into a home, lived there for some years, made payments, etc., is disruptive — for the family, the lender and the neighborhood. Foreclosure laws vary from state to state. However, all are specific and precise as to the legal steps that must be...
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Credit Suisse
Corruption and Exploitation!! http://www.huffingtonpost.com/2012/01/31/credit-suisse-subprime-mortgage-fraud-lawsuit_n_1245515.html     First Posted: 02/ 1/2012 8:59 am Updated: 02/ 1/2012 9:01 am         Federal prosecutors are expected to charge four former Credit Suisse brokers with criminal fraud for misleading investors by inflating the value of subprime mortgage derivatives to increase their own bonuses, reports the Wall Street Journal. In addition, the Securities and Exchange Commission is expected to file civil charges related to the case. The charges are related to an incident in February 2008, when Credit Suisse suspended a group of traders for their role in a $2.85 billion overvaluation of asset-backed securities, which caused the bank to take a $1 billion hit in its first-quarter earnings that year. The banking giant itself reportedly won't be charged. After years of criticism and public outrage over the lack of criminal prosecutions of Wall Street traders and executives whose risky trading helped cause the financial crisis, the...
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  • doyla66
    doyla66 says #
    I like when appropriate action is taken. Charges...first step. Court...next. Guilty or not (appeals). Jail / fine or walk free. Wi
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US LOAN MODIFICATION SCAM ALERT This story, from the US, shows how scammers exploit the unwary - in this case, struggling borrowers who may have "bad loans".  There are other stories on this site - worth reading.  Watch out for variations on these kinds of scams down under as well as the Loan Fraud issue gains momentum.  http://www.loanscamalert.org/   6 THINGS YOU SHOULD KNOW Scams aren't always easy to spot – but it helps if you know the warning signs to look for. Here are six red flags to indicate that you may be dealing with a loan modification scammer: 1 A company/person asks for a fee in advance to work with your lender to modify, refinance or reinstate your mortgage. They may pocket your money and do little or nothing to help you save your home from foreclosure. 2 A company/person guarantees they can stop a foreclosure or get your loan...
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  This is an interesting historical article on perceptions about Australian RMBS. It certainly pays to be informed about risk in the marketplace.   by Hardeep Dhillon     In terms of collateral, the Australian residential mortgage-backed securities market has performed better than its peers for several years, thanks mainly to its blemishless default history. After a post-crisis slump, a revival of domestic issuance is under way; but it could take much longer for cross-border transactions to follow.   The peak came in February 2007 with the A$7 billion ($5.5 billion at time of issue) multi-currency transaction by Commonwealth Bank of Australia, via its Medallion programme. As well as being the largest RMBS by an Aussie borrower, the deal set a new pricing benchmark, with the most senior US dollar-denominated notes offering a pick-up of just 4 basis points over Libor. Around that time, spreads on deals from the three other banks...
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  • doyla66
    doyla66 says #
    This bank has publicly issued over $9.5 billion of RMBS since 2003. Through our RMBS program we currently manage the collections
  • doyla66
    doyla66 says #
    "Australian Banks have full recourse to the borrowers" yep they sure do,they can take our houses,this is unconscionable,and they h
  • doyla66
    doyla66 says #
    I'm looking forward to seeing the list. There is no excuse for politicians who might think they can avoid the issue. There are c
  • Denise
    Denise says #
    Brilliant find LISA Yes we are all receiving an amazing education over all these banking products and skull-duggery. We are also
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